ALISO VIEJO, Calif., April 3, 2008 /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, announced today that it had completed negotiations and entered into a lease for its new manufacturing facility to be located in Oregon, U.S.A.
The existing building, located in the City of Wood Village just east of Portland, Oregon, provides approximately 90,000 square feet for the Company's integrated TFPV manufacturing operations. The location provides strategic access to shipping and transportation corridors, and sufficient amounts of clean hydro electric power to operate the Company's manufacturing systems.
"We are happy to announce that we have selected a building, entered into a lease, and that we can begin efforts to prepare that facility for our manufacturing systems," stated Mr. Tom Djokovich, CEO for XsunX. "We conducted a design review of the facility and its suitability for our planned manufacturing system and were pleased with the results. Had we built a facility from scratch, it would have been less of a challenge to design floor space specifically to meet our needs; however, in the end we believe it was the correct choice to work with existing buildings in an effort to reduce start-up and operating costs. Overall, our timeline was to complete the lease process near the end of March and we are still on track with our efforts to establish our first 25 mega-watts of thin-film solar module manufacturing capabilities," concluded Djokovich.
The building XsunX is leasing in Oregon was operated until recently by another high tech manufacturer from whom XsunX will be subleasing the facilities. In its design and use study of the building, XsunX found certain existing support systems of the structure complementary to its operations and is negotiating with the current operator to purchase certain industrial equipment for use by XsunX in its manufacturing operations. XsunX and the current operator have worked with the primary landlord during the negotiation process as the master lease provides for sublease approval by the primary landlord. This approval is anticipated within fifteen days.
A more detailed description of the lease agreement is set forth in the Company's Current Report on Form 8-K recently filed with the SEC which the Company encourages be reviewed carefully.
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.
