FLEMINGTON, N.J., Feb. 4, 2013 /PRNewswire/ -- Ken Glynn, President and CEO of GreenSmart Stores and Kenergy Scientific, Inc. (PINKSHEETS: KNSC), announced at an employees' meeting this past week, that the company would seek a new business entity acquisition to change its direction and its financial status. Specifically, in today's economy, he said, the average person is not willing to pay the extra costs involved in going green, and this fact has affected both the progress and the bottom line of the green business. In recognition of the realities of the present economy, Ken acknowledged the need to drastically and quickly change the business model, and to not be limited to green movement activities. He further explained that, over the past two months, he has had more than a dozen unsolicited contacts from representatives of private businesses seeking a public vehicle to expand its business. Among the businesses under consideration were oil and gas, Italian electric vehicles, high end (electronic device and accessories) vending, solar trash compactors, internet website business relating to customized GPS purposes, fishing equipment manufacturing, two different furniture stores, a silver mine, a gold mine, and even a financial markets brokerage business. He has also been encouraged by consultants to acquire a nutriceutical and/or pharmaceutical business and to move toward focused product development and sales.
Under some proposals presented, Ken would be required to sell his controlling interest in Kenergy to an incoming entity. Under all scenarios, Kenergy would likely divest the company of its current businesses. The Board of Directors and advisors of the company will participate in a detailed review process and a decision on the company's new business is expected in the near future. In the meantime, to increase revenues and/or reduce debt, Kenergy will offer all GreenSmartStore items at a 60% discount, and will advertise as such. All creditors may likewise obtain store items in bulk at the same 60% discount, to reduce debt.
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., Ken Glynn, CEO and President, 908 788 0077.
SOURCE Kenergy Scientific, Inc.