Kenergy Scientific Inc (KNSC) Addresses Merger Plans, Recent Filings, Share Reduction


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NASDAQ:KNSC / OTC:BB:KNSC / PK:KNSC / AMEX:KNSC
08/25/2014 [ACCESSWIRE]

Beijing, China / ACCESSWIRE / August 25, 2014 / Kenergy Scientific Inc (KNSC) http://www.knsc.info/(The Company) brings attention to its previous news release of June 10, 2014 and certain 10k filings dated August 19, 2014.

KNSC management is pleased to provide the following updates on the Company various business activities and these aforementioned filings and news release.

1. Re June 10 news release the amalgamation with China based entity has not materialized. The management has since looked at other opportunities.

2. One of the new opportunity (which KNSC has a signed LOI) is the Real Estate Company in Miami FL. See 10k filings dated August 19, 2014

3. Another candidate which KNSC is entertaining is a Private Label Winery / Manufacturer/ Processor in Spain. (PLW) The PLW transaction has not been outlined in the 10k filings dated August 19, 2014 as the management felt it was premature. The management is of the opinion that this transaction in the works now warrants a public release as some of the documents furnished by KNSC may find their way in the public domain namely Spain and or in European region.

4. The entire winery / factory / production / (private label and vintage production) is valued at about $25 million dollars

5. The revenues of the entire enterprise is approximately $10 Million dollars with profits in excess of $1 Million Dollars

6. The PLW Company operates 3 separate plants in Spain

7. The winery produces approximately 6 million liters of wine annually with a capacity of its existing infrastructure to about 15 million liters

8. The wine is served or made available in many fine retail stores throughout Spain

9. Goal is to reach sales of 12 million Euros in the next 36 months

10. KNSC intends to relocate its head office from China to either Spain or Florida dependent upon the outcome of the pending merger discussions, with these two separate merger candidates. .

A separate Super 8k filing will be filed this week which will outline the Company plans for the PLW, and reducing its share structure from approximately 6,8 Billion Shares to about 3,6 Billion shares. The settlement of all debts of the company (except a current line of credit,) including reduction of authorized shares to 5 Billion shares and resolution of tax issues with New Jersey tax department; which has hindered KNSC plans in the past.

KNSC management will continue to explore the PLW and the FL real estate opportunity and or any other ventures which it feels will bring value to the organization as a whole in the spirit of its fiduciary duty towards all of its followers stakeholder’s and shareholders alike.

More details will follow on a timely basis as the process of the aforementioned transactions solidifies further, including images of the winery during the recent KNSC inspection. Sign up at this link to receive link to images http://tinyurl.com/http-tinyurl-KNSCupdates

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Safe Harbor Statement

This 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:
Kenergy Scientific, Inc.
Investor Relations
info@knsc.info

SOURCE: Kenergy Scientific, Inc.

 

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