FLEMINGTON, N.J., Feb. 5, 2013 /PRNewswire/ -- Ken Glynn, President and CEO of GreenSmart Stores and Kenergy Scientific, Inc. (OTCQB: KNSC), received numerous phone calls from shareholders and potential shareholders yesterday after the press release indicating change of direction for the company. The callers were told that, under SEC rules, the queries could not be answered individually unless the information was already public. Ken responds here:
The current issued shares of common stock (Class A) is 1,803,407,529 (reported at 1pm, on Feb 4, 2013). Of these, more than 1.2 billion are restricted and owned by Ken. He stated that he has not sold a single share of stock since he took over more than 4 years ago and does not have any "friendly" people selling stock for him.
Ken received only $1,500 of his annual salary last year, averaging a pay of less than one cent per hour! The unpaid salary is reported as accrued, deferred salary and is convertible to stock in accordance with his employment agreement on record with the SEC.
The company is not operated from anyone's basement. It occupies most of the second floor at 6 Minneakoning Road in Flemington, New Jersey and shareholders are welcome to visit by appointment.
The company will divest its eco-friendly business within the next four weeks.
The patent application filed by Dr. Alain Martin and Ken Glynn as co-inventors on biodegradable bandages using cell growth accelerators is pending United States Patent Application No. 13/135,646, filed on July 12, 2011. This can be confirmed by Publication No. 2013-0018334 A1 on www.uspto.gov the official website of the US Patent & Trademark Office. This invention is 2/3 owned by Kenergy Scientific, Inc. and 1/3 by Northcell Pharamceutical Inc. Dr. Alain Martin is CEO of Northcell Pharmaceutical Inc. and the inventor of the improved Neosporin formulation.
The Healthcare Division of the company is alive and well. Ken has been working for more than a year with consultants and co-inventors to firm up this side of operations. A new Notice of Allowance was received and paid last week for the cancer drug delivery series of inventions and another patent will issue. Ken has quietly developed new inventions relating to upper respiratory and head injury treatments. Also, Craig Smith, a pharma research consultant to the company, has this morning agreed to represent Kenergy at the Third Annual Traumatic Brain Injury Conference in early March in Washington, D.C. He will make a poster presentation to the attendees on recent developments co-invented by Ken and Craig in this field.
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.