ALISO VIEJO, Calif., May 16 /PRNewswire-FirstCall/ -- XsunX, Inc. (BULLETIN BOARD: XSNX) , a solar technology Company engaged in the build-out of its multi-megawatt thin film photovoltaic (TFPV) solar manufacturing facilities, is pleased with Wood Village city council's approval to expand the boundary of the Columbia Cascade Enterprise Zone to include industrial properties in Wood Village. The Columbia Cascade (Troutdale/Fairview) Enterprise Zone is designed to encourage industrial development and quality job creation. Eligible businesses meeting the program criteria receive 100% property tax abatement on a new, qualified investment within the zone boundaries for three years. XsunX now has the ability to apply for these extended tax benefits.
"The Council and staff of Wood Village are pleased to have XsunX as the newest member of our business community. Granting of the Enterprise zone for their business is viewed as a wise investment in the future of our city's employment and community value." commented Major David Fuller of Wood Village.
The eligibility to apply for tax abatement presents the potential for tax relief for XsunX. In addition to the extensive amount of existing manufacturing infrastructure in its newly leased 90,000 square foot building, XsunX will be installing extensive amounts of additional support systems and its multi-million dollar manufacturing line. The Company intends to apply for tax abatement eligibility which if approved will significantly reduce the overhead expenses associated with the installation of these new improvements and manufacturing systems.
For more information about XsunX, please visit 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.
