ALISO VIEJO, Calif., Dec. 18, 2006 (PRIME NEWSWIRE) -- XsunX, Inc. (OTCBB:XSNX), developer of advanced manufacturing systems and cell structures for solar energy, submitted its annual report on December 14, 2006 to the Securities Exchange Commission for its fiscal year, which ended September 30, 2006.
CEO Tom Djokovich offered these comments in respect to the report: "2006 was a year of tremendous transition for XsunX. We added cash to drive growth, tangible assets in the form of our first production prototype, key staff members to kick-start business development and manage growth, and technical marketing facilities to allow our clients an opportunity to see first hand what we offer. In 2007, we are focused on leveraging the investments we've made to drive growth and service the need for clean renewable sources of energy," concluded Djokovich.
Indicated in the report, the Company retired over $5.8 million dollars in debt and began its fiscal year with over $4 million in working capital. Of particular note, the Company's auditors chose to exclude going concern comments for the first time since the completion of the Company's business restructure in October 2003.
In the past year, interest in the Company's proprietary solar cell designs and core solar cell manufacturing systems has continued to grow. With key markets identified, the Company began to respond to requests for license proposals in the fall and continued the implementation of its established business development plan as it moved into the first period of 2007.
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 provides new manufacturing techniques that can significantly lower production costs and allow for easier additions to production capacities and technology upgrades to manufacturers without their 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 multi-lingual 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.