NEW YORK, July 12, 2011 (GLOBE NEWSWIRE) -- SunSi Energies, Inc. ("SunSi") (OTCQB:SSIE), a specialty chemical provider to the solar industry, today announced that the company has initiated the application process for a move to up-list to the NYSE Amex Equities exchange, commonly referred to as the American Stock Exchange ("AMEX"). This move is in response to the rapid progress and solid growth of its trichlorosilane ("TCS") business in China. TCS is a chemical compound primarily used in the production of polysilicon, an essential raw material used in the production of solar cells for photovoltaic (PV) panels that convert sunlight to electricity for homes, businesses, and farms. Additionally, purified TCS is the principal source of ultrapure silicon in the semiconductor industry.
The Company believes it substantially meets the requirements to up-list to the AMEX. The minimum net worth requirement to qualify for an AMEX listing will be reflected in the Company's May 31, 2011 fiscal 2011 year-end financial statements and 10-K due to be filed with the Securities and Exchange Commission on August 29, 2011.
"Moving to a senior U.S. exchange is a high priority for SunSi given the excellent progress of our business interests, the current demand for our product, and the anticipated major expansion of our Wendeng facility. Listing on a more senior U.S. exchange will increase visibility for the company and attract a broader class of institutional investors," stated David Natan, SunSi's Chief Executive Officer.
Richard St-Julien, President and Chairman of SunSi's Chinese operations, stated, "This move is consistent with the demands of our shareholders. We are pleased with the progress we've made to date and look forward to taking the Company to the next level."
About SunSi Energies, Inc.
SunSi Energies' goal is to become one of the world's largest producers of Trichlorosilane (TCS.) The Company's plans to achieve this objective by acquiring and developing a portfolio of high quality, scalable, strategically located TCS production facilities that 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.
Forward-Looking Statements
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 energy value chain and management's beliefs and assumptions regarding these markets, qualifying for a listing on the American Stock Exchange, 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 for sales of our common stock, and other TCS related 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 energy 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; our joint venture Baokai's success in attaining new clients under its TCS distribution agreement; the decision by potential investors who have signed subscription agreements not to pay for such SunSi common shares; the decision by the American Stock Exchange to reject the Company's application for listing; 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.