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October 27, 2010
SANIX to Establish New Subsidiary to Manufacture Solar Cell Modules in China
At the Board of Directors Meeting held on October 27, 2010, Sanix Incorporated (Ticker : 4651,TSE/OSE/FSE, President & CEO: Shin-ichi Munemasa) announces its decision to establish a wholly-owned subsidiary at Fengxian district, Shanghai City, China, to manufacture solar cell modules.
1. Purpose of establishing subsidiary company
Sanix Incorporated will establish a wholly owned subsidiary for manufacturing solar cell modules in Shanghai, China. We aim to cope with demand from the home-use solar photovoltaic power generation system market in Japan that is expected to maintain high growth in the future thanks to Japanese government policies.
We determined that Shanghai City would be the ideal location to establish the new subsidiary, as it already has the necessary infrastracture, workforce, and logistical support, as well as the presence of a base of our existing raw material supplier.
We will disclose the details of our plan including the operation commencement date soon after we obtain Chinese government approval for establishment of the subsidiary.
2. Outline of established subsidiary（All the following details are tentative at this stage）
| (1) Company name |
Shangri (Shanghai) Energy and Technology Co.,Ltd |
| (2) Location |
Fengxian district, Shanghai City, China |
| (3) Representative |
Chairman and President, OH UNSHOU（Managing Director and General Manager of Development Division, SANIX Incorporated） |
| (4) Primary Business |
Manufacture and Sales of Solar Cell Modules |
| (5) Paid-in capital |
JPY 100 million |
| (6) Share holders |
Wholly-owned by SANIX Incorporated |
3. Outlook
The establishment of this new subsidiary company will have no impact on the Company’s consolidated results for the Fiscal Year ending in March 2011.
For more information, please contact:
Masahiro Shimojo, Managing Director,
Management & Planning Division |