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Subject to the appendage of the "e" to our symbol XsunX was provided a thirty (30) day period in which to comply with the requirements of rules enforced by a regulatory agency named the Financial Industry Regulatory Authority ("FINRA") which regulates the various trading platforms such as the NYSE, NASDAQ, and the OTCBB. Under the rules XsunX was required to file its annual report on Form 10-K within this grace period ending January 30, 2009.
XsunX has filed its annual report on February 2, 2009 and received acceptance of submission of the report by the SEC. The reason for XsunX's delay in the filing of this report was the receipt of a notice from the SEC on December 23 that due to the revocation of our previous auditors' license we could no longer include the audit reports of our prior auditor in XsunX's filings with the SEC. As a result XsunX was required to perform an audit not only of the 2008 fiscal year but was also required to perform an audit for fiscal 2007 and 2006. Unfortunately while we made every effort to complete the required audits of the three fiscal years we were not able to complete such a significant amount of work prior to the expiration of the grace period. This process is complete and our annual report which includes the audit of the three fiscal years was filed on February 2, 2009.
Due to our inability to timely complete the scope of unplanned work associated with the revocation of our previous auditors license, FINRA rules stipulate that commencing February 3, 2009 our stock will not qualify for quotation on the OTCBB platform until such time that we can receive approval to resume quotation. In the interim, our trading symbol may be modified to XSNX.PK as a current filer and is available for quotation at www.pinksheets.com.
As a matter of reference, prior to this symbol and board change our stock has been available for quotation on the Pink Sheet electronic platform and simultaneously on the OTCBB. Shareholders may have previously employed the use of the Pink Sheet board to receive quotes for XsunX. Both the OTCBB and the Pink Sheet board provide stock quotation service and are not stock trading platforms. The primary difference to the separate quotation boards is compliance with SEC filing requirements. The OTCBB enforces increased compliance with certain filing requirements. More detailed information can be found at http://www.otcbb.com/faqs/otcbb_faq.stm
The process for resuming quotation on the OTCBB requires that XsunX enlist the assistance of a market maker to file necessary forms in support of our effort to resume quotation. On Monday February 2, 2009 a qualified market maker member of FINRA prepared and submitted forms to initiate the processes necessary to resume our quotation on the OTCBB. According to OTCBB information the minimum listing process time is three (3) days. We intend to monitor the process and perform necessary tasks in an effort to resume quotation on the OTCBB.
Information related to our annual report to shareholders can be found at http://tinyurl.com/ccym6f
We are sorry for any continued inconvenience this may cause. If you have additional questions please contact our Investor Relations desk by email at investors@xsunx.com or by phone at 888-797-4527.
Yours Truly, Tom M. Djokovich, CEO XsunX, Inc.
Safe Harbor Statement: Matters discussed in this shareholder 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.
SOURCE XsunX, Inc.
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