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Is XsunX Being Manipulated? (XSNX)
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opinion expressed on the Seeking Alpha site posted on: March 16, 2006 | about stocks: XSNX.OB

I've received a number of comments about XsunX (XSNX), all from the same person. I decided to look into them. They are working on transparent solar cells, have a weird history, and a weird structure. The only technological information I can find on them is all paid advertising (from IPODesktop and others) masquerading as research.

Each of their press releases are misleading. They offer one key statement, and then go on about intentions. For example, the latest one has the phrase "...has begun the construction of a mass production system...". That seems to imply, and is likely intended to give the impression, that commercialization and mass production is around the corner. But all that it really says is that they broke ground on a new building or something. They made some statements in 2004 about technological developments (4% conversion efficiency), but nothing technological since then. By the way, what they claim to mean by "4% efficiency" is "4...Watts of direct current...per square foot of PowerGlass film" [here, page 5], which is not the definition of efficiency, which is always a measure of power out versus power in.


I've looked through their entire web site, and their entire FY 2005 report. A few things become clear. They are nowhere near having a product, have never generated any revenue, and don't know when they will. They provide no detail on their technology other than links to patents, which they have licensed. Otherwise it's almost all marketing. They are a single person company, with a single office, rented for $750/month. Any actual research or other development work could only be performed at MVSystems.com, with whom they have a tight relationship (patent licensing -- President of one is Chairman of the other). They claim 15 "technologists and support staff" [here, page 14] available to them, but show no salary or other costs associated with them. They do have $0.5M in R&D expenditures for Fiscal Year 2005, but don't detail what that bought.


They cut a $5-10M deal with an early stage investment fund, such that that fund basically owns them, and needs the shares to stay above $0.38.


As of 30 Sept 2005 they were thinking "that their workforce is likely to increase to 8". That means 7 new hires, with 3 of those in admin, and 4 in marketing and sales. Since they don't have anything to sell, that means 4 in marketing.


A Google blogsearch on them returns 274 hits, with nearly every one based on one of their press releases, or at a disreputable site sponsored by a PR agency, or a stock quote reference, or otherwise either suspect or without depth. A general Google search on them returns 85,700 hits, most of similar quality.


About the only legitimizer they have going for them is that they won an award in 2005 from The World Technology Network (WTN), which is sort of half-way between the Nobel committee and a PR firm. For instance, they put out newsletters comprised of information written by their members - that's PR. Corporations can influence their possible membership by sponsorship. I learned a while ago from a business advisor (although I never paid him for the advice), that if you want someone to come to your function, offer them an award. With that in mind, everyone involved in the WTN may be there either through sponsorship or awards bribery. On the other hand, they have a list of first rate names of members, which if they really are all active participants lend the organization quite a bit of legitimacy. So, is the WTN a PR firm, or a true science validator, and how did XsunX get their endorsement? As near as I can figure, they were an exhibitor at the 2005 conference, which automatically makes them a member and eligible for votes for 2005, which they then won. And it's possible that they bought their way in.


So, if they are as small and illegitimate as their SEC filing indicates, they have no business getting a big award, unless that awards agency didn't do their homework, or isn't really all that respectable, or just flubbed it. Or they are a really great investment, and I'm just missing it. Even then, they are only story, since they have no products or revenue. And stories are not businesses.


So, I think they've got nothing, they hoodwinked the WTN, they hired all those promised PR people and they are doing a damn fine job, because XSNX has moved absurdly, from about a dime, to $2.25, just like (or better than) the private investors need them too. The money is at Cornell Capital, the technology is at MVSystems, and XsunX is just a guy. He's probably a really nice guy.


XSNX 1-yr chart:








From what I read in their SEC filing, they are a perfectly fine development stage company. They are small and just struggling like any small company to get along, and I don't mean to kick them. I don't think they are a fraud. They are a perfectly fine penny stock, provided they have no exposure. But they are not a legitimate investment in the leagues of STP or even SunPower. It looks to me like the stock is being manipulated. Playing in manipulated penny shares with no products is just not our game. Avoid.


