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8-K - NovAccess Global Inc. | v187745_8-k.htm |
Letter
to Shareholders
General
Corporate Project Update
Date:
06/08/2010
To Our
Valued Shareholders,
We're
pleased to share this week news about a government grant XsunX is applying for
in response to a recent Funding Opportunity Announcement (FOA) from the U.S.
Department of Energy (DOE).
Appearing
to align with XsunX's goal to harness certain efficiencies of the existing Hard
Disk manufacturing technology to develop CIGS thin-film solar cells, the grant
calls for applications from companies developing "High-Impact Supply Chain
R&D for PV Technologies and Systems" that bring new technology together with
existing industry to deliver renewable products and create jobs.
We
believe XsunX's research and development efforts closely fit the FOA's overall
scope that states as a goal to "identify and accelerate the development of
cross-cutting and unique products or processes that are expected to have a
disruptive impact on the photovoltaics (PV) industry."
But the
grants requests for specific technology processes potentially makes XsunX's
hybrid approach an even more compelling contender for this grant with what
appears to be closely matching criteria in the categories of transparent
conductors (new materials or deposition technologies); advanced PV solar
manufacturing equipment; all equipment supplier aspects of feedstock, wafer,
cell, and module fabrication or assembly; and non-module supply chain
technologies.
Furthermore,
a major stipulation for this grant says the technology will have to make a
"near-term impact on a substantial segment of the PV industry." As we
have shared with our investors, our plan is to deliver a high performance mass
production system to produce thin-film CIGS solar cells that we believe may
offer an alternative to the use of silicon based solar cells, again potentially
making our project a qualifying applicant.
We
anticipate that numerous qualified projects and firms may also submit
applications under this FOA making for not only a highly competitive environment
but also one where we cannot be assured that our application will be selected.
However, we are working to prepare our submittal with the assistance of
qualified experienced consultants and firms to ensure maximum
impact.
Under the
FOA guidelines, the DOE anticipates selecting projects with durations of up to 3
years with minimum contracts ranging from $600K to a of maximum is $4.8 million.
After we submit the grant in July, awards are not scheduled to be announced
until September or possibly later, but we'll be sure to update you on any
developments with regard to the grant. In the meantime, we plan to keep
monitoring for other potential FOA announcements from the government that may
align with our project and plans.
Thank you
for your continued interest in of our company. As we make progress, we look
forward to reporting back to you. As always, if you have any
questions in the meantime, please contact our Investor Relations desk at
investors@xsunx.com or (888) 797-4527.
Sincerely,
Joseph
Grimes, President and COO
Safe Harbor
Statement: Matters discussed in this shareholder news letter contain
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. When used in this shareholder news letter, 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