News!!!!!!XsunX Expands Efforts to Secure Oregon Financial Incentives and Supply Statewide Burgeoning Renewable Energy Initiatives
7/16/2008 6:00 AM - PR Newswire
ALISO VIEJO, Calif., July 16, 2008 /PRNewswire-FirstCall via COMTEX News Network/ --
XsunX, Inc. (OTC 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 efforts in the state of Oregon to establish its manufacturing facilities, qualify for state sponsored investment tax credits, low interest financing opportunities, and work towards establishing a presence as a qualified supplier to the states burgeoning renewable energy initiatives is gaining momentum.
The Company took possession of its leased TFPV manufacturing facilities two weeks ahead of schedule. With its corporate presence now firmly established in Oregon XsunX also recently submitted its first petition seeking certification for Oregon State Business Energy Tax Credits (BETC). With the BETC application XsunX is seeking up to approximately $20 million in tax credits for investments made by the Company in its TFPV solar module manufacturing systems. The state has established a program whereby BETC tax credits, if secured, can be marketed or resold at slightly more than half their face value to qualified companies in Oregon. The application for the BETC program also serves as a pre-certification in the Company's efforts to secure long term low interest loans from the state of Oregon for use in the build out and expansion of the first and subsequent phases of its planned 100MW of TFPV manufacturing infrastructure.
"Finalizing our lease and the presence of our new TFPV manufacturing facilities provides us with a milestone we've been planning for since last fall," stated Tom Djokovich, XsunX's CEO. "This milestone allows us to now work towards securing a number of the great incentives offered by Oregon and its progressive efforts to attract and establish a strong renewable industry. We've now submitted our applications for two of the larger incentive packages potentially worth many millions to us, and we've also begun bidding to supply a significant amount of renewable energy projects around the state. While the confidence in many of the financial aspects of the U.S. economy may be in flux one thing we're confident in at XsunX is that the need for alternate and diverse sources of energy is at an all time high. We are continuing to stay focused on the big picture and the long term value we see in the solar sector, and XsunX, is working to reduce dependence on carbon based fuels," concluded Djokovich.
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.
https://www.XsunX.com
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