In order to integrate solar business resources so as to improve performance and strengthen competitiveness, Sino-American Silicon Products Inc. (5483 TT, hereinafter referred to as SAS) will merge Sunrise Global Solar Energy Co., Ltd. (5217 TT, hereinafter referred to Sunrise) which SAS owned 50.95% shares. SAS is the existing company and Sinosolar is the extinguished company. The share swap ratio for the merger is 2.16 Sunrise common share for each SAS common share. The merger is approved by BOD of both companies on August 12, 2013 and have to be approved by Sunrise’s Shareholder-meeting on September 30, 2013. The merger closing date is tentatively scheduled on January 1, 2014. Yuanta Securities Corp. is the financial advisor of this merger.
SAS is the professional solar silicon wafer manufacturer listed in OTC and invests semiconductor wafer business and sapphire business and SAS consolidated revenue of NT$10.3 billion for June 30, 2013. Sunrise is the global solar cell manufacturer that produces mono high efficiency solar cells and Sunrise revenue of about NT$1.63 billion in the first half of this year, gross margin was 8.63%, net-income margin was 6.7%, net- income reached NT$103 million and earnings per share reached NT$0.41. The technical threshold of mono cells is higher than multi cells and Sunrise owned certain technical advantages. Sunrise signed a joint R&D cooperation scheme with internationally renowned academic institutions, international equipment manufacturers, raw material suppliers, whether products or cost control has a good performance. The technology of Sunrise is leading the industry especially the Celco cells technology that enhances the conversion efficiency of P-type mono solar cells to more than 20.6% and the average conversion efficiency reaches 20.2%. The modules installed that use Celco cells have less power loss and the highest power output generation. The technology of Sunrise is comparable with the international companies and Sunrise maintains many international customers
Recent solar market gradually improved and the worst-case scenario of the industry had been in the past. SAS has been thinking that in terms of business scale and cost, the solar cell manufacturers in Taiwan have no advantages. But as for the product quality and conversion efficiency, Taiwan solar cell manufacturers have the core competitiveness. Therefore, SAS wants to make differentiation with other manufacturers rather than rely on economies of scale to compete. The high-conversion efficiency of products is the characteristics of SAS and Sunrise is also a good high conversion efficiency solar cell manufacturers. Through this merger, SAS can achieve the objective of vertical integration and also meet the needs of customers at different levels. Overall, by the benefits generated after the merger, SAS will enhance the international competitiveness of the company and create a unique position in the market and finally create greater benefits for shareholders and employees.
| Sino-American Silicon Products Inc. | Sunrise Global Solar Energy Co., Ltd. |
| Spokesman：Simon Tai Manager | Spokesman：KC Hsu President |
| Tel：03-577-2233 EXT: 337 | Tel：03-9905511 |
| Website：https://www.saswafer.com | Website: http://www.sunriseglobalsolar.com |