SOURCE: SunSi Energies Inc.
NEW YORK, NY--(Marketwire - Oct 8, 2012) - SunSi Energies Inc. ("SunSi" or the "Company") (OTCQB: SSIE), an international manufacturer, seller and distributor of energy products and solutions, today announced that its Board of Directors and the Financial Industry Regulation Authority ("FINRA") approved a one-for-two reverse stock split of its common stock in order to facilitate the Company's qualification for up-listing to The NASDAQ Capital Market ("NASDAQ"). As previously announced, SunSi has filed a listing application with NASDAQ and now believes that it satisfies each of the exchange's applicable listing requirements, with the exception of the $4.00 per share bid price requirement. The Company expects to achieve the necessary $4.00 per share price by effectuating the reverse stock split. Following the reverse split, the market price for SunSi's shares must close at or above $4.00 per share for 30 of the next 60 trading days in order to satisfy the NASDAQ requirement. The price must also be at $4.00 per share at the time of listing.
After giving effect to the reverse stock split, every two shares of the Company's issued and outstanding common stock will automatically be combined into one share of the Company's issued and outstanding common stock. The record date for the reverse split will be October 9, 2012. The letter "D" will be placed on the Company's ticker symbol for 20 business days. After 20 business days, the symbol will revert back to the original symbol. After the reverse split, the number of shares outstanding will be reduced to approximately 15.7 million shares, and number of authorized shares of common stock will be reduced to 37.5 million shares. The par value per common share ($0.001) will not change. In connection with the reverse split, shareholders will not receive fractional post-reverse stock split shares; instead, fractional shares will be rounded up. The effectuation of the reverse stock split will not adversely affect the rights and preferences of the holders of presently outstanding shares of any class or series that were issued before the combination.
Richard St-Julien, SunSi's Chairman, stated, "Subsequent to the submission of our listing application, NASDAQ has instituted significant changes to its listing requirements. Throughout this past year, we have worked diligently to meet the revised listing requirements. Furthermore, we believe that we have made considerable business progress during this period by acquiring two new, lucrative revenue streams via waste heat energy conversion technology and LED product distribution. As a result, our management team and board of directors unanimously agreed that this was the appropriate time to effectuate a reverse stock split to facilitate a listing on NASDAQ."
Mr. St-Julien further stated, "Our up-listing to NASDAQ, the world's largest and most recognized electronic stock market, will benefit both our primary operations and shareholders through greater awareness and visibility of SunSi's products at both an institutional and retail level. More so, our anticipated listing should provide greater access to capital and increased share liquidity resulting from the greater market depth of NASDAQ."
Although the Company believes it will be listed on NASDAQ, we cannot provide assurances that NASDAQ will ultimately approve the Company's application for listing on The NASDAQ Capital Market.
About SunSi Energies Inc.
SunSi Energies is a global company whose products and solutions focus on renewable energy and improved energy efficiency. SunSi's subsidiary, TransPacific Energy Inc. ("TPE") has patented a technology which uses proprietary multiple component fluids that are environmentally sound, non-toxic and non-flammable. Custom formulated mixtures efficiently capture and convert heat directly from the heat source at temperatures ranging from 80° F to 1000° F. TPE's technology offers applications at broader temperature ranges than other energy recovery systems. TPE's systems in certain applications reduce operating and maintenance costs thereby significantly improving return on capital expenditures thus making the purchase of waste heat recovery systems which previously yielded nominal savings, economically viable.
SunSi is the exclusive distributor in the U.S., Canada, and Mexico of Light Emitting Diode ("LED") commercial lighting products and fixtures for a premier LED manufacturer, Lightsky. An LED is a semiconductor device which converts electricity into light. The LED light is considered "green" because of the absence of dangerous chemicals and an accompanying significant reduction in energy consumption depending on the application, from 50% to 70% of traditional lighting products.
SunSi is also a significant manufacturer and distributor of trichlorosilane ("TCS") in China. TCS is a specialty 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 regarding SunSi Energies Inc. or Transpacific Energies Inc., please visit the companies' websites at www.sunsienergies.com, www.transpacenergy.com, www.lightsky-led.com or contact Richard St-Julien at (646) 205-0291.
Except for statements of historical fact, the matters discussed in this press release are forward-looking. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "future," "plan" or "planned," "expects" or "projected." These forward-looking statements reflect numerous assumptions and involve a variety of risks and uncertainties, many of which are beyond the company's control that may cause actual results to differ materially from stated expectations. Some of the factors that could cause actual results to differ materially from the forward-looking statements contained herein include, without limitation: (i) our acquisition of TPE and our distribution of Lightsky LED products generating lucrative revenues for the Company, (ii) approval of the Company's listing by NASDAQ, and (iii) our common stock remaining at a trading price above $4.00 per share for a period of 30 out of the next 60 trading days.