FLEMINGTON, N.J., March 1, 2013 /PRNewswire/ -- Ken Glynn, President and CEO of Kenergy Scientific, Inc. (OTCQB: KNSC), stated the following update on the Company's efforts to effect major business objective changes, as announced on February 4, 2013:
(1) Effective February 28, 2013, the GreenSmart Store closed its doors and all inventory and content has been liquidated. The goods and store contents were sold out a 60% discount below list price, some for cash to customers, especially loyal customers who received individually mailed invitations, and to debtors in exchange for reduction of debt. All vendors have been paid in full, and a favorable lease workout is being arranged.
(2) The effort to effect a viable reverse merger has taken a very positive turn. According to Ken, "After the February 4th announcement, many more suitors came knocking." Ken has added six viable potential partners, all having greater assets and/or sales revenues than previous suitors. These new discussions include an oil/gas field holder of drill-tested, proven reserves in the billions and this suitor's share has a proven gas and oil value of over one half billion dollars. Their partner holders include Imperial Oil, ConocoPhillips and Chevron Canada. Other suitors include an Asian oil company, a solar installer with high seven figure sales revenues, and a manufacturer of energy saver devices that reduce power factor deficiencies, correct harmonics and make other adjustments to incoming electricity to reduce electric consumption by as much as 6 to 14%. Because these new parties are in their due diligence phases, this might take another month or so. Ken indicated that a hasty decision would be imprudent and asks that the shareholders be patient. One newly interested group rep requested a draft LOI (Letter of Intent that is not binding but sets out the terms of a potential formal agreement for a reverse merger). Under all proposals presented, Ken would be required to sell his controlling interest in Kenergy to an incoming entity Kenergy will divest the company of its current businesses. The Board of Directors and advisors of the company continue to participate in a detailed review process.
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.