China Sun Group High-Tech Co. Completes Share Exchange to Create 100% Ownership in DLX Subsidiary
June 05 2008 - 12:46PM
PR Newswire (US)
LIAONING PROVINCE, China, June 5 /PRNewswire-FirstCall/ -- China
Sun Group High-Tech Co. ("China Sun Group") (OTC:CSGH) (BULLETIN
BOARD: CSGH) announced today that the minority (30%) shareholders
of its 70% owned subsidiary, Da Lian Xin Yang High-Tech Development
Co., Ltd. (DLX), have exercised their options to purchase an
additional 10,000,000 newly-issued shares of common stock of the
China Sun Group, in exchange for their 30% equity interest in DLX.
On May 30, 2008, the Company and DLX's minority shareholders
completed the transaction. As a result, DLX is now a wholly-owned
subsidiary of the China Sun Group. According to the China Battery
Association, DLX is the second largest cobalt series production
capacity in the People's Republic of China. Bin Wang, Chief
Executive Officer of the China Sun Group, said, "We are delighted
that DLX is now a wholly-owned subsidiary of the China Sun Group.
With projected revenue growth, a scalable production capacity and
research and development expertise, we believe that DLX will
continue to carve a leadership position in the global power supply
components market. Based on our current and projected customer base
and product lines, we anticipate that DLX will double its revenue
in 2008 compared to 2007. We firmly believe that we now have a
stronger platform to sustain our growth and expansion plans. Going
forward, we are now able to add an additional 30% of DLX's net
income to our financial statements, which is an increase of 43%
from our previous reports." About China Sun Group China Sun Group
High-Tech Co., ("China Sun Group") produces anode materials used in
lithium ion batteries. Through its wholly-owned operating
subsidiary, Da Lian Xin Yang High-Tech Development Co. Ltd.
("DLX"), the Company primarily produces cobaltosic oxide and
lithium cobalt oxide. According to the China Battery Industry
Association, DLX has the second largest cobalt series production
capacity in the People's Republic of China. Through its research
and development division, DLX owns a proprietary series of
nanometer technologies that supply state-of-the-art components for
advanced lithium ion batteries. Leveraging its state-of-the-art
technology, high-quality product line and scalable production
capacity, the Company plans to create a fully integrated supply
chain from the primary manufacturing of cobalt ore to finished
products, including lithium ion batteries. For more information,
visit http://www.china-sun.cn/English/Aboutus.asp. Safe Harbor
Statement The statements contained herein that are not historical
facts are considered "forward-looking statements." Such
forward-looking statements may be identified by, among other
things, the use of forward-looking terminology such as "believes,"
"expects," "may," "will," "should," or "anticipates" or the
negative thereof or other variations thereon or comparable
terminology, or by discussions of strategy that involve risks and
uncertainties. In particular, statements regarding the potential
growth of the markets are examples of such forward-looking
statements. The forward-looking statements include risks and
uncertainties, including, but not limited to, the effect of
political, economic, and market conditions and geopolitical events;
legislative and regulatory changes that affect our business; the
availability of funds and working capital; the actions and
initiatives of current and potential competitors; investor
sentiment; and our reputation. We do not undertake any
responsibility to publicly release any revisions to these
forward-looking statements to take into account events or
circumstances that occur after the date of this report.
Additionally, we do not undertake any responsibility to update you
on the occurrence of any unanticipated events, which may cause
actual results to differ from those expressed or implied by any
forward-looking statements. The factors discussed herein are
expressed from time to time in our filings with the Securities and
Exchange Commission available at http://www.sec.gov/. DATASOURCE:
China Sun Group High-Tech Co. CONTACT: Thomas Yang, Assistant to
the President, China Sun Group, U.S.: +1-917-432-9350, China:
+86-411-8289-7752, Fax: +86-411-8289-2739, Web site:
http://www.china-sun.cn/
http://www.china-sun.cn/English/Aboutus.asp.
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