XsunX: Business development updates
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Aliso Viejo, California - XsunX, Inc. (OTCQB: XSNX), a renewable energy technology, systems, and services company, provided business development updates to its solar power project development and installation services, and its outlook for growth through these services in 2014.
In mid-October we announced our business expansion to include the sales, design, and installation of solar PV systems to commercial facilities located in California - statistically the largest and fastest growing solar market in the country.
Since then we have provided several progress updates including announcing our initial sales agreements for solar PV system installations. Now we can announce that before the calendar year ended, we also received payment for PV project related invoicing we sent out, and one project lender issued their purchase order to us for another PV system under contract.
The overall process from start to completion and final payment can vary, but in general we believe that most commercial projects will take between 4 to 6 weeks to complete at which point we would typically book the revenue. Planning, permitting, and getting the local utility to complete their work is where the majority of time required can come into play.
While announcing sales agreements and receipt of contract payments is great news for long time shareholders, the real exciting news for us is that our marketing efforts are producing results. Despite the holidays we saw business and commercial property owners from Ventura to Los Angeles, and Riverside calling us for quotes. Yesterday alone we had 5 quote requests and one on-site customer visit.
Now that we have had some time to sense the level of response from our target customer group, our goal in 2014 is to grow our commercial and industrial PV systems design and installation business to at least 1 MW of new system sales per month.
If you wonder how many system sales equate to 1 MW, what we are finding is that many commercial projects will require 100kW or more in PV system sizing. So, in general it would take about 10 system sales per month to meet our goal - a goal we are focused at achieving.
We are now gearing up to meet the demand and we will be looking to expand our sales response capabilities to maintain a focus on providing the most responsive services to people we plan to make our future customers.
XsunX focuses on providing solar energy solutions that provide the greatest bottom-line financial benefits to businesses. The Company's background and experience spans virtually all aspects of solar including technology assessment, design, and development. We have a deep passion for solar and have worked to pioneer new technologies and solar business solutions focused at making solar an affordable energy option. For more information, please visit the Company's website at www.xsunx.com, or to learn more about the benefits of solar energy for your business schedule a free PV project assessment.
Tom Djokovich, CEO