Solar Cells Info

source: XsunX press release

http://www.xsunx.com/news.aspx?news=28

ALISO VIEJO, Calif., Dec. 19, 2006 —— XsunX, Inc. (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: “Two thousand six 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.