5. The new management has made great strides in reaching out to existing debt holders. For example, one of the biggest creditors (almost $2 million) is receptive to a settlement
at a fraction of the face amount. Further arrangements are being perused.6. Other creditors are being approached on a one by one basis and are being offered other considerations, options and similar in exchange for their debt. The management remains highly optimistic in its objectives.
7. All of these aforementioned positive strides pave the way for the KNSC management to pursue asset and or merger plans as previously announced and or filed.The new management and board members has made an exhaustive research and effort to reconcile its records with those claimed by the creditors to no avail. Most of the creditors mentioned in the company’s recent and previous filings either have defective or no records whatsoever of their debt. These creditors are either unwilling or unable to prove their debt via traditional means ie cancelled check, wire payment etc.. The previous management and board is unreachable and or unresponsive. Until this matter was resolved the Company in abundance of caution carried the balances forward in its filings.
This was the primary delay in the Company not completing its filings in the timely manner. To that end the Company and the new management verily believe that the existing debt of the Company is much less than stated. The Company is of the opinion that these debts total about few hundred thousand instead of several million dollars as it currently indicates. The Company intends to restate its financials and complete the filings forthwith without delay. Section #7 from July 2013 release is worth repeating "All of these aforementioned positive strides pave the way for the KNSC management to pursue asset and or merger plans as previously announced and or filed."
The management is of the opinion that this calibration of low debt or no debt on the Company books will have a significant positive impact on the Company valuation, plus allowins the Company to work prosper, expand and grow in a much freer environment.In other Company news and events; ppursuant to SEC news release on 4/2/2013 http://www.sec.gov/News/PressRelease/Detail/PressRelease/1365171513574#.Uz2jgPldWSo where amongst other things KNSC uses all forms of social media known including but not limited to Twitter, Facebook, Google, BING and other social media and chat groups to announce key company updates and events including and not limited to addressing falsely posted misinformation and/or libelous defamation of the Company its officers, directors and/or shareholders, as their interests may appear.
More details will follow shortly and on a timely basis. Again, restated financials and all material events filings are expected to be filed shortly and promptly in order to bring KNSC current with OTC Markets.Find us on https://twitter.com/knsc2
Safe Harbor StatementThis press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the company's current plans and expectations, as well as future results of operations and financial condition. A more extensive listing of risks and factors that may affect the company's business prospects and cause actual results to differ materially from those described in the forward-looking statements can be found in the reports and other documents filed by the company with the Securities and Exchange Commission.
The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.Contact:
KenergyScientific, Inc.
Investor Relations
[email protected]
SOURCE:
Kenergy Scientific, Inc.