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Last Post: 12/14/2013 7:51:08 PM - Followers: 13 - Board type: Free - Posts Today: 0

 

Kenilworth Systems Corporation
               

KENILWORTH SYSTEMS CORPORATION AND SUBSIDIARIES

 

Contact Information Business Description
Kenilworth Systems Corp.
185 Willis Avenue
Suite #4
Mineola, NY 11501

http://www.kenilworthsystemscorporation.com

  • Phone: (516) 741-1352
 


 

  • OTC Market Tier

    Pink Sheets Current
  • Primary SIC — Industry Classification

    7990 - Services-Miscellaneous Amusement & Recreation
  • State Of Incorporation

    NY
  • Jurisdiction Of Incorporation

    United States
  • Company Officers

    Herbert Lindo, President, CFO
  • SEC Reporting Status

    SEC Reporting Company
  • CIK

    0000055234
  • Fiscal Year End

    12/31
  • Estimated Market Cap

    $2,828,731 as of Oct 28, 2008
  • Outstanding Shares

    404,104,486 as of Jun 30, 2008
  • Company Notes

    • Note=9-98 company emerged from Chapter 7 bankruptcy proceedings
    • Formerly=Kenilworth Research & Development Corp. to 11-79
    • Note=2-91 company's Chapter XI case under Federal Bankruptcy Code converted to Chapter 7 Bankruptcy Liquidation
  • Security Notes

    • New Issue=2-69 120,000 shs at $4 by S.B. Cantor & Co. et al.
  • Transfer Agent

    American Stock Transfer & Trust Company
    59 Maiden Lane
    New York, NY 10038

 

Kenilworth in Active Negotiations with Investors Providing $30 million for Dutch Auction

A Financial Consultant, engaged by the Company, has been in active negotiations with a group of potential investors that are interested in providing the funding for the Dutch Auction, Subject to obtaining an underwriter and approval by the SEC.

SUMMARY OF PROPOSED BRIDGE LOAN/UNDERWRITING THAT EARNS $50 MILLIION IN A SECURED INVESTMENT

Kenilworth is soliciting a $230,000,000 bridge loan that requires only $30,000,000 in actual cash that will be repaid in a proposed underwriting later this year.

The $30,000,000 will be deposited in an escrow account controlled and administered by the bridge loan lender. The incentive for the lender is a $50,000,000 profit by purchasing 200,000,000 shares of Kenilworth Common Stock, par value $0.01 per share at $0.05 per share ($10,000,000) directly from the Company that is not required to be evidenced or deposited in escrow, and the purchase of 200,000,000 Common Shares in a proposed Dutch Auction, conducted on behalf of the bridge lenders, at a maximum offering price of $0.15 per share that will require the $30 million. The lenders profits are earned by acquiring 400,000,000 Common Shares that are sold in the underwriting at $35.00 per share, after @ 100-1 reverse split that is part of the underwriting, for a net profit of $50,000,000. The other $200,000,000 required for the bridge loan is deferred and cancelled when the proceeds from the underwriting are disbursed.

After the reverse split and underwriting there will be 8,900,036 Common Shares outstanding that include the 6,571,428 Common Shares at $35.00 per share ($0.35 before the reverse split) sold in the underwriting.

After adjusting for the purchase of 400,000,000 shares pre-reverse split by the bridge loan lenders, the cancellation of the additional non-issued funding of $200,000,000 and the $10,000,000 for the purchase of the 200,000,000 shares of Common Stock directly from the Company, Kenilworth will receive, net of all expenses, including underwriters, legal fees and printing costs, $117,000,000. On a pro forma balance sheet basis, Kenilworth Common Shares, the only shares outstanding, will have a book value of $13.14 per share with 8,900,036 shares outstanding (after the 100-1 reverse split) plus $35,000,000 tax carry forward loss per share of $3.93 which will equal $17.07 with cash of $117,000,000. In addition to the potential future business, it supports a proposed stock offering price of $35.00 per share ($0.35 before the reverse split).

An additional $10,000,000 will be available to Kenilworth if, in the Dutch Auction, the maximum price paid for shares averages $0.10 per share. There are 490,036,586 shares outstanding as at June 30, 2009 with options to acquire additional shares at an average per share price of $0.01 per share totaling 132,409,500 shares. Many of our shareholders that hold options to acquire additional shares at an average price of $0.01 will tender the shares they own now and exercise their options with the proceeds.

The bridge loan documents will contain a clause similar to a Material-Adverse-Change-Clause that will permit the cancellation of the bridge loan. Kenilworth will pay the twelve percent (12%) interest on the loan from the date the escrow deposit is made for the Dutch Auction in the event the Company fails to obtain a firm underwriting commitment or is unable to receive sufficient buyers in a best effort commitment. The fees payable to the escrow agent will be paid by Kenilworth.

