The following steps create a compiled module that you could distribute as a zip on iOS. Once implemented, the same process would work on Android.
1. Create a new module for Android: titanium create --platform=android --type=module --name=jsmod --id=ti.jsmod --android=/path/to/android-sdk
2. Drop the below in assets/ti.jsmod.js:
3. Drop the below in example/app.js:
4. Enjoy your luscious red rectangle
Until this feature is available, you can always distribute just the JS file. Developers can utilize it in its un-compiled state, although your code isn't protected from prying eyes.