The company's reverse stock split of one new share for twenty old shares (1-for-20) is also effective today.
XsunX has acquired the patents for a breakthrough technology to produce solar electric glass. This proprietary process is intended to allow manufacturers to apply a transparent and photovoltaic glazing to glass. When XsunX glazing is exposed to light, the light energy is converted into electrical energy for use as a power source.
XsunX believes that its patented solar electric glass technology has a number of major market opportunities in the multi-billion dollar international architectural glass markets. The company intends to take advantage of the commercial opportunity to provide governments, developers, businesses and architects with a commercially viable method for converting today's large areas of architectural glass into high performance energy producing appliances.
The architectural limiting aspects of current photovoltaic technologies may soon disappear as XsunX glazing turns commercial and residential structures, and their vast areas of modern architectural glass, into virtual power plants. The resulting electrical power generated could be used to run building systems, offset dependency on fossil fuel power generation and help to reduce the build up of green house gases.
The patents acquired include: No. 6,180,871 for Transparent Solar Cell and Method of Fabrication (Device), granted on January 30, 2001; No. 6,320,117 for Transparent Solar Cell and Method of Fabrication (Method of Fabrication), granted on November 20, 2001; and No. 6,509,204 for Transparent Solar Cell and Method of Fabrication (formed with a Schottky barrier diode and method of its manufacture), granted on January 21, 2003