XsunX: Update to Manufacturing Facility Plans

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XsunX, Inc., a solar technology Company engaged in the build-out of its multi-megawatt thin film photovoltaic (TFPV) solar manufacturing facilities in Oregon, provided updates to its thin film solar module manufacturing plans, and its review of the investment tax credits related to provisions of the American Recovery and Reinvestment Act of 2009.

"In January the Company began preparing modifications to its manufacturing plans that would require fewer manufacturing components and significantly less capital expenditures with the objective of providing sufficient manufacturing capacities of approximately 10 to 13 MW necessary to service our existing sales contracts," stated Tom Djokovich, CEO for XsunX. "Our plans include reducing budget requirements to approximately $13 million which is roughly one third our current budget. The majority of cost reductions can be attributed to the need for significantly fewer infrastructure improvements, initial staffing, equipment, and operations related to the cost of goods sold. We believe that this will allow us to continue to add future manufacturing capacities as sales develop and allow the Company to work within the limitations presented by the unanticipated volatility within the financial markets," concluded Mr. Djokovich.

The Company is also reviewing the renewable energy manufacturing investment credit provisions of the American Recovery and Reinvestment Act of 2009 which provides up to $2.3 billion to fund a 30 percent investment tax credit (ITC) for manufacturing assets used to produce alternative energy products. The bill also offers provisions in which developers of manufacturing facilities can apply for grants of up to 30% of the total cost of eligible projects in lieu of the ITC. These credits and grants apply to projects creating or retooling manufacturing facilities to make components used to generate renewable energy. These are areas in which XsunX is already carrying out activities. Upon completion of the review of the ITC provisions the Company may elect to apply for certain of these benefits.

For more information about XsunX, please visit 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.

Source: XsunX, Inc.
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