SOURCE: SunSi Energies

SunSi Energies

October 27, 2009 13:53 ET

SunSi Energies Signs Article of Association and Completes Audit of Chinese Trichlorosilane Production Company for Joint Venture

NEW YORK, NY--(Marketwire - October 27, 2009) - SunSi Energies Inc. (OTCBB: SSIE) announced today that, through its wholly-owned subsidiary SunSi Energies Hong Kong Ltd., it has executed definitive Articles of Association for the creation of a newly formed Joint Venture, which will own and operate an existing Trichlorosilane (TCS) production facility in Zibo, China. As previously announced, SunSi will own 90% of the Joint Venture Company; named Zibo SunSi Chemical Co. Ltd., specifically formed to own the assets, expertise and technology of the Zibo TCS production facility that currently maintains a production capacity of 25,000 MT per year.

Zibo SunSi Chemical Co. Ltd. will be engaged in the production of TCS, a chemical primarily used in the production of polysilicon, which is an essential raw material in the production of solar cells for photovoltaic (PV) panels that 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.

Pursuant to the terms of the joint venture agreement between the parties, all of the assets, including permits, rights, land usage, as well as the entire labor force and management team of the Zibo TCS producer, will be transferred into Zibo SunSi Chemical Co. Ltd. upon closing of the transaction. While the current name plate capacity of the facility is 25,000 metric tons of TCS per year, SunSi has committed to double this number over the next 12 months. Concurrently, the TCS production facility continues its normal activities.

SunSi Energies also announced that Child, Van Wagoner & Bradshaw, PLLC (CVB), their US-based auditors with offices in China, has completed the audit of the Chinese company's financial statements for the last two fiscal years under U.S. GAAP.

"We are pleased to have completed our due diligence and review of the Chinese company and its operations. While conducting our review over the past 9 months, we have built a solid relationship with the corporation, while integrating ourselves in the management of the Chinese company. The Chinese team will be integrated into the newly formed entity as its members are not only well respected in the industry, but also the leaders in TCS production. We can now focus on the expansion and economic growth of the company," said Mr. Richard St-Julien, Vice President of SunSi Energies Inc. and President of SunSi Energies Hong Kong Ltd.

About SunSi Energies Inc. ("SunSi")

SunSi Energies Inc. aims 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. SunSi's first transaction has been launched in China through the acquisition of 90% of a well-established Trichlorosilane facility. Relatively unknown, but essential to the solar industry, Trichlorosilane is the main feedstock of the solar industry, used in the production of polysilicon. With this acquisition, it is believed that SunSi becomes the first and only "pure play" public company in the world honed on the production of Trichlorosilane. SunSi Energies Inc. is traded on the NASDAQ OTC Bulletin Board under the ticker SSIE. For additional information, please visit the Company's website: www.sunsienergies.com or call Michel G. Laporte at Tel: 646-205-0291.

Forward-looking Statements: 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, as well as management's beliefs and assumptions regarding these markets. 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; 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 Information

  • Contact:
    Michel G. Laporte
    Tel: 646-205-0291