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
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.
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."
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.
Find us on https://twitter.com/knsc2
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.