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Kenergy Announces Update On Major Business Objective Changes
Last update: 3/1/2013 11:05:00 AM
FLEMINGTON, N.J., March 1, 2013 /PRNewswire via COMTEX/ -- Ken Glynn, President and CEO of Kenergy Scientific, Inc. (otcqb:KNSC), stated the following update on the Company's efforts to effect major business objective changes, as announced on February 4, 2013:
(1) Effective February 28, 2013, the GreenSmart Store closed its doors and all inventory and content has been liquidated. The goods and store contents were sold out a 60% discount below list price, some for cash to customers, especially loyal customers who received individually mailed invitations, and to debtors in exchange for reduction of debt. All vendors have been paid in full, and a favorable lease workout is being arranged.
(2) The effort to effect a viable reverse merger has taken a very positive turn. According to Ken, "After the February 4th announcement, many more suitors came knocking." Ken has added six viable potential partners, all having greater assets and/or sales revenues than previous suitors. These new discussions include an oil/gas field holder of drill-tested, proven reserves in the billions and this suitor's share has a proven gas and oil value of over one half billion dollars. Their partner holders include Imperial Oil, ConocoPhillips and Chevron Canada. Other suitors include an Asian oil company, a solar installer with high seven figure sales revenues, and a manufacturer of energy saver devices that reduce power factor deficiencies, correct harmonics and make other adjustments to incoming electricity to reduce electric consumption by as much as 6 to 14%. Because these new parties are in their due diligence phases, this might take another month or so. Ken indicated that a hasty decision would be imprudent and asks that the shareholders be patient. One newly interested group rep requested a draft LOI (Letter of Intent that is not binding but sets out the terms of a potential formal agreement for a reverse merger). Under all proposals presented, Ken would be required to sell his controlling interest in Kenergy to an incoming entity Kenergy will divest the company of its current businesses. The Board of Directors and advisors of the company continue to participate in a detailed review process.
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