Beijing, China / ACCESSWIRE / June 10, 2014 / Kenergy Scientific Inc (KNSC) http://www.knsc.info/ (The Company) is pleased to provide the following updates on the Company various business activities
1. Company brings attention to its previous news release of April 7 2014 "Kenergy Scientific Inc (KNSC) Commences Search for One or Two New CEO' For Both Its Media Business "Sparx" and Marijuana "e" Portal" The Company is pleased to announce that it has reached an agreement in principle with Mr. Wynn Wang of Innoteck (China based electronics company) to join KNSC as its CEO.
2. Mr.Wynn Wang currently serves as CEO of both China based Innotteck Company and USA based RMD Entertainmet Group. Under the proposal KNSC would acquire the assets of RMD Entertainment and Innoteck either as an asset purchase or a 3 way amalgamation with the surviving entity being KNSC.
3. The financing and resources for this venture has been secured.
4. A name change for KNSC would soon follow to better reflect the Company's new and existing business activities.
5. Innoteck has substantial account receivables due from China government, and government contracts which by all accounts in the managements opinion will be a game changer for KNSC.
6. KNSC expects to file its overdue Q1 within the next 10- 12 business days. Q2 filings will immediately follow which will bring the Company current.
7. The management has no plans to diversify its current Sparx Business Media business nor its Marijuana "e" Portal "Stoned Pilots" (currently under development in India)
The Company acknowledges that it has an active listing on Merger Network seeking suitable candidates notwithstanding its ongoing plans with Mr Wynn and Innoteck. KNSC management and board members are aware that they must explore all available options in its fiduciary duty to all of its shareholders and choose the best option that will be most beneficial to all KNSC shareholders.
More details will follow on a timely basis as the process of the transaction solidifies further.
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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.
SOURCE: Kenergy Scientific, Inc.