NEW YORK, June 22, 2011 (GLOBE NEWSWIRE) -- SunSi Energies, Inc. ("SunSi") (OTCQB:SSIE), a specialty chemical provider to the solar industry, announced today that it continues to successfully raise capital to fund its expansion and acquisition plans. Over the past three months, SunSi has raised the equivalent of approximately $5.0 million through cash received from equity sales of $635,000, common stock subscription commitments of $1,750,000, as well as from the conversion of $2.7 million in redeemable stock to common equity by SunSi's 40% equity partner of the Company's Wendeng facility located in Weihai City, China.
David Natan, SunSi's Chief Executive Officer, stated, "We are very pleased with our recent fundraising efforts and the visibility the Company is now starting to achieve with our investor relations campaign. These efforts, coupled with our Wendeng equity partners' decision not to redeem $2.7 million in SunSi's common stock, has enabled us to focus exclusively on expanding the Wendeng facility and seeking new acquisitions."
About SunSi Energies Inc.
SunSi's business plan is to acquire and develop a portfolio of high-quality trichlorosilane (TCS) producing facilities that are strategically located and possess a potential for future growth and expansion. U.S.-based SunSi controls approximately 47,000 metric tons of TCS production in China.
TCS is a chemical primarily used in the production of polysilicon, which is an essential raw material in the production of solar cells for PV panels that convert sunlight to electricity. 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. For additional information, please visit our website at: www.sunsienergies.com.
This news release contains forward-looking statements related to the future financial condition and results of SunSi's operations.
Forward-looking statements are based on SunSi's current expectations and estimates regarding: TCS markets and industry in which we operate being the most profitable segment of the solar value chain, management's beliefs and assumptions regarding these markets, increasing trading volume and price of SunSi's stock, future earnings and revenue projections, completion of our Wendeng expansion plan, the receipt of cash from subscription agreements, and other acquisition transactions. 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; general stock market performance, the performance of the solar industry in general, changing competitive environment; changing regulatory conditions or requirements; changing technology; raising sufficient capital to fund the expansion of Wendeng to 75,000 MT, the price of TCS sold within China and outside of China; attaining projected revenue of $20-$25 million per year at Wendeng; the level of production by the Wendeng factory; Baoaki's success in attaining new clients under its distribution agreement; the decision by potential investors who have signed subscription agreements not to purchase SunSi common shares; 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.
CONTACT: Investor Relations: Acorn Management Partners, LLC John R. Exley, III Direct 678-368-4002