Sunergy, Inc (the "Company") (PINKSHEETS: SNEY) is pleased to report that we completed the filing of the form 10-Q financials for the first three quarters of 2010 with the SEC on July 19, 2011. The field work is now completed for the financial statements included in the 10-K. They are in review and should be completed and filed shortly. After the year end 12-31-2010 is filed, the two 10-Q's for 2011 will follow in a reasonable time frame. Once these filings are complete, the Company will be fully compliant with the SEC and will qualify to have the Caveat Emptor removed with Pink Sheets.
The Company's auditors are currently working on finalizing our 10K for December 31, 2010 for filing. This audit period includes the audit for Allied Mining and Supply, LLC, our wholly owned subsidiary. The current valuation of the Allied acquisition required Allied to be audited independently from inception to date, rather than just since its acquisition by Sunergy in October 2010. This has added additional time and cost to the finalization of our December 31, 2010 10K.
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."
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.
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.
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