Sunergy, Inc (the "Company") (PINKSHEETS: SNEY) is pleased to
report it is filing its Form 10-K for the year ending, December 31,
2010 with the SEC today. The three 10 Q's for 2011 will follow as
soon as they are available. Once these filings are complete, the
Company will be fully compliant with its SEC reporting requirements
and www.otcmarkets.com will be notified of the updated financials
and disclosure statements so that the Company can be listed as
"Current" in its filings, thereby removing the Caveat Emptor.
In addition, the Company has also made suitable arrangements
with a Market Maker to have the 15c 211 form filed to up-list the
Company to the OTCBB.
The Company is proud to have achieved the following positive
financial results in 2010:
- During 2010 the Company nearly doubled its Assets from
$1,000,054 to $1,903,002, largely through the completion of Allied
Mining and Supply ($753,497) and its 140.1 sq.km. Gold, Diamond and
Rare Earth Pampana River Concession in Sierra Leone, West
Africa.
- Finalized the debt settlement ($664,402) on its 150 sq. km.
Nyinahin Gold, Diamond and base metal concession in Ghana, West
Africa.
- Reduced short term debt from $635,531 to $91,592.
- Raised $322,461 in Cash through issuance of restricted shares
and warrants.
- Raised Stockholder's Equity from $364,523 to $1,811,910.
- Increased Paid in Capital from $340,283 to $2,709,121
- Initiated purchase of Dredge and related equipment through
$50,000 deposit on $200,000 of equipment for Pampana River
operations which were fully paid for and delivered in Q'1-
2011.
Explanation of other items:
- Management compensation was paid for entirely by restricted
stock and warrants. None have been sold.
- Interest expense reflects the write up of the fair value
differential for restricted shares issued and the fair market value
of the shares and warrants issued.
Chairman P.K. Medhi said: "Management is pleased that this task
of catching up the financials is entering its final phase. We have
implemented changes and systems that should enable us to comply
with our ongoing reporting requirements without fail. We remain
committed to up-listing our Company at the earliest possible
opportunity once full compliance is attained."
Mark Shelley, the Company's CFO, views the financials for 2010
in a very positive light. He says: "The Company's financial
position at the end of 2010 shows a marked improvement over 2009.
As mentioned above, shareholder equity increased by over
$1,400,000. We completed acquisitions and readied for operations
which put us in a strong position going forward. After our
exploration phase is completed for each of our concessions, we will
begin the production phases, which will generate revenues. We plan
to complete the exploration phase by 2011 and begin production
activites in 2012."
About Sunergy: The Company is an aggressive junior mining
exploration and development Company that is production oriented at
the earliest possible profitable opportunity. We control 100% of
the 150 SQ. Km. Nyinahin mining concession with a full prospecting
license in Ghana, West Africa and the 140.1 sq. km. Pampana River
Rare Earth, Gold and Diamond concession in Sierra Leone, West
Africa. We are focused on near term production of these properties
this season. We are production and acquisition oriented and are
considering several additional projects suitable for near term
production in West Africa.
Please see attached comparative Balance Sheet for the years
ended December 31, 2010 and December 31, 2009. Make sure to review
the notes to the Financial Statements contained in their entirety
in the 10K filed on www.sec.gov or on www.sunergygold.com under SEC
Filings.
SUNERGY, INC.
(An Exploration Stage Company)
CONSOLIDATED BALANCE SHEETS
December 31, 2010
December 31, December 31,
2010 2009
(Restated)
ASSETS
Current Assets
Cash and cash equivalents $ 97,251 $ 54
Prepaid expense -- 33,333
Deposits 50,000 --
---------------- ----------------
Total current assets 147,251 33,387
Long Term Assets
Exploratory properties 1,753,497 1,000,000
Property, plant and equipment 2,254 --
---------------- ----------------
Total assets $ 1,903,002 $ 1,033,387
================ ================
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable and accrued
liabilities $ 7,601 $ 31,222
Accruals - related party -- 93,859
Operational advances-related party 83,991 22,950
Notes payable -- 487,500
---------------- ----------------
Total current liabilities 91,592 635,531
Stockholders' Equity
Common Stock, authorized 3,750,000,000
shares, par value $0.001, issued and
outstanding on December 31, 2010 and
2009 is 1,046,197,880 and
537,975,000, respectively 1,046,198 537,975
Additional paid in capital 2,709,121 340,283
Subscriptions payable 414,861 143,400
Accumulated deficit during exploration
stage (2,358,770) (623,802)
---------------- ----------------
Total stockholders' equity 1,811,410 397,856
---------------- ----------------
Total liabilities and stockholders'
equity $ 1,903,002 $ 1,033,387
================ ================
Please read the notes that accompany these
financial statements in the 10K filing
Notice Regarding Forward-Looking Statements
This current report contains "forward-looking statements," as
that term is defined in Section 27A of the United States Securities
Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
Statements in this press release which are not purely historical
are forward-looking statements and include any statements regarding
beliefs, plans, expectations or intentions regarding the future,
including but not limited to, any mineralization, development or
exploration of the Nyinahin and Pampana Mining Concessions.
Actual results could differ from those projected in any
forward-looking statements due to numerous factors. Such factors
include, among others, the inherent uncertainties associated with
mineral exploration and difficulties associated with obtaining
financing on acceptable terms. We are not in control of metals
prices and these could vary to make development uneconomic. These
forward-looking statements are made as of the date of this news
release, and we assume no obligation to update the forward-looking
statements, or to update the reasons why actual results could
differ from those projected in the forward-looking statements.
Although we believe that the beliefs, plans, expectations and
intentions contained in this press release are reasonable, there
can be no assurance that such beliefs, plans, expectations or
intentions will prove to be accurate. Investors should consult all
of the information set forth herein and should also refer to the
risk factors disclosure outlined in our most recent annual report
for our last fiscal year, our quarterly reports, and other periodic
reports filed from time-to-time with the Securities and Exchange
Commission.
Contact: Bryan Miller President 707.738.4280
bryan@alliedminingandsupply.com Sunergy Inc. 14362 N. FRANK LLOYD
WRIGHT BLVD SCOTTSDALE AZ 85260 Phone: 480.477.5810 Fax:
480.477.5811 Investor Relations: Steve Parent 480.326.5435
steve@sunergygold.com