SANTA MONICA, Calif., Oct. 7, 2003 (PRIMEZONE) -- XsunX (OTCBB:XSNX) announced today that it has completed its major corporate reorganization. The company's new corporate name is XsunX, Inc. (formerly Sun River Mining) and its trading symbol is XSNX. The company's reverse stock split of one new share for twenty old shares (1-for-20) is also effective today.
BREAKTHROUGH TECHNOLOGY
XsunX has acquired the patents for a breakthrough technology to produce solar electric glass. This proprietary process is intended to allow manufacturers to apply a transparent and photovoltaic glazing to glass. 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 glass technology has a number of major market opportunities in the multi-billion dollar international architectural glass markets. The company intends to take advantage of the commercial opportunity to provide governments, developers, businesses and architects with a commercially viable method for converting today's large areas of architectural glass into high performance energy producing appliances.
The architectural limiting aspects of current photovoltaic technologies may soon disappear as XsunX glazing turns commercial and residential structures, and their vast areas of modern architectural glass, into virtual power plants. The resulting electrical power generated could be used to run building systems, offset dependency on fossil fuel power generation and help to reduce the build up of green house gases.
The patents acquired include: No. 6,180,871 for Transparent Solar Cell and Method of Fabrication (Device), granted on January 30, 2001; No. 6,320,117 for Transparent Solar Cell and Method of Fabrication (Method of Fabrication), granted on November 20, 2001; and No. 6,509,204 for Transparent Solar Cell and Method of Fabrication (formed with a Schottky barrier diode and method of its manufacture), granted on January 21, 2003.
NEW WEBSITE
The new XsunX Website is up and running at http://www.XsunX.com. The site provides background information about the company's breakthrough technology and lays out the strategy for development and sale of the XsunX Process to produce solar electric glass.
HIGH TECH LEADER NAMED PRESIDENT AND CEO
Tom Djokovich has been appointed the new President and CEO of XsunX. Mr. Djokovich will lead XsunX's efforts to leverage its patented technology to produce solar electric glass to help meet the burgeoning demand for alternative sources of energy.
Mr. Djokovich brings to XsunX over 23 years of executive management and entrepreneurial experience managing growth and innovation in both the high-tech and building industries. He is a veteran manager of publicly held corporations and has successfully raised millions of dollars in equity capital. In addition to his general management duties, Mr. Djokovich has been directly responsible for managing investor relations and compliance with Security Exchange Commission regulations.
Mr. Djokovich was the founder and served from 1995 to early 2002 as the Chief Executive Officer of Accesspoint Corporation (Pink Sheets:ASAP), a vertically integrated provider of electronic financial transaction processing and e-business solutions for businesses. Mr. Djokovich currently serves on the Board of Directors of Roaming Messenger, Inc. (OTCBB:RMSG), provider of a breakthrough solution for delivering real-time information for homeland security, emergency response, military and enterprise applications. He founded TMD Construction and Development, a commercial and residential construction and development company in 1979. Mr. Djokovich has also provided construction management and real estate disposition services as a court appointed receiver, consulting on 15 projects to date.
ABOUT XsunX
Based in Santa Monica, California, XsunX is the provider of a breakthrough technology to produce solar electric glass. XsunX believes that the power of the sun can be used to supply a substantial portion of the world's future energy needs. Photovoltaic elements can be integrated directly into buildings. These systems can convert sunlight into electricity and integrate with the energy use and structure of buildings as window systems. Visit the Company's website for more information: 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", "potential" 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.