Syndication Inc: Board Updates; State of the Company; Introduces New S.C. Project Line Up
December 23 2009 - 9:00AM
PR Newswire (US)
DAMASCUS, Md., Dec. 23 /PRNewswire-FirstCall/ -- Syndication Inc.,
"the Company", (Other OTC: SYNJ.PK), would like to speak to our
future ventures and clarify some issues for our shareholders. Just
eight months ago, in April of this year, the Company embarked on a
new venture into the world of Green Energy. We declared our intent
to become "Icon Players" in the revolutionary advancement of the
new Green Energy World. We also understood that our government had
opened up vast financial opportunities to those young corporations
that have taken the time and effort to strategically place
themselves at the crossroads of this massive new technological
revolution. A revolution born from necessity and obligation, and
laden with opportunity. To that end, with our bio-diesel plant
project, that, in our opinion, is about to be financed, we launched
the first of what we expect to be a number of new projects in the
State of South Carolina. In July, 2009 the Company brought on our
new CFO, Peter Katzburg. He brought with him the projects of
"Energy City, South Carolina." We intend to discuss in more detail
our involvement with these projects as we enter into the New Year.
I can say at this time the State of South Carolina has declared its
intent to become the new emerging energy hub of the Mid-Southern
Atlantic Region; United States. Energy City fully intends to
exploit the deep water ports of S.C., which will be centered in and
around Charleston and include 4 primary core projects with dozens
of spin-off industries that will flourish around its development.
The core projects include waste to energy, renewable diesel &
jet kerosene, storage, terminals, the Palmetto Pipeline which will
tie into the existing Houston/NY pipeline for hydrocarbons and an
energy commodities trading and brokerage platform similar to
traditional trading floors that would be found in New York and
Chicago. "As planned, Syndication has planted its flag perfectly.
South Carolina represents the green energy frontier and we've been
there for the better part of a year. Being here first has allowed
us to get the JUMP and cultivate a multitude of opportunities with
private financiers, Universities, institutions, federal, state and
local agencies, companies and individuals that currently have
extensive experience, background and involvement in the green
energy sector. What a move. Our future has never looked brighter
and we are in front to stay," said Sorrentino, the CEO of
Syndication Inc. For our shareholders the Company will now address
issues of concern. $3.5 Million Loan: The loan is a $3.5 million
government guaranteed loan that requires a $1.5 million cash
investment match. At this point in time the Company is prepared to
meet the cash investment match requirement but our bank is waiting
on the guarantee commitment letter. We anticipate an announcement
on closing at any time. The Board will not release the bank or
government agency that we are working with because constant
shareholder inquiry tends to have the effect of undermining the
committee approval process. $25 Million DOE Grant: For the record,
the DOE has released no official statement on the "Funding Status"
of the Sentinel Renewable Energy S.C. and South Carolina State
University partnered application for a $25 million dollar DOE grant
being issued for the development of a bio-diesel manufacturing
facility in Kingstree S.C. SCSU is to be the research arm and SRE
S.C. is to be the practical business application arm. The joint
application was submitted on June 30th 2009. The first cut was to
be announced on October 1st 2009 but has been continually delayed
by the DOE. This cut would have listed the top 10 applicants under
6 different funding categories. These 60 applicants would then be
provided a 30 day period to give oral presentations to the "DOE
Approval Committee" after which the final selections for funding
would be announced. In our latest correspondence, the DOE estimated
that the 1st cut announcement would more than likely be released
between December 15th and the end of the year. However, they
reserved the right to change the schedule at will. As a note to our
shareholders; Syndication would like to make it clear that we are
greatly honored and consider ourselves privileged to be involved in
a joint grant venture with South Carolina State University.
