To Our Valued Shareholders,
On July 14, I was pleased to share the launch of our new website with you, along with details of XsunXs expanded business development plan to commercialize our revolutionary cross-industry, thin-film solar technology for the manufacture of Copper Indium Gallium (di) Selenide (CIGS) solar cells.
We announced our expanded business development efforts for CIGS technology last month; however, preliminary engineering and design work actually began in April of this year. In this letter I would like to provide you with updates on our progress towards commercialization of this exciting breakthrough solar technology.
A CIGS solar cell is composed of multiple layers of thin-film materials that form a battery-like structure when combined. However, unlike a battery that stores energy this structure coverts sunlight to electrical energy. Central to the operation of the cell is a composite of copper indium gallium (di) selenide, which forms the CIGS photovoltaic layers. Various laboratories and companies have developed numerous types of deposition technologies to combine these materials to create the CIGS layer, but a process called evaporation has proved to deliver the highest solar energy conversion efficiencies.
To ensure XsunXs technology capitalizes on this efficiency, we are currently focusing our development efforts on designing an efficient evaporation source for use in commercial scale manufacturing of CIGS layers. As mentioned, these design and engineering efforts began in April and we anticipate performing tests of evaporation source designs and adapting these sources to hard disc drive (HDD) equipment over the next several months.
Our strategic development partner, a leader in the HDD equipment industry, brings years of experience in equipment and processes engineering from their highly competitive industry. We have established an on-site presence at their facilities for the duration of the initial development and equipment adaptation phases. We expect that our collective experience and collaborative working relationship will allow the team to quickly adapt HDD processes and equipment to achieve low cost, high-rate fabrication of CIGS wafers.
Thank you for your continued support and belief in XsunX. We remain committed to building a successful solar company and look forward to continuing to share our progress with you as we continue our mission to develop new and innovative solar products to drive down the cost of solar energy.
Tom M. Djokovich, CEO
Safe Harbor Statement: Matters discussed in this shareholder news letter contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this shareholder news letter, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company.