SunSi Energies Hong Kong, the wholly owned subsidiary of SunSi Energies, has executed definitive Articles of Association for newly formed joint venture, Zibo SunSi Chemical. The company will own and operate an existing Trichlorosilane (TCS) production facility in Zibo, China.
SunSi will own 90% of joint venture company, which has been specifically molded to own the assets, expertise and technology of the Zibo TCS production facility. The facility currently has an annual production capacity of 25,000, SunSi aims to double this capacity within the next 12 months.
The joint venture agreement states that 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 upon closing of the transaction.
SunSi Energies also announced that Child, Van Wagoner & Bradshaw, PLLC (CVB), its 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 Richard St-Julien, vice president of SunSi Energies and president of SunSi Energies Hong Kong.