However, the company is actively cultivating a number of different
financing arrangements other than the two we have highlighted here
and in our past news releases. Although we are highly optimistic
about our chance of winning the grant, it will not hinder our
efforts should we be unsuccessful. We are moving forward on many
fronts and this is only one hurdle. It is the Board's concern that
our shareholders are focusing too much on this one issue as if it
will be the demise of the company should we not win it. The $3.5
million loan was all that was needed for the Kingstree project and
we have much more control over its potential result. The grant
application was an after thought for our project and was only
considered by the Board because, turning down an invitation from
SCSU to participate with them in a joint grant project would be
both poor political strategy and waste of a tremendous financing
opportunity. Dividend Policy: The dividend policy of the Company is
designed to increase equity valuation, enhance the potential for
equity investment, discourage short trading activity and, most
importantly, foster a longer term investor attitude. As the growth
in valuation of the Company becomes realized, the dividends will
become a strong attraction to new shareholders. Although the
dividend issuances by the Company have become problematic to market
makers holding short positions in our stock, the Board intends to
remain resolute to our dividend commitment. Buy Side Trading
Restriction: We have contacted the market maker/trading companies
that have placed buy side trading restrictions on our stock. We
inquired as to why they have restricted the buy side trading
activity and if holding a short position was the reason they have
"failed to deliver" to many of our shareholders the 2% dividend
that was issued by the Company on October 19th 2009. In our
opinion, we have received no credible response. We also inquired as
to what, if any steps, Syndication could take to have the
restriction lifted and were told that decisions to restrict trading
activity on our stock or on any stock are based on internal policy
criteria. Also, as it is their prerogative, these types of policy
decisions are designed for the purpose of protecting their own
interest. Reverse Split / Intent to Upgrade to OB: Other than the
reverse split of the Company's common stock initiated last year on
November 6th 2008, the Company currently has no intention or plans
to do another at any time in the near future. However, the company
is planning to coordinate the pending $3.5 million government
guaranteed loan and $1.5 million cash equity match with an upgrade
of its listing to OB from the Pink sheets. Company Press Release
Policy: The current Company P/R Policy is restricted and will
remain that way through our initial funding approval process.
Government agencies are particularly sensitive to the mere
appearance that they are being used in a marketing or news
campaign. For this reason, until we receive initial financing from
one of our sources, the Company will continue to restrict its
P/R's. From the entire Syndication Inc. organization we would like
to wish you and yours: HOLIDAY CHEER & A PROSPEROUS NEW YEAR
Syndication Inc. CEO, Brian Sorrentino, President; Mark Solomon,
CFO, Mrutyunjaya Chittavajhulas Director; Howard Siegel Sentinel
Renewable Energy S.C. Inc. / Pinnacle Energy Inc. The Officers,
Directors, and Advisory Board of SRE S.C. Inc., President and
Chairman of the Board, McCutcheon Marshall Jr. CEO, Brian
Sorrentino Chief Financial Officer & Treasurer, Peter Katzburg;
Executive Vice President, Mark Solomon: Secretary & Director,
Howard Siegel Advisory Board: Member, Perichyappan Senthilnathan:
Member, Kabir Ratnani Member, Nicholas Ng. Syndication Inc. Box 503
Damascus, MD. 20872 P# 888-422-5515 F# 301-560-6318
http://www.syndicationinc.net/ This press release may contain
forward-looking statements covered within the meaning of the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements relate to, among other things, plans and
timing for the introduction or enhancement of our services and
products, statements about future market conditions, supply and
demand conditions, and other expectations, intentions and plans
contained in this press release that are not historical fact and
involve risks and uncertainties. Our expectations regarding future
revenues depend upon our ability to develop and supply products,
which we may not produce today and that meet defined
specifications. When used in this press release, the words "plan,"
"expect," "believe," and similar expressions generally identify
forward-looking statements. These statements reflect our current
expectations. They are subject to a number of risks and
uncertainties, including, but not limited to, changes in technology
and changes in pervasive markets. Contact Information; Syndication
Inc, Brian Sorrentino Phone # 888-422-5515 or go to:
http://www.syndicationinc.net/ For all mail correspondence: Box
503, Damascus, MD 20872 DATASOURCE: Syndication Inc. CONTACT: Brian
Sorrentino of Syndication Inc., 1-888-422-5515 Web Site:
http://www.syndicationinc.net/
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