Sunergy Repays Asher Enterprises 100% of Outstanding Note Due May 13, 2014 & Prepares to Install Its New Wash Plant in Kono D...
May 13 2014 - 10:15AM
Marketwired
Sunergy Repays Asher Enterprises 100% of Outstanding Note Due May
13, 2014 and Prepares to Install Its New Wash Plant in Kono
District, Sierra Leone to Establish Sustainable Cash Flow
SCOTTSDALE, AZ--(Marketwired - May 13, 2014) - Sunergy,
Inc. (the "Company") (OTC Pink: SNEY) (PINKSHEETS: SNEY) is pleased
to announce that it has met its obligation in full to repay the
outstanding note with Asher enterprises. The Note was
initiated on November 13, 2013 for a principal amount of $53,000
and was paid in full yesterday in the amount of $78, 884.49. This
marks the fourth successful retirement of Asher notes. The two
larger notes were repaid in full and two smaller notes were
converted by Asher. The proceeds of the note were used to
advance company field operations in Liberia and Sierra Leone.
Garrett Hale, President and CEO, says: "What Asher has done for
us is to both enable us to pay audit, accounting, legal, transfer
agent and XBRL fees on time so that we are guaranteed to maintain
our fully reporting status with the SEC and until recently, the
OTCQB and to finance our ongoing field operations. We continue
to maintain a good working relationship with Asher. With the new
listing requirements with the OTCQB, we failed to reach a penny by
the May 1st, 2014 deadline and have been moved back to the Pink
Sheets. We remain our fully reporting status. We are committed to
achieving these listing requirements, which now will require us to
maintain a market price in excess of a penny for 30 consecutive
days and pay a listing fee. With the equipment we currently own or
lease/purchase, we should have solid operational revenues to
support this valuation prior to the end of Q2, 2014 so we may
relist by that time. We wish to take this opportunity to thank our
loyal and new shareholders who have helped support our efforts to
reach and stay above a penny and to especially thank our core group
shareholders who have stepped up recently to enable us to pay our
financial obligations as well as advance equipment purchases and
operations."
Our current Q'1 filing is scheduled to be timely filed and
Company focus is now on operating our dredging and field operations
in both Sierra Leone and Liberia. To this immediate end, our lease
purchased Wash Plant and equipment are being moved to Kono
district, Sierra Leone, where, once installed, will wash gravels
for gold and diamonds for ourselves as well as other artisanal
mining operations in the area. The outside operations will be run
on the greater of a fixed fee or a negotiated percentage of gold
and diamonds recovered. This operation will therefore be cash
flow positive from the beginning. We plan to operate this
facility 24/7 and expect to operate in the 100 tons/hour range.
This operation will also provide us the opportunity to purchase
additional diamonds and gold at favorable prices while generating
cash flow.
We await finalization of the Airport Security Concession for The
Gambia, which will set the stage for the start of our affordable
housing there as well. A new initiative has been set in motion just
yesterday to also develop housing opportunities in Sierra
Leone. We have been fortunate enough to gain support at the
very highest levels. Our housing and Solar project discussion for
Senegal are ongoing and we are initiating discussions at
ministerial level for housing in Liberia this week.
Please visit the Sunergy website www.sunergygold.com and review
further information such as Company Reports under Projects,
Previous Press Releases and SEC filing information under Investor
Info. Our Facebook and Twitter sites are quite active, so please
visit our website to access those links.
SUNERGY, Inc., a Nevada corporation (OTC Pink: SNEY)
(PINKSHEETS: SNEY), is a publicly listed and traded, production
oriented, junior mining company headquartered in Scottsdale,
Arizona, USA that is production oriented at the earliest possible
profitable opportunity and has an appetite to grow by profitable
acquisition. As its core business, the Company has made a
transition from an exploration only company to a company now
focused on production and cash flow. We now have four dredges
operating, 2 in Sierra Leone and 2 in Liberia. An 8th dredge sits
between the two countries awaiting the most favorable deployment
opportunity for fast cash flow. In addition to our core mining
activities, the Company has used its considerable contacts earned
over the past 4 years to develop non-mining partnerships and agency
agreements with major international businesses representing Airport
Security and Affordable Housing projects and Solar energy projects
up to 250 megawatts, in the five West Africa Countries of Ghana,
Sierra Leone, Liberia, The Gambia and Senegal.
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 or
cash flow from Liberian mining operations.
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: President: Garrett Hale 707.255.5836
garrettsvp@gmail.com Investor Relations: Steve Parent 480.326.5435
steve@sunergygold.com Sunergy, Inc. 14362 N. Frank Lloyd Wright
Blvd Suite 1000 Scottsdale, AZ 85260 Tel: 480.477.5810