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Bakhu Holdings Corp. announces SXSE sells shares to Hong Kong company

Posted by Debasish Choudhury on 15 September 2009 at 08:03


Bakhu Holdings Corp. (BKUH) today announced that Shenzhen Xinhonglian Solar Energy Co. (SXSE), Ltd. has sold 100% of its assets, intellectual property and outstanding shares to a Hong Kong company, South Sunnconn (Solar) Power Company Limited. All approvals from the Chinese Government have been obtained by South Sunnconn (Solar) Power Company Limited for the sale and a business license has been issued in Hong Kong.

Aidan Hwuang, Bakhu Director, stated, "This is an important step towards the eventual reverse takeover of SXSE by Bakhu Holdings Corp. as South Sunnconn (Solar) Power Company Limited's assets, shares and intellectual property are now in Hong Kong, a legal jurisdiction that is recognized worldwide as safe and credible."

The completion of the merger between Bakhu Holdings Corp. and SXSE is contingent on the completion of an audit by a PCAOB designated accounting firm. Once the merger is completed Bakhu Holding Corp., will change its name to Bakhu Solar Corp and will continue to pursue the same successful, aggressive growth strategy that was implemented by SXSE, a profitable private company that was established in 2002 in Shenzhen, Guangdong Province, Peoples Republic of China. Since its inception, SXSE built its business by manufacturing a wide range of solar products for commercial and consumer applications. In 2004, the company compounded its success by expanding to make PV solar panels. Today, the company produces PV solar panels and a wide array of solar products, all of which use solar cells as the power source.

SXSE manufactures and sells 35 different PV solar panels, ranging from 10W (watts) to 250W. These PV solar panels are used in both industrial and residential applications. Bakhu uses high quality solar cells which it purchases from cell manufacturers in Japan and Taiwan. Solar products manufactured by the company for commercial and consumer use include portable lights for various applications, lane markers, solar street lights, solar traffic lights and battery chargers.

SXSE employs 100 workers in its manufacturing operation and 10 engineers who design and fabricate products. The factory is located in an industrial part of Shenzhen and occupies 1500 square meters.

Bakhu Holdings Corp. is a public company that plans to enter the green energy business by acquiring a solar manufacturer that is based in China. The company that Bakhu Holdings Corp. plans to acquire is Shenzhen Xinhonglian Solar Energy Co., Ltd (SXSE). The completion of the merger between Bakhu Holdings Corp. and SXSE is contingent on the completion of an audit by a PCAOB designated accounting firm., which is followed by the transfer of SXSE's assets to a Hong Kong based company.

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LAS VEGAS, NV--(Marketwire - 09/16/09) - Bakhu Holdings Corp. ("the Company" or "we") (OTC.BB:BKUH - News) today announced that the company it plans to merge with, Shenzhen Xinhonglian Solar Energy Co. ("SXSE"), has reached an agreement with ZTE to manufacture solar chargers that are built into phones and directly charge ZTE cell phones when exposed to light. The initial order is for 600,000 units representing significant revenue to SXSE. ZTE has indicated they could be ordering over 6 million additional units over the next 12 months.

As reported by Cellular News, ZTE wants to become the world's fifth largest mobile manufacturer. Currently ZTE is the 6th largest cell phone manufacturer in the world and is China's number one cell phone manufacturer. ZTE has targeted to sell 100 million units for 2010 which should push the company to No. 5 in the world.

Mr. Xinan Zeng, the founder and CEO of SXSE and CEO of Bakhu Holdings Corp., said, "SXSE is currently negotiating the total number of units they will supply ZTE, but this represents a significant opportunity for SXSE and recognizes the company's competence in research, development and manufacturing."

The completion of the merger between Bakhu Holdings Corp. and SXSE is contingent on the completion of an audit by a PCAOB designated accounting firm. Once the merger is completed, Bakhu Holding Corp. will change its name to Bakhu Solar Corp. and will continue to pursue the same successful, aggressive growth strategy that was implemented by SXSE, a profitable private company that was established in 2002 in Shenzhen, Guangdong Province, Peoples Republic of China. Since its inception, SXSE built its business by manufacturing a wide range of solar products for commercial and consumer applications. In 2004, the company compounded its success by expanding to make PV solar panels. Today, the company produces PV solar panels and a wide array of solar products, all of which use solar cells as the power source.

SXSE manufactures and sells 35 different PV solar panels, ranging from 10W (watts) to 250W. These PV solar panels are used in both industrial and residential applications. SXSE uses high quality solar cells which it purchases from cell manufacturers in Japan and Taiwan. Solar products manufactured by the company for commercial and consumer use include portable lights for various applications, lane markers, solar street lights, solar traffic lights and battery chargers.

SXSE employs 100 workers in its manufacturing operation and 10 engineers who design and fabricate products. The factory is located in an industrial part of Shenzhen and occupies 1,500 square meters.

Bakhu Holdings Corp. is a public company that plans to enter the green energy business by acquiring a solar manufacturer that is based in China. The company that Bakhu Holdings Corp. plans to acquire is Shenzhen Xinhonglian Solar Energy Co., Ltd. (SXSE). The completion of the merger between Bakhu Holdings Corp. and SXSE is contingent on the completion of an audit by a PCAOB designated accounting firm, which is followed by the transfer of SXSE's assets to a Hong Kong based company.

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Revenues

We have not earned any revenues since our inception and we do not anticipate earning revenues in the near future.

General and Administrative Expenses

General and administrative expenses for the three months ended January 31, 2010, increased by 181% as compared to the comparative period in 2009 primarily as a result of increases in legal expenses, accounting expenses and expenses in arrears.

Liquidity and Financial Condition

As of January 31, 2010, our total current assets were $Nil and our total current liabilities were $11,862 and we had a cumulative working capital deficit of, $58,862. Our financial statements report a net loss of $8,419 for the three months ended January 31, 2010, and a cumulative loss of $52,862 for the period from April 24, 2008 (date of inception) to January 31, 2010.

We have suffered recurring losses from operations. The continuation of our company is dependent upon our company attaining and maintaining profitable operations and raising additional capital as needed. In this regard we have raised additional capital through equity offerings and loan transactions.

Cash Flows Three Months Three Months
Ended Ended
January 31, 2010 January 31, 2009

Net Cash (Used in) Operating Activities $ (8,419 ) $ (2,993 )
Net Cash Provided by (Used In) Investing $ Nil $ Nil
Activities
Net Cash Provided by Financing Activities $ Nil $ Nil
Net Cash Provided by Directors Loans $ 8,419 Nil
Increase In Cash During The Period $ (8,419 ) $ (2,993 )


We had cash in the amount of $Nil as of January 31, 2010 and a working capital deficit of $58,862 as of January 31, 2010.

Our principal sources of funds have been from sales of our common stock.