SCOTTSDALE, AZ--(Marketwire - Jul 25, 2012) - Sunergy, Inc (the "Company") (OTCQB: SNEY) is pleased to report that it filed its Form 10Q for the period ending March 31, 2012 with the SEC yesterday. This filing completed the Company's Financial Reporting requirements and resulted in the Company becoming current in its filings. This removed the Caveat Emptor status and has enabled the Company's shares to now be quoted for trading on the OTCQB, an exchange for fully reporting companies that are in good standing.
The Company is proud to have achieved the following positive financial results so far in 2012: Please read the 10Q and notes to the financial statements for a full discussion of items below:
- As a Subsequent Event to Q1 filing and during the second quarter of 2012, the Company retired $333,750 in debt comprised of accounts payable and or related party payables through the issuance of restricted common stock and warrants.
- In addition, during Q2, the Company raised $101,714 through the issuance of restricted Common Stock and warrants.
- Become current in its Filings with the Sec and removed the Caveat Emptor status on the Company.
- Up-listed the Company's common stock for trading on the OTCQB.
Chairman P.K. Medhi said: "Management is pleased that this task of catching up the financials is now concluded and that we have up-listed from the Pink Sheets to the fully reporting OTCQB. Our Company now offers a level of transparency that we have promised to our shareholders. Our upcoming Q 2 filing for June 30, 2012 will be filed on or before the August 15, deadline."
Mark Shelley, the Company's CFO, views these achievements as Milestone events. He says: "Management's commitment to complete these filings in order to demonstrate our transparency to our shareholders is now beyond doubt. We are also committed to achieving cash flow from operations in both countries in West Africa this year subject only to our ability to raise adequate capital to stage our operations that are ready to go at this time. We have received additional warrant exercise notices and look forward to having the capital to start operations in the fall once the rainy season has passed."
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.