XSUNX ENTERS INTO AGREEMENT TO PRODUCE WORKING MODEL
Aliso Viejo, CA, March 23, 2004 – XsunX (OTC BB: XSNX), the provider of a proprietary process to produce solar electric glass, announced today that it has entered into an agreement with MVSystems, Inc. to produce a working model of its patented glazing processes. Completion of this step in the commercialization process will bring the use of the Company's next generation technology closer to use in the mass production of environmentally friendly photovoltaic products in the glass, optical film and building industries.
XsunX's management has established an operational plan under which the Company is commercializing its patents through the contracting of research, development and commercialization processes with select qualified facilities that specialize in the Company's target market segments. This product development process is anticipated to provide the Company with the fastest path to a marketable product, the maximization of corporate resources, and, the broadest access to cutting edge device, optical and material engineering facilities and technical expertise.
XsunX has selected MVSystems, Inc., based in Golden, Colorado, as its development partner for this stage of development. MVSystems provides the Company with access to over 30 years of experience in the design and development of photovoltaic components and device manufacturing expertise. ``The technical capabilities and enthusiasm MVSystems brought to the table for this project made them our number one choice to help establish a working model and delivery process,'' stated Tom Djokovich, XsunX's CEO.
The Company's management believes that XsunX solar electric glazing will provide versatility to manufactures for its use in many applications where traditional photovoltaics cannot compete. The anticipated attributes of transparency, flexibility, light weight and lower manufacturing costs may provide XsunX licensees access to the design of diverse product groups that span and interconnect the architectural glass, optical film and energy markets.
MVSystems, Inc. is a Colorado based company and was incorporated in 1989. Its main line of business is to design, build and deliver state of the art, ultra high vacuum multi-chamber PECVD/sputtering/Hot Wire CVD systems, arranged in cluster tool configurations and specifically designed for the thin film semiconductor market. MVSystems, Inc. research and development facilities are equipped to develop a wide array of thin film technologies.
The company also provides R&D contract services and consultancy for thin film materials and devices and has conducted R&D services for and with universities, government agencies, and companies worldwide. http://www.mvsystems.info.
Based in Aliso Viejo, California, XsunX is developing patented processes to produce solar electric glass. These proprietary processes are 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 patented solar electric glazing technology has a number of major market opportunities in the worldwide architectural glass, optical film and plastics markets. The Company intends to take advantage of this commercial opportunity to provide governments, developers, businesses and architects with a commercially viable method for converting today's large areas of architectural glass into virtual power plants. For more information, please visit the Company's website: https://XsunX.com.
Tom Djokovich, CEO
Safe Harbor Statement: Matters discussed in this press release contain forward-looking statements within the meaning of the Private Sec Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "muritiesay," "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.