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Replies to post #16360 on Savoy Energy Corporation (SNVP)
11/03/12 7:11 PM
HOUSTON, Oct 22, 2012 /PRNewswire/ -- Savoy Energy Corporation (SNVP) announces the appointment of Henry Fong as Vice President, Business Development and Corporate Filings. Mr. Fong has a successful career in business development and brings a fresh spirit of creative thinking to Savoy. While Savoy's main focus in on Hydrocarbons we are also exploring options in other industries that hope to in turn increase greater shareholder value. Recently we submitted corporate filings with the SEC and feverishly work to continue to bring Savoy current as a fully reporting company. We hope to have Savoy current in its filings as soon as is practicable, under Mr. Fong's leadership in this effort.
Contact:
Arthur B. Bertagnolli
713 -243-8788
EXPLANATORY NOTE
As disclosed in our Current Report on Form 8-K as filed with the Securities and Exchange Commission (“SEC”) on September 4, 2012, the Board of Directors of Savoy Energy Corporation (“Savoy” or the “Company”) determined that the consolidated financial statements for the year ended December 31, 2010 and for the three and nine months ended September 30, 2011 included in our Quarterly Report on Form 10-Q for the period ended September 30 2011 could no longer be relied upon as a result of errors in such reports.
The Company is filing this Amendment on Form 10-Q/A (this “Amendment”) to amend its Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2011 (the “Form 10-Q”), as filed with the Securities and Exchange Commission (the “Commission”) on November 29, 2011, This Amendment is being filed solely for the purpose of restating the Consolidated Financial Statements to correct an error in accounting for certain convertible promissory notes as explained more fully in Note 7 of the accompanying notes to consolidated financial statements as well as to expense $20,000 in fees as explained more fully in Note 6 of the accompanying notes to consolidated financial statements, which was originally recorded as a reduction in additional paid-in-capital. New certifications from our Principal Executive Officer and Principal Financial Officer are also included as Exhibits 31.1, 31.2 and 32.1 to this Form 10-Q/A.
This Amendment on Form 10-Q/A does not reflect events occurring after the filing of the original Form 10-Q or modify or update those disclosures affected by subsequent events. Except for the items described above or contained in this Amendment, this Amendment continues to speak as of the date of the original Form 10-Q, filed with the SEC on November 29, 2011 and does not modify, amend or update in any way the financial statements or any other item or disclosures for events occurring after the filing of the original Form 10-Q on November 29, 2011.
Preferred stock, $.001 par value; 10,000,000 shares authorized and none issued and outstanding
Common stock, $.001 par value; 300,000,000 shares authorized,
102,015,385 and 63,646,000 shares issued and outstanding, respectively
