Kentucky Energy Announces July Year Over Year Revenue Increase of 394%
September 08 2010 - 9:43AM
Kentucky Energy, Inc. (Pink Sheets:QMIN) (Kentucky Energy), a
Kentucky based operator of energy and mineral related properties,
today announced its financial results for July 2010.
Kentucky Energy's July 2010 coal revenues were $263,805, as
compared to $53,386, for July 2009, an increase of approximately
394%.
This substantial increase follows previously announced year to
date revenue of $1.46M for the first six months of 2010 compared to
$0.33M for the first six months of 2009, which represents a six
month year to date increase of approximately 342%.
In total, Kentucky Energy revenues for 2010 through the end of
July 2010 are $1,722,151, compared to $383,492 for the same period
in 2009, which represents a revenue increase of 349%.
Eugene Chiaramonte, Jr., President of Kentucky Energy, noted, "I
am delighted to report to shareholders that the revenue increase
demonstrated for the first six months of 2010 are not only
sustainable, they are improving. The fact that our July 2010
revenues improved by 394% over our July 2009 revenues demonstrates
our ability to execute on our plan for increased and improved
production.
"Our efficient and productive mining operations are evident from
our revenue results. Upgraded equipment has allowed us to
maintain consistency in production. Thickened coal seam has
improved our rates of recovery and allowed us to sustain increased
revenue."
About Kentucky Energy, Inc.: Kentucky Energy,
Inc. acquires and operates energy and mineral related properties in
the southeastern part of the United States. The Company focuses its
efforts on properties that produce quality compliance blend coal.
For more information on Kentucky Energy, Inc., please visit our
website: KentuckyEnergyInc.com.
Forward Looking Statement: This press release
contains items that may constitute forward-looking statements with
the meaning of the Private Securities Litigation Reform Act of
1995. Although Kentucky Energy, Inc. believes the expectations
reflected in such forward-looking statements are based on
reasonable assumptions, it can give no assurances that its
expectations will be achieved. Factors that could cause actual
results to differ from expectations include, but are not limited
to, lack of revenue producing operations, lack of working capital,
debt obligations, judgment and lien claims against Kentucky Energy,
Inc. and certain of its assets, difficulties in refinancing short
term debt, difficulties identifying and acquiring complementary
businesses, fluctuations in coal, oil and gas, and other energy
prices, general economic conditions in markets in which Kentucky
Energy, Inc. does business, extensive environmental and stock and
other uncertainties and business issues that are detailed in its
filings with the Securities and Exchange Commission.
CONTACT: Kentucky Energy, Inc.
Eugene Chiaramonte, Jr.
973-684-0035