Kenergy Scientific (KNSC) General Year End Corporate Update

Company addresses many shareholder concerns and moving forward plans
By: Kenergy Scientific, Inc.
Spread the Word
Listed Under

* Kenergy Scientific

* Business

* Toronto - Ontario - Canada

* Earnings

TORONTO - Dec. 18, 2013 - PRLog -- Kenergy Scientific, Inc. (KNSC) what follows is a general corporate update for the company followers.

KNSC’s management is pleased to report that its issue with transfer agent is successfully resolved.
The Company is in the process of retaining a NJ based fir to assist it with the State filings which show the Company as “delinquent”
The Company has successfully launched its operating subsidiary Sparx Business Media which is doing brisk sales and showing great promises for the future.
KNSC shareholders have expressed their discontent with the previous management dilution policy. To date from the time new interim management took over no additional shares were issued by the company for any services, debt reduction or otherwise. Our share structure remains undisturbed since June 25 2013 as :

         Shares Outstanding 5,217,475,719 a/o Sep 01, 2013

         Float          3,017,475,719  a/o Jul 03, 2013

         Authorized Shares   10,000,000,000          a/o Jun 25, 2013

KNSC shareholders have also expressed grave concerns over the ex-managements expenditure’s and the monthly burn rate, including dilution which in part financed the large burn rate. . After a careful financial analysis management is of the opinion that company currently has a manageable burn rate. Burn rate is usually quoted in terms of cash spent per month.The burn rate is determined by looking at the cash flow statement. Recall that the cash flows statement reports the change in the firm's cash position from one period to the next by accounting for the cash flows from operations, investment activities and financing activities.
Currently KNSC’s financials indicate a significant profit in a 40% range. This means that company has financial resources that will positively affect on next financial statement.

Kenergy has a profitable subsidiary – Sparx that operates in full power and generates very attractive revenues and significant sale rate is calculated. In most recent sale overview it is calculated that Sparx reached $1 mill in gross sales since becoming a subsidiary of KNSC. Gross sales is a figure which represents the total income earned through the sales process.  After finalizing the income statement and balance sheet, Sparx will report the revenues that company generated in a certain time frame. These revenues will be reported shortly, as a separate event.

In regards to the shareholders inquiry that the Company is for sale as advertised on certain web sites, the Company management confirms that the preferred shareholder is attempting to liquidate their position. This has nothing to do with the Company nor does that affect KNSC moving forward plans. By all accounts the common shares are unaffected.
KNSC management is using this opportunity to again answer its shareholders regarding a possible reverse split. The new management soon after taking over control of KNSC in June 2013 indicated that it has no intention to conduct a reverse split.  Again, in this release of December 2013 the company again repeats that its position remains unchanged.
As previously announced the only share disturbance in the foreseeable future will stem from the sale of the preferred shareholder stake and a reduction in both the common outstanding and authorized share structure, via a complex off the market purchase and swap and not by any reverse split or otherwise.
All of these events, milestones and  goals will be filed as they come due.

More details will follow shortly and on a timely basis.

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.

For more information contact us or

North America+16476941737

Kenergy Scientific, Inc.
Email:*** Email Verified
Tags:KNSC, Kenergy Scientific
Location:Toronto - Ontario - Canada
Account Email Address Verified     Account Phone Number Verified     Disclaimer     Report Abuse
IR SUpport News
Most Viewed
Daily News

Like PRLog?
Click to Share