TORONTO, CANADA / ACCESSWIRE / March 31, 2014 / Kenergy Scientific Inc (KNSC) http://www.knsc.info/ (The Company) is providing this "State of the Union" address to all of its shareholders, followers and stakeholders regarding the Company current corporate affairs moving forward plans, current and future business endeavours.
- The last time the Company issued a news release was on or about August 8 2013. Amongst other things the Company advised the market that it was addressing certain aggressive shareholders, and creditors. To that end, the Company is pleased to report that for the most part the majority of these matters have been resolved.
- On or about middle of October 2013 the preferred shareholder with certain other majority shareholders listed the Company for sale on Merger Network. That listing has been cancelled and the Company is no longer for sale.
- The Company will continue to operate its SparX Business Media Inc. (Sparx) division http://www.sparxbusinessmedia.com/
- Sparxstarted out as a start up company in 2013 and has since attracted lucrative contracts and customers in the energy, beverage and agro industry space.
- As Sparx offers Radio, TV, Print, Outdoor, Online, Mobile, Social Media and Advertising Solutions the Company intends to expand or launch a media service suite geared towards Chinese market in China. This is expected to be fully implemented by the end of next quarter in 2014.
- The Company intends to relocate its home office to China within the next 90 days. The area selected is the Hi Tech Zone in Nanchang China.
- Further to the Company news releases of July 2 2013 to August 14 2013 the management has relentlessly and vigorously sought out hyper growth industries, or ventures that have the potential to return the greatest value to our long term shareholders. Over the last 6 months the Company has been developing a media portal that will service the very lucrative marijuana industry. The portal is in its final stages of completion. The Company expects to launch the portal shortly. The Company foresees advertising revenues to be the main initial driving force. Other appropriate expansions of this marijuana division are planned.
- New management will soon be appointed for the 3 separate divisions of KNSC. One in China who will oversee China operations, of Sparx Asia, one in N America that will continue to focus on products and services offered by Sparx N America excluding marijuana portal and a SEO – Director specialist that will only focus on the marijuana portal.
- Depending upon certain outcome of financial arrangements with current and past creditors including certain substantial contracts the Company is currently entertaining in China, a previously announced common stock reverse split may be rescinded.
- A new name change will soon be effective for KNSC to better reflect its current media business model.
- KNSCCorporate web site http://www.knsc.info/ will shortly be updated to reflect all aforementioned changes including the SEC filings which will follow shortly.
More updates will follow frequently and on a timely basis.
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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.
Kenergy Scientific, Inc.
Investor Relations[email protected]
SOURCE: Kenergy Scientific, Inc.