Kentucky Energy, Inc. Releases Chairman's Letter to Shareholders
September 21 2010 - 9:03AM
Kentucky Energy, Inc. (Pink Sheets:QMIN) (Kentucky Energy), a
Kentucky based operator of energy and mineral related properties,
today announced the release of a Chairman's Letter to Shareholders.
The full text of the letter appears below:
Kentucky Energy, Inc.
Chairman's Letter to Shareholders -
September 21, 2010
Dear Shareholders:
I believe our company faces a bright future. As you have
noticed, our coal revenues have been stable.
In total, Kentucky Energy revenues for 2010 through the end of
August 2010, are $2,049,799, compared to $442,499 for the same
period in 2009, which represents a revenue increase of 363%.
We currently have ongoing developments that we believe
will enhance our production. Our productive mining operations are
evident from our revenue results. Upgraded equipment has allowed us
to maintain consistency in production. A thickened coal seam has
improved our rates of recovery and allowed us to sustain increased
revenues.
As you know, Gwenco leases over 700 acres of coal mines, with
approximately 12,999,000 tons of coal in place. In 2007, Gwenco
reopened their deep mine and began production at the Pond Creek
seam. This seam of high quality compliance coal is located at
Slater's Branch, South Williamson, Kentucky.
Kentucky Energy is also seeking to diversify its operations into
other sectors of the energy industry, including the oil and gas
sector. Kentucky Energy management believes that a successful
diversification into the oil and gas field would provide Kentucky
Energy with an opportunity to improve its results of operations
while hedging on coal production and prices.
I remain excited about our future and I ask for your support
through your personal investments in the company as well as those
from your friends and families.
Sincerely,
Eugene Chiaramonte, Jr.
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 within 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
www.kentuckyenergyinc.com