ORLANDO, Fla., Sept. 29, 2008 (GLOBE NEWSWIRE) -- RedChip Visibility, a division of RedChip Companies, Inc., has issued a third quarter 2008 research update for XsunX Inc. (OTCBB:XSNX), a solar technology company engaged in designing and manufacturing a system for producing and marketing thin-film amorphous solar modules.
Neha Bhargava, MBA, RedChip Research Analyst, reported:
"XSNX recently announced its new business initiative, which marks a shift in its business strategy whereby the Company will not only sell wholesale to installers but will also utilize some of its production capacities and itself become the installer as well as operator of solar farms on a BOT (build-operate-transfer) basis."
"We continue to believe the stock will gain as the Company progresses toward commercial production of solar cells and modules. The current scenario gives us a view that XSNX is building a strong platform for future revenue opportunities as XSNX is identifying more solar power project opportunities for which it intends to bid for the power supply. Also, the Company is moving in the right direction by exploiting opportunities in the rapidly growing thin film solar PV market, which we believe offers the lowest manufacturing cost per watt at the module level and will likely maintain a cost per watt advantage over the more dominant crystalline silicon-based modules. We reiterate our 'Speculative Buy' rating on XSNX stock and raise our target price to $1.57," Bhargava concluded.
To receive a complimentary copy of the RedChip Visibility Research Report for XSNX, please visit: http://www.redchip.com/visibility/about.asp?page=vreport&reportid=135&from=09292008pr.
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Disclosure
None of the profiles issued by RedChip Companies, Inc., constitutes a recommendation for any investor to purchase or sell any particular security or that any security is suitable for any investor. XsunX Inc. paid RedChip Visibility, a division of RedChip Companies, Inc., $30,000 for RedChip Visibility Program services, which included the preparation of this equity research report.
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