Bakhu Holdings Corp. Announces Merger Candidate Moves to a Larger Facility
Tuesday 09/08/2009 6:00 PM ET - Market Wire
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Bakhu Holdings Corp. ("the Company" or "we") (OTCBB: BKUH) today announced that the company it plans to merge with, Shenzhen Xinhonglian Solar Energy Co. ("SXSE"), has reached an agreement with the landlord of a larger factory facility for the company. The new facility is located in an industrial park on Dalang Street in Shenzhen. The move to the new facility will be completed by November 30, 2009. SXSE is moving from a cramped 1,500 square meter facility to a 4,000 square meter facility that will provide sufficient space to handle increased orders in solar products and will accommodate the expansion of the manufacturing of solar modules.
Mr. Xinan Zeng, the founder and CEO of SXSE, said, "The new facility will enable SXSE & Bakhu to become more efficient and will enable the company to handle 4 to 5 times the volume of products and modules they currently produce. The difficult economic times have made this move very affordable."
The completion of the merger between Bakhu Holdings Corp. and SXSE is contingent on the completion of an audit by a PCAOB designated accounting firm. Once the merger is completed, Bakhu Holding Corp. will change its name to Bakhu Solar Corp. and will continue to pursue the same successful, aggressive growth strategy that was implemented by SXSE, a profitable private company that was established in 2002 in Shenzhen, Guangdong Province, People's Republic of China. Since its inception, SXSE built its business by manufacturing a wide range of solar products for commercial and consumer applications. In 2004, the company compounded its success by expanding to make PV solar panels. Today, the company produces PV solar panels and a wide array of solar products, all of which use solar cells as the power source.
SXSE manufactures and sells 35 different PV solar panels, ranging from 10W (watts) to 250W. These PV solar panels are used in both industrial and residential applications. Bakhu uses high quality solar cells which it purchases from cell manufacturers in Japan and Taiwan. Solar products manufactured by the company for commercial and consumer use include portable lights for various applications, lane markers, solar street lights, solar traffic lights and battery chargers.
SXSE employs 100 workers in its manufacturing operation and 10 engineers who design and fabricate products. The factory is located in an industrial part of Shenzhen and occupies 1500 square meters.
Bakhu Holdings Corp. is a public company that plans to enter the green energy business by acquiring a solar manufacturer that is based in China. The company that Bakhu Holdings Corp. plans to acquire is Shenzhen Xinhonglian Solar Energy Co., Ltd (SXSE). The completion of the merger between Bakhu Holdings Corp. and SXSE is contingent on the completion of an audit by a PCAOB designated accounting firm, which is followed by the transfer of SXSE's assets to a Hong Kong based company.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
A number of statements contained in this press release are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Act of 1995. These forward-looking statements involve a number of risks and uncertainties, including activities relating to the completion of the merger between Shenzhen Xinhonglian Solar Energy Co., Ltd (SXSE) and Bakhu Holdings Corp. These activities include the completion of an audit by a PCAOB designated accounting firm and the transfer of SXSE's assets to a Hong Kong based company, our ability to raise capital when needed and on acceptable terms and conditions, the intensity of competition and general economic factors. The actual results Bakhu Holdings Corp. may achieve could differ materially from any forward-looking statements due to such risks and uncertainties. Bakhu Holdings Corp encourages the public to read the information provided here in conjunction with its most recent filings, which may be viewed at www.sec.gov.
For more information, please contact:
Investor Relations
Bakhu Holdings Corp.
5348 Vegas Drive, Las Vegas, Nevada 89108
Tel: 1-800-870-1242
Email: ir@bakhusolar.com
