NEW YORK, Oct. 13, 2011 (GLOBE NEWSWIRE) -- SunSi Energies Inc. ("SunSi") (OTCQB:SSIE), a leading provider of the specialty chemical trichlorosilane ("TCS") to the solar industry, today announced that it has named a new Chief Financial Officer and appointed two new independent members to its Board of Directors.
After serving as a financial consultant to SunSi, Jason A. Williams has joined the Company's management team as Chief Financial Officer ("CFO"). Prior to joining SunSi, Mr. Williams was President of WM Consulting LLC, a business advisory firm. Mr. Williams has significant financial and operational experience with publicly traded companies, most recently Protective Products of America, Inc., where he served as Vice President and Chief Financial Officer. As Corporate Controller and Director of Reporting & Analysis at PharmaNet Development Group, Inc., a NASDAQ–listed company he was an integral part of the management team that facilitated a tenfold increase in revenue and a market capitalization rise from $150 million to $800 million during a three year period. His early career experience includes positions of increasing responsibility at Patagon.com, Inc., vFinance, Inc. and BISYS Regulatory Services. He holds a Bachelor of Science from Florida Atlantic University. Mr. Williams replaces David Natan as CFO who previously served the dual role of both CFO and Chief Executive Officer.
Additionally, SunSi has appointed David Vanderhorst and Adrian Auman as independent members of its Board of Directors. With these appointments, SunSi's Board has been expanded to five directors, three of whom are independent. Richard St-Julien, SunSi's Vice President and Chief Legal Officer, assumes the role of Chairman of the Board and will continue to play an active role in the day to day operations of the Company.
With the appointment of Mr. Vanderhorst and Mr. Auman, SunSi's Board now consists of:
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Kébir Ratnani (Independent) - Mr. Ratnani has 30 years of experience in the natural gas, electricity, windmill, wastewater and water sectors. In 2000, he was appointed Senior VP of SNC-Lavalin International, one of the leading engineering and construction groups in the world and a major player in the ownership of infrastructure and in the provision of operations and maintenance services. He is responsible for Water, Energy and Infrastructure Projects in Africa, the Middle East and Latin America. Mr. Ratnani has served as an independent director of SunSi since March 2009.
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David Vanderhorst (Independent and Audit Committee Chair) - Mr. Vanderhorst is a seasoned financial executive with 24 years of extensive experience in accounting, finance, corporate operations and executive-level management. Since 2002, he has served as Chief Financial Officer and Secretary of Taitron Components, Inc., a NASDAQ-listed semiconductor distribution and engineering services company with offices and operations in the U.S., Mexico, and China.
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Adrian Auman (Independent) - Mr. Auman is Corporate Vice President Investor Relations and Special Projects at Orbotech, Ltd a NASDAQ company that manufactures yield-enhancing and production solutions for the supply chain of the electronics industry. Orbotech is a leader in its industry, generating more than $500 million annually in revenue, with offices in the U.S., Europe, the Middle East, and Asia, including multiple offices in China. Prior to this position he served in various roles at Orbotech including Vice President of Finance and Investor Relations. He is a certified public accountant in Israel and the US.
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David Natan (Chief Executive Officer and Director) - Mr. Natan was a Big Four CPA with Deloitte Touche and has more than 35 years of experience in accounting, treasury, finance, corporate operations, and executive level management. He has served as CFO/Treasurer of four public companies prior to joining SunSi, and as CFO of three private companies. During his career he has participated in 18 merger and acquisition transactions and has helped raise in excess of $500 million of debt and equity capital on favorable terms, from a variety of funding sources. He joined SunSi as CFO in 2010 and was appointed to the dual role of CEO in December, 2010.
- Richard St-Julien (Chairman of the Board, Vice President and Chief Legal Officer) - Mr. St-Julien the founder of SunSi, has been a practicing attorney specializing in international business law and securities law in collaboration with strategic partners in Canada, the U.S. and China. He possesses numerous years of experience structuring transactions and providing strategic assistance to both public and private companies in their business ventures, including international financing.
Mr. St-Julien commented: "David and Adrian bring a tremendous amount of experience to SunSi Energies and we are very fortunate to have them serve on our Board. Both of them have experience at NASDAQ-listed companies that have conducted business within China as well as other countries outside of the U.S., This experience is an especially important asset for us as we seek to significantly expand the market for TCS in the China and to the solar industry around the world. At the same time, we are truly fortunate to have Jason come on board as our new CFO. His professional experience will benefit us significantly as we seek new avenues to grow our business. With our Board and management team strengthened in this fashion, SunSi is well prepared for our next stage of growth."
About SunSi Energies Inc.
SunSi Energies' goal is to become one of the world's largest producers of trichlorosilane ("TCS"). The Company 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 55,000 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. For further information, please visit the company's website at http://www.sunsienergies.com.
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, NASDAQ approval for a listing of our common stock on the NASDAQ Capital Market, achieving fiscal 2012 financial guidance, increasing the trading volume and price of SunSi's stock, future earnings and revenue projections, receiving additional TCS orders from companies outside of China, completion of our Wendeng expansion plan, achieving our overall expansion plan, 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; 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 the NASDAQ to reject the Company's application for listing; the decision by companies located outside of China to purchase TCS 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.