TORONTO, CANADA / ACCESSWIRE / April 10, 2014 - Kenergy Scientific Inc (KNSC) http://www.knsc.info/ https://twitter.com/knsc2 (The Company), an innovative media marketing services company, is pleased to announce the Company’s 2013 Annual Report on Form 10K with the Securities and Exchange Commission.
- Company made a transition from retail solar related products in its New Jersey location, to a holding company of a media marketing company in 2013.
- In 2013, Company divested itself of the underperforming solar product lines, and retail store operations. Company redirected its focus and business plan in the newly acquired entity known as Sparx Business Media Group.
- Company appointed entire new board members, new interim CEO, new stakeholders
- Obtained a $1 Million dollars secured line of credit @ 5% annually
- Revenue for year ending December 31, 2013 was $541,536 compared to $47,800 for the year ended December 31, 2012. Over a 1,000% gain
- Selling, general and administrative expenses for the year ended December 31, 2013 were $540,429, compared to $641,947 for the year ended December 31, 2012
- Company conducted forensic accounting into the matters of debt on their books. The Company requested confirmation from creditors as to their claims of debt. Company concluded that some of the debt had already been satisfied, while other debt could not be substantiated. This audit saved or returned approximately 1 Billion shares from being issued from the treasury, and released into the marketplace.
"KNSC share structure is in a lock down mode since we took the Company over in peril back in the summer of 2013. Not a single share has been issued, nor pledged as security, or financed since we took control of KNSC. KNSC has more than their shares of critics, who seem to be misinformed, dis-informed or harbor a hidden agenda towards ex management, service providers and others. Whist these grievance’s and reasons are completely alien and unknown to us, we wish to use this opportunity to reach out to these individuals and have them review the past years filings, news release’s our semiannual and annual reports, our web site and other information KNSC released. KNSC is in our minds a completely new and re organized, renewed entity, full of vigor and focused to succeed. We are very pleased with Kenergy's continued path of growth and change," said Kenergy’s interim CEO, and Chairman Zoran Cvetejovic. He added "It is a testament to our continued efforts to expand and diversify with media marketing products and services. With a revised business plan now in place, and a new direction for KNSC we look towards market acknowledgement of our achievements; in aid to deliver value to our shareholders, via increased share price valuation.”
Q1 filings for 2014 will follow shortly, including news releases on a timely basis.
Find us on https://twitter.com/knsc2
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.
SOURCE: Kenergy Scientific, Inc.