ALISO VIEJO, Calif., Aug. 8, 2006 (PRIMEZONE) -- XsunX, Inc. (OTCBB:XSNX), provider of technologies for solar energy infrastructure and developer of Power Glass(tm), an innovative thin-film solar technology that is intended to allow glass windows to produce electricity from the power of the sun, today provided results of operations for the quarter ended June 30, 2006. The report provides a comparative analysis for the operations over the first nine months of operations in 2006 compared to the same period in 2005.
The Company's CEO, Mr. Tom Djokovich, offered these comments in respect to the report, "Our success in securing over $8 million dollars in financing this year has allowed us to increase our commitment to the development of marketable products and business development infrastructure. We've more than doubled our efforts increasing R&D commitments by 255% over the same period in 2005, and significantly added to our tangible assets with the addition of a $1.7 million dollar patented hybrid manufacturing system."
Mr. Djokovich further added, "Of particular interest to our shareholders may be our success in the reduction of debt and the increase to shareholder equity. This year we've been able to reduce our secured debt by $4.85 million dollars leaving a principal balance of secured debt at just $1 million and, for the first time, provide shareholders with a positive working capital balance of over $2.3 million dollars and over $5 million dollars in cash at the end of the period."
Commenting on the increased development and infrastructure expenditures, Mr. Djokovich noted, "In doubling our efforts to get our first products to market and successfully transition into sales, we've also increased expenditures resulting in overall increased losses for this period compared to the same period in 2005. What I believe is important to note though is that, as a company focused on the delivery of new energy technologies, there will always be the need for a commitment to invest in innovation."
"And to the aforementioned point," continued Mr. Djokovich, "the costs associated with the development of our first products may tally up on the deficit side of our financial statements, but there's really no free ride when it comes to building a company from the ground up. The investments we're making in product development, manufacturing systems, facilities, and business infrastructure have focused on building a company to service an important part of the growing need for clean renewable sources of energy."
About XsunX
Based in Aliso Viejo, Calif., XsunX is developing and commercializing innovative new thin film photovoltaic (TFPV) solar cell technologies and manufacturing processes to service expanding global energy demands. The Company has focused its efforts on lowering the cost per watt of solar power and making solar cell technology easier to use in a wide variety of applications. XsunX calls this dual improvement to cost and efficiency the XFactor(tm). The XFactor delivers licensee's solar cell designs that break the bounds of crystalline silicon dependency, rigid and limited-use form factors, and rapid efficiency loss. Equally important, the XFactor provides new manufacturing techniques that can significantly lower production costs and allow for easier additions to production capacities and technology upgrades without having to re-build and re-tool. Together, XsunX design and production innovations offer manufacturers of solar products exciting new application opportunities and reductions to the cost per watt of solar power. More information can be found at the Company's website: http://www.XsunX.com.
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 with the U.S. Securities and Exchange Commission.