Sunergy Clarifies the Reason for the Caveat Emptor Status and How It Is Being Resolved
Press Release Source: Sunergy Inc. On Thursday December 16, 2010, 11:52 am
SCOTTSDALE, AZ--(Marketwire - 12/16/10) - Sunergy, Inc (the
- News) today announces that on December 13, 2010 the Company received the following email from Pink OTC Markets:
"Dear Sunergy, Pink OTC Markets has become aware of a Promotion regarding your security, Sunergy, Inc. (SNEY). It is Pink OTC Markets policy to block the display of quotations on otcmarkets.com for non-Current issuers and label the company with our Caveat Emptor symbol. The Caveat Emptor can be removed by complying with the following: For SEC Filers -- Caveat Emptor will be removed if the company is current in their filings. For Non-SEC Filers -- Caveat Emptor will be removed if the company publishes the following using the OTC Disclosure and News Service: 1. An Initial Company Information and Disclosure Statement, pursuant to Section One of Guidelines for Providing Adequate Current Information 2. An Attorney Letter, pursuant to Pink OTC Markets Guidelines for Attorney Letters with Respect to Adequate Current Information that includes Exhibit B (Item 14 & 15). If you have any questions regarding this policy, please do not hesitate to contact us. Regards, Issuer Services Pink OTC Markets Inc."
In the interest of transparency the Company wishes to share this communication to clarify the situation in an open handed manner. Many shareholders have expressed fears of delisting and other actions and as all can see, that is not one of the options. The Company's PR dated December 14, 2010 is restated in part as follows: "Its Board of Directors has resolved to commence reporting on the Pink Sheets and has undertaken to complete and file its 10K for December 31, 2009 and the 10Q's for 2010 along with The 10K for December 31, 2010. Once all filings are complete, the Company will re-apply to list on the OTCBB. By way of explanation, Sunergy failed to file its 10K for December 31, 2009 in a timely manner because of a $40,000 debt with its auditor BDO in Vancouver, Canada. The Company was then downgraded to the Pink Sheets for a period of 1 year as of April 30, 2010. That debt was settled in August 2010 and the Company is in the process of completing its financial statements with the help of a new audit firm and a new accounting firm in the US. The Company is eligible to return to the OTCBB as of May 2011. In the interim, the Company will begin the reporting process with the Pink Sheets immediately to ensure a better level of transparency.
"Apparently, the Company has been deemed to have a promotion underway by the Pink Sheets organization because of some third party piece of PR information published recently. For the record, the Company has no IR/PR program underway and is not aware of any third party acting on behalf of the Company. Recent press releases have disclosed legitimate and ongoing corporate activities only and are not part of any promotion activities."
The Company urges investors to visit www.sunergygold.com to study the Projects, Corporate Reports and any other due diligence they require before investing in the Company's stock. 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.
P.K. Medhi, Chairman of the Board of Directors, says: "We have always preferred transparency and have always been a reporting Company. Last year our financials were delayed because of accumulated debt which has now been handled. In fact, we were able to retire all our outstanding debt last year and are poised now to put all our financial assets to work to advance our substantial mining projects to early cash flow. We look forward to publishing our financials and to return to a transparent format. We believe that our shareholders will be pleased with our 2011 performance."
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.
14362 N. FRANK LLOYD WRIGHT BLVD
SCOTTSDALE AZ 85260
Investor Relations: Steve Parent