ORLANDO, Fla., May 29, 2008 (PRIME NEWSWIRE) -- RedChip Visibility, a division of RedChip Companies, Inc., has initiated coverage on XsunX, Inc. (OTCBB:XSNX), a company engaged in manufacturing and commercializing thin-film photovoltaic (TFPV) solar cells utilizing amorphous silicon in the growing solar market.
Neha Bhargava, MBA, RedChip Research Analyst, reported:
"XSNX has spent the last three years focused on research with a photovoltaic material called amorphous silicon to develop an amorphous silicon thin-film photovoltaic (TFPV) solar cell manufacturing process to produce TFPV solar modules. The Company is moving in the right direction, exploiting opportunities in the thin-film solar PV market, which we believe will rapidly grow, as it 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."
"XSNX has announced plans to build a multi-megawatt, TFPV solar module production facility in Oregon. This has provided an imperative swing to XSNX's business model by focusing on the manufacturing and commercializing of TFPV solar cells and puts XSNX on the right path to seize revenue and profit opportunities in the global solar energy market as the Company heads toward commercialization of solar cells," she continued.
"We initiate coverage of XSNX with a 'Speculative Buy' rating and a 12-month target price of $1.28," Bhargava concluded.
To receive a complimentary copy of the RedChip Visibility Initial Research Report for XsunX Inc., please visit:
http://www.redchip.com/visibility/about.asp?page=vreport&reportid=111&from=05292008pr
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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. To the fullest extent permitted by law, RedChip Companies, Inc., will not be liable to you or anyone else under any tort, contract, negligence, strict negligence, strict liability, products liability, or other theory with respect to this presentation of information.