Sunergy Repays Asher Enterprises 100% of Outstanding Note Due May 13, 2014 and Prepares to Install Its New Wash Plant in Kono District, Sierra Leone to Establish Sustainable Cash Flow
SCOTTSDALE, AZ--(Marketwired - May 13, 2014) - Sunergy, Inc. (the "Company"
(OTC Pink: SNEY) (PINKSHEETS: SNEY) is pleased to announce that it has met its obligation in full to repay the outstanding note with Asher enterprises. The Note was initiated on November 13, 2013 for a principal amount of $53,000 and was paid in full yesterday in the amount of $78, 884.49. This marks the fourth successful retirement of Asher notes. The two larger notes were repaid in full and two smaller notes were converted by Asher. The proceeds of the note were used to advance company field operations in Liberia and Sierra Leone.
Garrett Hale, President and CEO, says: "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 until recently, the OTCQB and to finance our ongoing field operations. We continue to maintain a good working relationship with Asher. With the new listing requirements with the OTCQB, we failed to reach a penny by the May 1(st) , 2014 deadline and have been moved back to the Pink Sheets. We remain our fully reporting status. We are committed to achieving these listing requirements, which now will require us to maintain a market price in excess of a penny for 30 consecutive days and pay a listing fee. With the equipment we currently own or lease/purchase, we should have solid operational revenues to support this valuation prior to the end of Q2, 2014 so we may relist by that time. We wish to take this opportunity to thank our loyal and new shareholders who have helped support our efforts to reach and stay above a penny and to especially thank our core group shareholders who have stepped up recently to enable us to pay our financial obligations as well as advance equipment purchases and operations."
Our current Q'1 filing is scheduled to be timely filed and Company focus is now on operating our dredging and field operations in both Sierra Leone and Liberia. To this immediate end, our lease purchased Wash Plant and equipment are being moved to Kono district, Sierra Leone, where, once installed, will wash gravels for gold and diamonds for ourselves as well as other artisanal mining operations in the area. The outside operations will be run on the greater of a fixed fee or a negotiated percentage of gold and diamonds recovered. This operation will therefore be cash flow positive from the beginning. We plan to operate this facility 24/7 and expect to operate in the 100 tons/hour range. This operation will also provide us the opportunity to purchase additional diamonds and gold at favorable prices while generating cash flow.
We await finalization of the Airport Security Concession for The Gambia, which will set the stage for the start of our affordable housing there as well. A new initiative has been set in motion just yesterday to also develop housing opportunities in Sierra Leone. We have been fortunate enough to gain support at the very highest levels. Our housing and Solar project discussion for Senegal are ongoing and we are initiating discussions at ministerial level for housing in Liberia this week.
SCOTTSDALE, AZ--(Marketwired - May 13, 2014) - Sunergy, Inc. (the "Company"
(OTC Pink: SNEY) (PINKSHEETS: SNEY) is pleased to announce that it has met its obligation in full to repay the outstanding note with Asher enterprises. The Note was initiated on November 13, 2013 for a principal amount of $53,000 and was paid in full yesterday in the amount of $78, 884.49. This marks the fourth successful retirement of Asher notes. The two larger notes were repaid in full and two smaller notes were converted by Asher. The proceeds of the note were used to advance company field operations in Liberia and Sierra Leone. Garrett Hale, President and CEO, says: "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 until recently, the OTCQB and to finance our ongoing field operations. We continue to maintain a good working relationship with Asher. With the new listing requirements with the OTCQB, we failed to reach a penny by the May 1(st) , 2014 deadline and have been moved back to the Pink Sheets. We remain our fully reporting status. We are committed to achieving these listing requirements, which now will require us to maintain a market price in excess of a penny for 30 consecutive days and pay a listing fee. With the equipment we currently own or lease/purchase, we should have solid operational revenues to support this valuation prior to the end of Q2, 2014 so we may relist by that time. We wish to take this opportunity to thank our loyal and new shareholders who have helped support our efforts to reach and stay above a penny and to especially thank our core group shareholders who have stepped up recently to enable us to pay our financial obligations as well as advance equipment purchases and operations."
Our current Q'1 filing is scheduled to be timely filed and Company focus is now on operating our dredging and field operations in both Sierra Leone and Liberia. To this immediate end, our lease purchased Wash Plant and equipment are being moved to Kono district, Sierra Leone, where, once installed, will wash gravels for gold and diamonds for ourselves as well as other artisanal mining operations in the area. The outside operations will be run on the greater of a fixed fee or a negotiated percentage of gold and diamonds recovered. This operation will therefore be cash flow positive from the beginning. We plan to operate this facility 24/7 and expect to operate in the 100 tons/hour range. This operation will also provide us the opportunity to purchase additional diamonds and gold at favorable prices while generating cash flow.
We await finalization of the Airport Security Concession for The Gambia, which will set the stage for the start of our affordable housing there as well. A new initiative has been set in motion just yesterday to also develop housing opportunities in Sierra Leone. We have been fortunate enough to gain support at the very highest levels. Our housing and Solar project discussion for Senegal are ongoing and we are initiating discussions at ministerial level for housing in Liberia this week.
