Bakhu Holdings Corp., also conducting business as Bakhu Solar Corporation, plans to enter the green energy business by acquiring a solar manufacturer that is based in China. The target company that Bakhu Holdings plans to acquire is Shenzhen Xinhonglian Solar Energy Co.
The company today announced that it has entered into a memorandum of understanding to acquire 100% of the assets and shares of Shenzhen Xinhonglian. The memorandum calls for shareholders of Shenzhen Xinhonglian to receive 35% of Bakhu’s common stock. It also outlines all the terms of the acquisition as well as a timetable for the completion of the acquisition.
Shenzhen Xinhonglian was established in 2002 and today produces photovoltaic solar panels and an array of solar products, all of which use solar cells as the power source. The company employs 100 workers in its manufacturing operations and 10 engineers who design products and oversee the fabrication processes.
Shenzhen Xinhonglian manufactures and sells 35 different photovoltaic solar panels, ranging from 10 watts to 250 watts. These solar panels are used in both industrial and residential applications. The company uses high quality solar cells purchased from cell manufacturers in Japan and Taiwan. Solar products manufactured by the company for commercial and consumer use include lane markers, solar street and traffic lights, battery chargers and portable lights for various applications.
The founder and CEO of Shenzhen Xinhonglian, Mr. Xinan Zeng, committed to completing the acquisition as soon as possible. As to the future, he stated â€œWe see many opportunities to grow our business through processing more orders and acquiring other Chinese solar product manufacturers.â€