Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Sunergy Clarifies the Reason for the Caveat Emptor Status and How It Is Being Resolved
Date : 12/16/2010 @ 11:52AM
Source : MarketWire
Stock : Sunergy Inc. (SNEY)
Quote : 0.01 0.0 (0.00%) @ 11:56AM
Sunergy Clarifies the Reason for the Caveat Emptor Status and How It Is Being Resolved
Sunergy (USOTC:SNEY)
Intraday Stock Chart
Today : Thursday 16 December 2010
Sunergy, Inc (the "Company") (OTCBB: SNEY) (PINKSHEETS: SNEY) today announces that on December 13, 2010 the Company received the following email from Pink OTC Markets:
"Dear Sunergy, Pink OTC Markets has become aware of a Promotion regarding your security, Sunergy, Inc. (SNEY). It is Pink OTC Markets policy to block the display of quotations on otcmarkets.com for non-Current issuers and label the company with our Caveat Emptor symbol. The Caveat Emptor can be removed by complying with the following: For SEC Filers -- Caveat Emptor will be removed if the company is current in their filings. For Non-SEC Filers -- Caveat Emptor will be removed if the company publishes the following using the OTC Disclosure and News Service: 1. An Initial Company Information and Disclosure Statement, pursuant to Section One of Guidelines for Providing Adequate Current Information 2. An Attorney Letter, pursuant to Pink OTC Markets Guidelines for Attorney Letters with Respect to Adequate Current Information that includes Exhibit B (Item 14 & 15). If you have any questions regarding this policy, please do not hesitate to contact us. Regards, Issuer Services Pink OTC Markets Inc."
In the interest of transparency the Company wishes to share this communication to clarify the situation in an open handed manner. Many shareholders have expressed fears of delisting and other actions and as all can see, that is not one of the options. The Company's PR dated December 14, 2010 is restated in part as follows: "Its Board of Directors has resolved to commence reporting on the Pink Sheets and has undertaken to complete and file its 10K for December 31, 2009 and the 10Q's for 2010 along with The 10K for December 31, 2010. Once all filings are complete, the Company will re-apply to list on the OTCBB. By way of explanation, Sunergy failed to file its 10K for December 31, 2009 in a timely manner because of a $40,000 debt with its auditor BDO in Vancouver, Canada. The Company was then downgraded to the Pink Sheets for a period of 1 year as of April 30, 2010. That debt was settled in August 2010 and the Company is in the process of completing its financial statements with the help of a new audit firm and a new accounting firm in the US. The Company is eligible to return to the OTCBB as of May 2011. In the interim, the Company will begin the reporting process with the Pink Sheets immediately to ensure a better level of transparency.
"Apparently, the Company has been deemed to have a promotion underway by the Pink Sheets organization because of some third party piece of PR information published recently. For the record, the Company has no IR/PR program underway and is not aware of any third party acting on behalf of the Company. Recent press releases have disclosed legitimate and ongoing corporate activities only and are not part of any promotion activities."
The Company urges investors to visit www.sunergygold.com to study the Projects, Corporate Reports and any other due diligence they require before investing in the Company's stock. Investors are also cautioned that message boards are not places that have any official corporate information and should not be relied upon as a source of due diligence, but rather are places where opinions, often colored with agendas, are published.
P.K. Medhi, Chairman of the Board of Directors, says: "We have always preferred transparency and have always been a reporting Company. Last year our financials were delayed because of accumulated debt which has now been handled. In fact, we were able to retire all our outstanding debt last year and are poised now to put all our financial assets to work to advance our substantial mining projects to early cash flow. We look forward to publishing our financials and to return to a transparent format. We believe that our shareholders will be pleased with our 2011 performance."
is this a promise MASTER ? Hope you will be right. down enough now.
guys like you rafter should be banned.
BIG MOVE IMMINENT if you ask me
please clear my funds sooon.
12thman, MASTER > would be nice to get your opinion.thanks.
gm icxc > dont know who is selling here at these prices
JST. back here again. you will see me buying a large stake VMGI in two weeks from now when funds cleared. gl
SNEY >> .0114 up
I wish I had more funds right now. They are clearing in two weeks. then you will see someone buying like hell. mark this post.
more and more mm`s joining SNEY.....whats up?
DOMS joined.
hope we´ll move higher today. This is a great company.
someones watching L2 ?
>> POWER HOUR <<
stay focused on SNEY. strong close upcoming. next upleg will lead us to .02 range for sure!
chart is looking fine. ready for the next upleg.
.014 UP !!!!!
glad to see .013 printing again. SNEY
REVERSAL ON ITS WAY
SNEY WILL CLOSE above .015 imo
GET THE CHEAPS WHILE YOU CAN.
shaking and scaring. I´m nor selling one single share. believe we´ll see a intraday reversal soon .
agree. just my thoughts.
sounds good hinnelton, thanks. maybe we see green intraday. gl
.015 up again.
tell me why hinnelton. thanks.
Huge news 12thman, thanks. !!
HUGE 2 mil buy !
this afternoon ? .03+ > ok deal.
Maybe like the way TTDZ* is moving > great weeks are upcoming with SNEY !
like the admiral said. SNEY has promotion in place. buying more here today. Next upleg will be monday.
nice bid building @ .012
.0124 up !
Admiral > how do you know that SNEY has promotion in place for next week ? Thanks.
would like to see 1000 % gain like TTDZ* here ....
VFIN and LAFC JOINED THE BID !
thanks MASTER !!
MASTER < whats your pps target here ? thanks
ASK >> .011/.012/.012/.013