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Wincroft, Inc. Signs Letter of Intent to Acquire Apollo Solar Energy, Inc.
Jul 15, 2008 9:24:00 AM
View Additional ProfilesNEW YORK, July 15 /Xinhua-PRNewswire-FirstCall/ -- Wincroft, Inc. (OTC Bulletin Board: WCRF) ("WCRF") (the "Company") has signed a Letter of Intent to acquire Apollo Solar Energy, Inc., a Delaware corporation ("ASE") that indirectly owns 100% of the equity of Sichuan Apollo Solar Science and Technology Co. Ltd. ("Apollo"), a wholly foreign-owned enterprise (WOFE) organized under the laws of the People's Republic of China.
Apollo is engaged in research and development of the next generation cadmium telluride (CdTe)-based thin-film solar cell. Apollo also has exclusive exploration and mining rights to Dashuigou Mine in Shimian County, Sichuan Province, China, which it believes to be the world's only independent tellurium (Te) & bismuth (Bi) mine so far found.
Apollo's current core business is mining of tellurium and bismuth ores, extraction of high-purity metals, compounds, and target materials for thin-film solar cells, cell modules and solar electronic products. Apollo is a materials supplier to major CdTe and CIGS based solar cell manufacturers.
The closing of the acquisition transaction is contingent on execution of formal binding agreements, approval from the Board of Directors of WCRF and ASE, as well as the satisfactory exchange of due diligence materials between the two parties.
"We expect this acquisition to substantially improve shareholder value," stated Ms. Xiaojin Wang, CEO of WCRF. "We see Apollo as a leader in China in the R&D of the next generation CdTe based thin-film solar cell and currently specializes in the mining and refining of high purity materials used in a broad range of industries, notably the photovoltaic industry. We believe there is huge opportunity in this field for the company."
"If the merger closes, Apollo will have the potential to access the U.S. public market for both awareness and capital, which should assist in reaching our goals," stated Mr. Hou Renyi, Chairman and CEO of Apollo. "We aspire to build an integrated production solution for tellurium based thin-film photovoltaic cells in China. Apollo plans to pursue this strategic development goal through active participation in the capital markets," added Mr. Hou.
About Wincroft, Inc. (the "Company")
Wincroft, Inc. is a Nevada corporation which has had no operating business since April 2000.
About Sichuan Apollo Solar Science and Technology Co. Ltd. ("Apollo")
Apollo, headquartered in Chengdu, Sichuan Province, China, is a wholly foreign-owned enterprise (WOFE). Apollo is a leader in China in the R&D of the next generation CdTe based thin-film solar cell and currently specializes in the mining and refining of high purity materials used in a broad range of industries, notably the photovoltaic industry.
Certain of the statements made herein constitute forward-looking statements that involve risks and uncertainties. In such instances, actual results could differ materially as a result of a variety of factors including the risks associated with the effect of changing economic conditions at home and abroad, variations in cash flow, reliance on collaborative retail partners, and on new product development, variations in new product and service development, risks associated with rapid technological change, and potential of introduced or undetected flaws and defects in products and services and other risk factors detailed in forms filed with the Securities and Exchange Commission from time to time.
SOURCE Wincroft, Inc.
Peter D. Zhou