Chinese Solar Company Goes Public Via Reverse Merger With Blackhawk Financial
Thursday January 29, 7:00 am ET
CARDIFF, Calif., Jan. 29 /PRNewswire-FirstCall/ -- Blackhawk Financial, Inc., (Pink Sheets: BLWK) is providing this update to its shareholders in response to the numerous questions received since the recently announced acquisition by winsaint.com China Winsaint Solar ("Winsaint"). Blackhawk Financial was used as a public entity in order for Winsaint to go public via the OTC market and The Definitive Agreement has been signed. Any and all current shareholders of BLWK shares will now own and become shareholders of Winsaint. Any and all future investors that choose to buy BLWK shares in the open market prior to our name and symbol change will also own shares equally in Winsaint.
This is great news for shareholders of BLWK, due to the fact that the value of Winsaint greatly exceeds the value of Blackhawk Financial, Inc. Winsaint posted unaudited revenue of $46,000,000 with earnings of $3,900,000 this past year, with 2009 revenue expected to reach $90,000,000 with earnings of $15,000,000.
Winsaint manufactures high-end mono-crystalline solar wafers for customers inside and outside China. The company has established a solid base of recurring revenues and is now focused on expanding production by offering poly-crystalline solar wafers, a lower-end product with broad applications.
According to data from 2008 China Solar grade Wafer or Ingot Industry Research Report; in 2007 China solar wafer shipments were up 146.8% from 2006. In 2008 wafer shipments increase 99.4% and are expected to maintain double digit levels of growth in the coming years.
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