Oct 31, 2013 13:30:29 (ET)
SCOTTSDALE, AZ, Oct 31, 2013 (Marketwired via COMTEX) -- Sunergy, Inc. (the "Company") (otcqb:SNEY) is pleased to announce that it has met its obligation in full to repay the outstanding note with Asher enterprises. This repayment eliminates any effect of the 13G filed by Asher on September 3, 2013 which would have allowed them to convert up to 192,472,865 restricted common shares which could have become free trading immediately, since 6 months has passed from the date the Company received the loan proceeds. The good news is that Sunergy Management and Asher Enterprises have cemented a solid business relationship and Asher is poised to further assist Management in its short term financing requirements in the future.
Garrett Hale, President and CEO, says: "Our relationship with Asher started with a referral from our attorney, who helped several companies get financial assistance from Asher over the last several years without any significant problems usually associated with these kinds of transactions. What Asher has done for us is to both enable us to pay audit, accounting, legal, transfer agent and XBRL fees on time so that we are guaranteed to maintain our fully reporting status with the SEC and OTCQB and to follow up during each filing period to ensure we can continue to maintain our fully reporting and compliant status. We are grateful for their support and professional conduct and thank them for giving us the opportunity to keep our status and obligations current in all aspects."
Our current Q'3 filing is scheduled to be timely filed and Company focus is now on starting our dredging operations in both Sierra Leone and Liberia when the rains and rivers cooperate. In Sierra Leone, we have a working wash plant and a dredge that will deploy to a working site recovering diamonds and gold along the famous Sewa River, Sierra Leone's most famous diamond river. The rains usually let up earlier in Liberia, so we are commissioning a dredge and crew to Liberia next week. The Journey from Bo, Sierra Leone to Monrovia, Liberia is 175 land miles and will take about a week to get situated in the St. Paul River about 7 miles north of Bong, where a $2.6 Billion Iron mine is being put into production. They have a huge sand requirement that we hope to fill a portion of from the clean sand byproduct from our diamond and gold dredging operations.
We have no definitive news on our Pampana concession renewal, but we are led to believe that a positive resolution will be forthcoming shortly. We will report as soon as we have any official information.
The Gambia Cash Flow: The Gambia is an exporter of sand and sand mining in the rivers is allowed in The Gambia. We are evaluating setting up a sand mining operation there. We are also currently discussing the affordable manufactured homes with government agencies in the Gambia, including the building of hospital and medical clinic structures and schools throughout the country as well as small affordable homes for civil servants. Should these discussions and proposals result in substantial orders, a manufactured home facility could be built in The Gambia in an enterprise zone which enjoys a 10-year tax holiday. Homes could be shipped throughout Africa which would support reciprocal trade activities for the country. A Special Link is featured on Home Page Top Right that showcases our Africa Affordable Housing Project.
Please visit the Sunergy website www.sunergygold.com and review further information such as Company Reports under Projects, Previous Press Releases and SEC filing information under Investor Info. Our Facebook and Twitter sites are quite active, so please visit our website to access those links.
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 the Nyinahin mining concession with a full prospecting license in Ghana, West Africa and are in the renewal process for our Pampana River Rare Earth, Gold and Diamond concession in Sierra Leone, West Africa. We are advancing operations there to the installation of a commercial pilot plant to separate the gold and selected other valuable minerals for sale. We have recently formed a partnership with landowners in Liberia to develop a significant gold, diamond and black sands project. We have formed a partnership in affordable housing and building projects suitable for development in Africa. We are always open to Joint Venture participation on all our projects. We are production and acquisitions oriented and are considering several additional projects suitable for near term production and cash flow.
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 or cash flow from Liberian mining operations.
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.
