Sunergy Files Form 10K for December 31, 2010 and Gives Guidance on Its Impact for Shareholders
Press Release Source: Sunergy Inc. On Thursday December 29, 2011
SCOTTSDALE, AZ--(Marketwire - 12/29/2011) - Sunergy, Inc (the
- News) is pleased to report it is filing its Form 10-K for the year ending, December 31, 2010 with the SEC today. The three 10 Q's for 2011 will follow as soon as they are available. Once these filings are complete, the Company will be fully compliant with its SEC reporting requirements and www.otcmarkets.com will be notified of the updated financials and disclosure statements so that the Company can be listed as "Current" in its filings, thereby removing the Caveat Emptor.
In addition, the Company has also made suitable arrangements with a Market Maker to have the 15c 211 form filed to up-list the Company to the OTCBB.
The Company is proud to have achieved the following positive financial results in 2010:
- During 2010 the Company nearly doubled its Assets from $1,000,054 to $1,903,002, largely through the completion of Allied Mining and Supply ($753,497) and its 140.1 sq.km. Gold, Diamond and Rare Earth Pampana River Concession in Sierra Leone, West Africa.
- Finalized the debt settlement ($664,402) on its 150 sq. km. Nyinahin Gold, Diamond and base metal concession in Ghana, West Africa.
- Reduced short term debt from $635,531 to $91,592.
- Raised $322,461 in Cash through issuance of restricted shares and warrants.
- Raised Stockholder's Equity from $364,523 to $1,811,910.
- Increased Paid in Capital from $340,283 to $2,709,121
- Initiated purchase of Dredge and related equipment through $50,000 deposit on $200,000 of equipment for Pampana River operations which were fully paid for and delivered in Q'1- 2011.
Explanation of other items: Management compensation was paid for entirely by restricted stock and warrants. None have been sold.
Interest expense reflects the write up of the fair value differential for restricted shares issued and the fair market value of the shares and warrants issued.
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." Mark Shelley, the Company's CFO, views the financials for 2010 in a very positive light. He says: "The Company's financial position at the end of 2010 shows a marked improvement over 2009. As mentioned above, shareholder equity increased by over $1,400,000. We completed acquisitions and readied for operations which put us in a strong position going forward. After our exploration phase is completed for each of our concessions, we will begin the production phases, which will generate revenues. We plan to complete the exploration phase by 2011 and begin production activites in 2012."
About Sunergy: The Company is an aggressive junior mining exploration and development Company that is production oriented at the earliest possible profitable opportunity. We control 100% of the 150 SQ. Km. Nyinahin mining concession with a full prospecting license in Ghana, West Africa and the 140.1 sq. km. Pampana River Rare Earth, Gold and Diamond concession in Sierra Leone, West Africa. We are focused on near term production of these properties this season. We are production and acquisition oriented and are considering several additional projects suitable for near term production in West Africa.
Please see attached comparative Balance Sheet for the years ended December 31, 2010 and December 31, 2009. Make sure to review the notes to the Financial Statements contained in their entirety in the 10K filed on www.sec.gov or on www.sunergygold.com under SEC Filings.
|(An Exploration Stage Company)|
|CONSOLIDATED BALANCE SHEETS|
|December 31, 2010|
|Cash and cash equivalents||$||97,251||$||54|
|Total current assets||147,251||33,387|
|Long Term Assets|
|Property, plant and equipment||2,254||--|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Accounts payable and accrued liabilities||$||7,601||$||31,222|
|Accruals - related party||--||93,859|
|Operational advances-related party||83,991||22,950|
|Total current liabilities||91,592||635,531|
|Common Stock, authorized 3,750,000,000 shares, par value $0.001, issued and outstanding on December 31, 2010 and 2009 is 1,046,197,880 and 537,975,000, respectively||1,046,198||
|Additional paid in capital||2,709,121||340,283|
|Accumulated deficit during exploration stage||(2,358,770||)||(623,802||)|
|Total stockholders' equity||1,811,410||397,856|
|Total liabilities and stockholders' equity||$||1,903,002||$||1,033,387|
Please read the notes that accompany these financial statements in the 10K filing
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.