Wincroft, Inc. (OTCBB: WCRF) signed a letter of intent to acquire Apollo Solar Energy, Inc., which indirectly owns 100% of the equity of Sichuan Apollo Solar Science and Technology Co. Ltd., a wholly foreign-owned enterprise organized under the laws of the People’s Republic of China. The closing of the acquisition is resting upon the execution of formal binding agreements, with approval from the board of directors of WCRF and ASE, as well as the satisfactory exchange of due diligence materials between the two parties. Wincroft runs no significant operations as they focus on acquiring either project financing or an operating business that can sustain their operations, and they do this using the issuance of capital stock.
“We expect this acquisition to substantially improve shareholder value,” commented Ms. Xiaojin Wang, CEO of Wincroft. “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.”
Mr. Hou Renyi, chairman and CEO of Apollo, said, “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. 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.”
Apollo is a leader in China engaging in research and development of next-generation cadmium telluride (CdTe)-based thin-film solar cells. Their 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 headquartered in Chengdu, Sichuan Province, China.
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