[Note: I realize that by even talking about these guys I've fed into the PR machine (even bad PR is better than nothing), but I made the mistake of mentioning them once earlier, only in the context of stating that I won't talk about them, and now I feel the need to correct that. This is the best I can do.]


Any opinions expressed on the Seeking Alpha sites are those of the individual authors and do not necessarily represent the opinion of Seeking Alpha or its management.

Posted on: Feb. 17, 2008 2:29am,UTC
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Re: Is XsunX Being Manipulated? (XSNX)
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XsunX, Inc. (XSNX) CEO Tom Djokovich spoke of the company's new manufacturing facility in Oregon.

"....MoneyTV does not provide an analysis of companies' financial positions and is not soliciting to purchase or sell securities of the companies, nor are we offering a recommendation of featured companies or their stocks. Information discussed herein has been provided by the companies and should be verified independently with the companies and a securities analyst. MoneyTV provides companies a 3 to 4 month corporate profile with multiple appearances for a cash fee of $11,500.00 to $17,250.00, does not accept company stock as payment for services, does not hold any positions, options or warrants in featured companies. The information herein is not an endorsement by the hosts Donald Baillargeon and Skip Lindeman, the producers, publisher or parent company of MoneyTV."

Posted on: Apr. 30, 2008 1:31pm,UTC
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Re: Is XsunX Being Manipulated? (XSNX)
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Use of New Assembly Materials May Help Drive Manufacturing Costs Down for XsunX


Monday, Oct. 13, 2008

ALISO VIEJO, Calif., Oct. 13 -- XsunX, Inc. (OTC Bulletin Board: XSNX), a solar technology company engaged in the build-out of its multi-megawatt thin film photovoltaic (TFPV) solar module manufacturing facilities, announced today that it is reviewing the use of a new solar module encapsulation material for use in the assembly of its TFPV solar module design.
In January of this year XsunX began working to build its initial 25MW TFPV manufacturing operations in Oregon, U.S.A. In addition to managing the supply chain of vendors selected to provide the various manufacturing systems for these new operations XsunX has also been engaged in the review of new materials for use in the assembly of its TFPV solar module design. Efforts have focused on sourcing materials to reduce assembly times and material costs primarily in the solar module packaging operations. These comprise portions of the assembly process that occur after the photovoltaic absorbers are deposited onto glass panels. - more

Posted on: Jul. 17, 2008 12:00pm,UTC
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Re: Is XsunX Being Manipulated? (XSNX)
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XsunX Recognized as a Business Development Success Story by the Oregon Economic Development Association in an Award Presented to the City of Wood Village


October 9, 2008 6:00 AM ET


ALISO VIEJO, Calif., Oct. 9

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 the Oregon Economic Development Association (OEDA) has recognized XsunX as a Business Development Success Story in an award presented to the City of Wood Village, Oregon.

Since its decision to locate in Oregon, XsunX has successfully worked with the City of Wood Village and other local community managers to structure approval of tax relief programs for establishing solar manufacturing operations, and continues to work with the local community college system to structure training programs for solar manufacturing jobs. The Company has also engaged with local utilities to develop hybrid use proposals for solar technologies in the state's efforts to broaden the use and adoption of solar energy as a significant part of Oregon's energy production.

"We are delighted with the recognition received from the Governor and the Oregon Economic Development Association for the efforts we have made to work with state and local governments, local utilities, and community colleges as well as being an advocate for continued growth in the solar sector," stated Mr. Joe Grimes, COO of XsunX. "We look forward to continuing to develop a significant presence in the State of Oregon by leveraging the progressive incentives that attract and establish a strong renewable industry," concluded Mr. Grimes.

XsunX's choice to locate its manufacturing facility in the State of Oregon was due in part to the progressive economic incentives offered in the state. Incentives offered include business energy tax credits for investments in renewable energy manufacturing systems, property tax abatements, and long term business development loans through the Oregon Department of Energy. In addition to these incentives the benefits of doing business in Oregon include clean and inexpensive hydro electric power to operate the Company's manufacturing systems, progressive renewable energy initiatives, a qualified workforce, and a great standard of living for employees.

Posted on: Oct. 19, 2008 3:57am,UTC
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