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http://www.kenilworthsystemscorporation.com/media/RouletteVideo360x200.mov

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PostSubject
#435   The annual Kens letter is out.... rubs1 12/14/13 07:51:07 PM
#434   2.35 1000v RACKnRICKY 10/17/13 07:29:50 PM
#433   kens 2 bucks now 7156 vol. RACKnRICKY 10/15/13 07:21:41 PM
#432   kens 1.01 on 1600 vol RACKnRICKY 09/06/13 06:55:41 PM
#431   .60 17k vol. RACKnRICKY 09/03/13 08:15:44 PM
#430   .44 1200 vol RACKnRICKY 08/27/13 09:58:16 PM
#429   .39 now 5k vol RACKnRICKY 07/30/13 10:13:47 PM
#428   up 25% 120 vol,lol .30 now RACKnRICKY 07/22/13 09:52:05 PM
#427   up 74% 3000 vol RACKnRICKY 07/21/13 05:52:29 AM
#426   up 50% 13.5k vol RACKnRICKY 07/16/13 11:50:58 PM
#425   None, everything is still a big question mark. PsD 03/01/12 11:34:14 AM
#424   sucks these guys are doing a reverse spit...there stockbird55 02/23/12 10:38:13 PM
#423   PsD,,fancy seeing you here! please inform if any frontloading 02/23/12 01:57:40 PM
#422   It states "reverse split ", as part PsD 02/06/12 12:34:15 PM
#421   all it says in feburary superj1111 02/03/12 11:16:57 PM
#420   Their press release talks of a reverse split. PsD 02/03/12 02:32:47 PM
#419   i havent heard anything to superj1111 02/02/12 11:07:56 PM
#418   I have been unable to obtain information on PsD 02/02/12 11:01:22 AM
#417   This will be big for Kenilworth Systems superj1111 01/18/12 08:05:56 AM
#416   Barchart.com (Quote Strong BUY) superj1111 01/18/12 07:16:19 AM
#415   the last time i saw a penny play stockbird55 01/17/12 02:31:29 PM
#414   nice moves... BULLET 01/17/12 10:30:00 AM
#413   KENS online gaming patent is huge! from their 10k: stockbird55 01/17/12 10:25:08 AM
#412   Big Leap Forward for Kenilworth Online Technology superj1111 01/17/12 07:41:30 AM
#411   From The Desk Of the President superj1111 05/16/11 09:27:50 PM
#410   Form 10-K for KENILWORTH SYSTEMS CORP superj1111 04/01/11 08:43:15 AM
#409   Yay, maybe we'll see it hit a penny Penny Stalker 03/31/11 11:58:32 AM
#408   Short Term Indicators superj1111 03/31/11 08:49:40 AM
#407   Kenilworth Systems Corp. expected to report Fiscal Year superj1111 03/22/11 08:45:03 PM
#406   Is kens still with CGAQ superj1111 02/02/11 10:07:10 PM
#405   Kenilworth Systems Signs Caribbean Venture superj1111 12/15/10 07:23:17 PM
#404   CGAQ uses KENS technology to run their "Live" 1millto1 12/01/10 03:22:55 PM
#403   I assume that this company uses Kens system Penny Stalker 12/01/10 02:37:36 PM
#402   Kiosk Gaming System Is Ready for Production superj1111 12/01/10 08:01:27 AM
#401   More importantly, How will KENS stock react on rube love 11/25/10 12:11:09 PM
#400   How will feds react to NJ online gambling? superj1111 11/24/10 08:51:41 AM
#399   NJ Senate passes online gambling bill superj1111 11/24/10 08:47:18 AM
#398   if so i didn't see it... mick 11/19/10 10:26:21 PM
#397   I think they are still working on it... DABAFI 11/19/10 11:57:08 AM
#396   KENS - Isn't there a R/S coming? Was ICEQUITY 11/18/10 01:36:42 PM
#395   From the 10-Q on Nov. 15th 2010 Dalmatian 11/18/10 10:01:42 AM
#394   i wonder what share count will go to mick 11/10/10 09:59:00 PM
#393   now barney franks get'er done now fer we gamblers. mick 11/10/10 09:57:31 PM
#392   so kens just gets royalties? and cgaq partner mick 11/10/10 09:54:14 PM
#391   yes...the newly formed sub is related to going int'l... mick 11/10/10 09:52:20 PM
#390   R u in this one mick? WakingBake 11/10/10 09:21:03 PM
#389   is your ticker close to kens of late? mick 11/10/10 09:02:38 PM
#388   Kennilworth Systems) could be worth as much as superj1111 11/10/10 08:12:59 PM
#387   Kenilworth Systems Expands Internationally superj1111 11/10/10 08:33:49 AM
#386   November 12, 2010 superj1111 11/08/10 11:39:05 AM
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