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ALISO VIEJO, Calif., Aug. 30, 2005 – XsunX, Inc. (OTCBB:XSNX), developer of Power Glass(tm), an innovative solar technology that allows glass windows to produce electricity from the power of the sun, as well as other solar energy companies are likely to benefit from the recently signed Energy Policy Act of 2005.
President Bush recently signed the Energy Policy Act of 2005 into law at Sandia National Laboratories in Albuquerque, New Mexico. The signing of this bill represents the culmination of years of Congressional stalemate over a vast energy policy package, and a central policy goal of the Bush Administration.
"This bipartisan bill contains numerous provisions that will make energy cleaner, more efficient, and more widely available in the future," said New Mexico's Republican Senator Pete V. Domenici who, as Chairman of the Senate Energy & Natural Resources Committee, served as a leading lawmaker on the policy package.
Although most of bill's $14 billion price tag features incentives and tax breaks for the traditional fossil fuel industries, a number of supportive policy wins for renewable energy could usher in a new business cycle for the clean energy industries.
For the first time in two decades solar technologies were granted a federal investment tax credit that will promote all forms of solar energy. This includes solar thermal systems that provide for a home's hot water, photovoltaic systems that provide electric power, solar-hybrid lighting technologies and commercial developers of industrial-scale concentrating solar power plants. The unprecedented two-year investment tax credit would be capped at $2000 per residential project and have no limit on commercial projects.
“We are very pleased to see that President Bush and the Congress have recognized the important role played by solar energy in delivering clean energy and reducing dependence on foreign oil,” said XsunX’s CEO, Tom Djokovich. “This is the strongest national policy for solar power in two decades and a huge precedent for the solar industry.”
Based in Aliso Viejo, California, XsunX is the developer of Power Glass - an innovative solar technology that allows glass windows to produce electricity from the power of the sun. This proprietary process is intended to allow manufacturers to apply a transparent and photovoltaic glazing to glass and other transparent substrates. When XsunX glazing is exposed to light, the light energy is converted into electrical energy for use as a power source. XsunX believes that its solar electric glazing technology has a number of major market opportunities in the worldwide architectural glass, optical film and plastics markets. Please visit the Company's website for more information: https://XsunX.com
CONTACT:
XsunX, Inc.
Media Relations
(949) 330-8060
Safe Harbor Statement: Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, 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.
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