Sunergy Explains Delay in Filing Its Form 10-K Annual Report for the Year Ended December 31, 2009
Press Release Source: Sunergy Inc. On Wednesday May 4, 2011, 8:37 am
SCOTTSDALE, AZ--(Marketwire - 05/04/2011) - Sunergy, Inc (the
- News) provides an explanation for the delay in filing its Form 10-K for the year ended December 31, 2009. The Report was ready for filing and had in fact already been edgarized for filing and all signatures and certifications had been received by Company's counsel yesterday morning. The delay for filing was caused by the fact that historical share prices to inception were required to be adjusted to reflect the 10 for 1 forward split that occurred in 2010. Which Auditor was required to take responsibility for this adjustment became a question at the last minute and that responsibility needed to be spelled out in the Form 10-K being filed.
There are no other changes.
The Company wishes to apologize for this filing delay and is committed to get the report filed as soon as the correction and adequate disclosure are completed and signatures and certifications are received. The balance of information included below is from the Press Release filed yesterday.
"The report contains information current right up to today's filing date as required by U.S. Generally Accepted Accounting Principles. This initial filing sets the stage for the 10-Q's for the year 2010 which will be finalized by the filing of our Form 10-K for the period ending December 31, 2010. This filing will be followed by our first 10-Q for 2011, which once filed will bring our financial reporting requirements into full compliance with the SEC and the Caveat Emptor status should be removed. We expect these filings to be completed one at a time over the next few weeks. As soon as we are compliant in our financial filings, management is committed to reapply for relisting on the OTCBB and to remain current in its filing requirements insuring shareholders a higher level of transparency.
"The Company urges investors to read this 10-K fully to better understand the current financial status of the Company. The 2009 10-K is a historical statement, but the subsequent events section discusses all corporate events till May 2, 2011. As a note, all debt was settled for restricted stock issuances in August, 2010 and again in January, 2011. Please review other Corporate Reports and any other due diligence required before investing in the Company's stock. An informative Dredge video is also available on the Company's website www.sunergygold.com. Investors are also cautioned that message boards are not places that have any official corporate information and should not be relied upon as a source of due diligence, but rather are places where opinions, often colored with agendas are published.
"Further information on Corporate Financing activities and production updates from our Sierra Leone dredging operation will be forthcoming as available."
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.