NEW YORK, Dec. 9, 2010 (GLOBE NEWSWIRE) -- SunSi Energies, Inc. (the "Company" or "SunSi") (OTCBB:SSIE) today announced it has completed the acquisition of the trichlorosilane ("TCS") distribution company, Zibo Baokai Commerce and Trade Co. ("Baokai") located in Zibo, China. TCS is a chemical primarily used in the production of polysilicon, an essential raw material in the production of solar cells. This acquisition enables SunSi to have access to sell approximately 25,000 metric tons ("MT") of TCS per year without any territorial limitations worldwide; and as a result, SunSi expects to begin generating revenue immediately.
The successful consummation of the Baokai acquisition is a significant first step in SunSi's business plan to control 125,000 MT of TCS production in China. Also, on November 30, 2010 the Company announced it had signed a definitive agreement to purchase a 60% interest in a TCS factory in Wendeng, China which produces 20,000 MT of TCS ("Wendeng"). The Company expects to consummate the Wendeng acquisition in the first quarter of 2011.
Additionally, the Company is pleased to announce that David Natan, its Chief Financial Officer, has been appointed to the additional roles of Director and Chief Executive Officer. Mr. Natan brings over 30 years of senior level experience with numerous U.S. public companies. During his career Mr. Natan has participated in 15 merger and acquisition transactions, has gained significant international experience including in Asia, and has helped raise both equity and debt financing in excess of half a billion dollars. Mr. Natan replaces Michel Laporte, who is remaining with SunSi as a consultant.
Mr. Laporte stated, "During the past year and half, Richard St-Julien and I have worked diligently to make a significant entry into the Chinese TCS market. Now that we have finally closed the Baoaki distribution transaction, and with the signing of a definitive agreement to buy controlling interest in the state-of-the-art Wendeng TCS factory that we announced last week; I feel very comfortable stepping down as CEO and transitioning the leadership of SunSi to David Natan. I believe he is the right person to take SunSi to the next level by helping SunSi obtain acquisition financing on favorable terms, achieving an AMEX listing next year and ultimately integrating these and future potential acquisitions into SunSi. I am committed to remain as a long term shareholder of SunSi and have agreed to a two year lock-up on my shares along with the rest of the executive team."
Richard St-Julien, V.P., Chief Legal Officer and President of SunSi Hong Kong, stated, "I look forward to working with David to successfully consummate the Wendeng and other acquisitions, and to create significant value for SunSi shareholders. I want to personally thank Michel for his tireless efforts and dedication in helping SunSi progress to this level."
David Natan, SunSi's new CEO, stated, "I am extremely pleased to be appointed to the position of SunSi's CEO. I believe this represents an excellent opportunity to help SunSi gain visibility and critical mass in the Chinese and world TCS markets. I look forward to working with Richard and the rest of the SunSi team to create a very formidable company."
About SunSi Energies Inc. ("SunSi")
SunSi's business plan is to acquire and develop a portfolio of high quality trichlorosilane producing facilities that are strategically located, and possess a potential for future growth and expansion. Through its wholly owned subsidiary, SunSi Energies Hong Kong Ltd., SunSi has consummated its first acquisition; the Baokai distribution company now enables SunSi to distribute and sell all of the TCS produced at the Zibo Baoyun Chemical Plant, both within and outside of China.
Relatively unknown but essential to the solar industry, TCS is a chemical primarily used in the production of polysilicon, an essential raw material in the production of solar cells for photovoltaic (PV) panels which convert sunlight to electricity for homes, businesses and farms. TCS is considered to be the first product in the solar PV value chain before polysilicon, and is also the principal source of ultrapure silicon in the semiconductor industry. SunSi believes it is the first and only "pure play" public company in the world focusing exclusively on the production and sales of TCS. SunSi Energies Inc. is traded on the OTC Bulletin Board under the ticker SSIE. For additional information, please visit the Company's website: .
This news release contains forward-looking statements related to the future financial condition and results of SunSi's operations. These statements are based on current expectations and estimates about the trichlorosilane markets and industry in which SunSi operates, management's beliefs and assumptions regarding these markets, future growth prospects, the commencement of generating revenues in 2010, completion of the Wendeng acquisition, creating a formidable company and increasing shareholder value, becoming the only public company in the world focused on the production and sales of TSC, and attaining a listing on a national exchange. These statements are subject to important risks and uncertainties, which are difficult to predict, and assumptions which may prove to be inaccurate. Some of the factors that could cause results or events to differ materially from current expectations include, but are not limited to: general economic conditions, market or business conditions; changing competitive environment; changing regulatory conditions or requirements; changing technology; raising sufficient capital to consummate the Wendeng acquisition, and attaining the required number of shareholders to meet exchange listing requirements, the potential emergence of other companies focused on TCS production, the price of TCS sold within China and outside of China, the level of production by the ZBC factory, and success in implementing productivity initiatives. Some of these factors are largely beyond the control of SunSi. Should any factor impact SunSi in an unexpected manner, or should assumptions underlying the forward-looking statements prove incorrect, the actual results or events may differ materially from the results or events predicted. All of the forward-looking statements made in this document are qualified by these cautionary statements, therefore, there can be no assurance that the results or developments anticipated by SunSi will be realized or, even if substantially realized, that they will have the expected consequences for SunSi. Readers should not place undue reliance on any forward-looking statements. Furthermore, SunSi disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or any other occurrence.
Acorn Management Partners ("Acorn"), SunSi's investor relations firm is a leading independent investor relations firm, specializing in shareholder relationships while offering a full range of advisory and operational support to domestic and international companies. Acorn's team of experts is dedicated to building relationships for our corporate clients in the global capital markets giving management the freedom to focus on their strengths and core activities. Acorn has offices in Atlanta, Georgia and London, UK.
CONTACT: Acorn Management Partners, LLC Investor Relations: John R. Exley, III 678-368-4002