Kenergy Scientific, Inc (KNSC), Revenue Increase over 1,000% From 2012 to 2013 - Files 2013 Annual Report on Form 10K
April 10 2014 - 3:00PM
Access Wire
TORONTO, CANADA / ACCESSWIRE / April 10, 2014 - Kenergy
Scientific Inc (KNSC)
http://www.knsc.info/ https://twitter.com/knsc2 (The
Company), an innovative media marketing services company, is
pleased to announce the Company’s 2013 Annual Report on Form 10K
with the Securities and Exchange Commission.
Highlights include:
- Company made a transition from retail solar related products
in its New Jersey location, to a holding company of a media
marketing company in 2013.
- In 2013, Company divested itself of the underperforming solar
product lines, and retail store operations. Company redirected its
focus and business plan in the newly acquired entity known as Sparx
Business Media Group.
- Company appointed entire new board members, new interim
CEO, new stakeholders
- Obtained a $1 Million dollars secured line of credit @ 5%
annually
- Revenue for year ending December 31, 2013 was $541,536
compared to $47,800 for the year ended December 31, 2012.
Over a 1,000% gain
- Selling, general and administrative expenses for the year
ended December 31, 2013 were $540,429, compared to $641,947 for the
year ended December 31, 2012
- Company conducted forensic accounting into the matters of debt
on their books. The Company requested confirmation from
creditors as to their claims of debt. Company concluded that
some of the debt had already been satisfied, while other debt could
not be substantiated. This audit saved or returned approximately 1
Billion shares from being issued from the treasury, and released
into the marketplace.
"KNSC share structure is in a lock down mode since we took the
Company over in peril back in the summer of 2013. Not a single
share has been issued, nor pledged as security, or financed since
we took control of KNSC. KNSC has more than their shares of
critics, who seem to be misinformed, dis-informed or harbor a
hidden agenda towards ex management, service providers and
others. Whist these grievance’s and reasons are
completely alien and unknown to us, we wish to use this opportunity
to reach out to these individuals and have them review the past
years filings, news release’s our semiannual and annual reports,
our web site and other information KNSC released. KNSC is in our
minds a completely new and re organized, renewed entity, full of
vigor and focused to succeed. We are very pleased with Kenergy's
continued path of growth and change," said Kenergy’s interim CEO,
and Chairman Zoran Cvetejovic. He added "It is a testament to
our continued efforts to expand and diversify with media marketing
products and services. With a revised business plan now in place,
and a new direction for KNSC we look towards market acknowledgement
of our achievements; in aid to deliver value to our shareholders,
via increased share price valuation.”
Q1 filings for 2014 will follow shortly, including news releases
on a timely basis.
Find us on https://twitter.com/knsc2
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.
Contact:
Kenergy Scientific, Inc.
Investor Relations
corporate@knsc.info
SOURCE: Kenergy Scientific, Inc.