SCOTTSDALE, AZ--(Marketwired - Jun 9, 2014) - Sunergy, Inc. (the "Company"
(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 December 6, 2013 for a principal amount of $53,000 and was paid on Friday June 6, 2014 in the amount of $78,939.34. This marks the fifth successful retirement of Asher notes. The three 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: "We prefer to repay Asher whenever we are able because it keeps a strong financial relationship with them intact and puts us in the top 10% of their clients performance wise. This loan in December allowed us to purchase equipment and have operating funds to operate that equipment as well as other equipment that we already owned. The Board is also very interested in stabilizing our share price so we may rise and stay above a penny, and up-list back to the OTCQB. Allowing Asher to convert apparently attracts additional market activity, not directly caused by Asher, but occurs because Asher has a large following of stock traders who seem to want to participate in the 40% discount to market liquidation of shares. Management desires to maintain a strong financial relationship with Asher and maintain a strong and stable market uninterrupted by the selling of discounted stock."
Management's representatives are in London discussing institutional funding for our gold,diamond and affordable housing operations and will then go on to The Gambia pursuing finalization of the Airport Security Concession, which will set the stage for the start of our affordable housing there as well. Management reps will also go to Sierra Leone to further develop specific housing opportunities that have now been identified. 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 pursuing discussions at ministerial level for housing in Liberia next week.
Mining activities are ongoing, even though the rains have started earlier than usual. Our operations are designed for year round operations and this requires some relocation of equipment to optimize operating results. Dredgemaster is focused on optimum production and is happy with operations to date. The early rains have delayed the final shipment of our wash plant to Kono, Sierra Leone, but suitable arrangements have now been made to complete the task.
While everyone wants the Company to publish operating results so everyone may know exactly what is happening with operations, we have discovered that it is not a common practice to do so until such time as the export process is complete and the products have actually left the country for hopefully obvious reasons. It is also not prudent to export small parcels for a variety of reasons, namely excessive fees. We are not selling either gold or diamonds in either country, and this causes us to need to finance our operations more than we had planned. For this we again thank our shareholders. We are working on an in country financing package to finance purchases and operations pre export reporting to enable smooth continuous year round operations.
(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 December 6, 2013 for a principal amount of $53,000 and was paid on Friday June 6, 2014 in the amount of $78,939.34. This marks the fifth successful retirement of Asher notes. The three 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: "We prefer to repay Asher whenever we are able because it keeps a strong financial relationship with them intact and puts us in the top 10% of their clients performance wise. This loan in December allowed us to purchase equipment and have operating funds to operate that equipment as well as other equipment that we already owned. The Board is also very interested in stabilizing our share price so we may rise and stay above a penny, and up-list back to the OTCQB. Allowing Asher to convert apparently attracts additional market activity, not directly caused by Asher, but occurs because Asher has a large following of stock traders who seem to want to participate in the 40% discount to market liquidation of shares. Management desires to maintain a strong financial relationship with Asher and maintain a strong and stable market uninterrupted by the selling of discounted stock."
Management's representatives are in London discussing institutional funding for our gold,diamond and affordable housing operations and will then go on to The Gambia pursuing finalization of the Airport Security Concession, which will set the stage for the start of our affordable housing there as well. Management reps will also go to Sierra Leone to further develop specific housing opportunities that have now been identified. 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 pursuing discussions at ministerial level for housing in Liberia next week.
Mining activities are ongoing, even though the rains have started earlier than usual. Our operations are designed for year round operations and this requires some relocation of equipment to optimize operating results. Dredgemaster is focused on optimum production and is happy with operations to date. The early rains have delayed the final shipment of our wash plant to Kono, Sierra Leone, but suitable arrangements have now been made to complete the task.
While everyone wants the Company to publish operating results so everyone may know exactly what is happening with operations, we have discovered that it is not a common practice to do so until such time as the export process is complete and the products have actually left the country for hopefully obvious reasons. It is also not prudent to export small parcels for a variety of reasons, namely excessive fees. We are not selling either gold or diamonds in either country, and this causes us to need to finance our operations more than we had planned. For this we again thank our shareholders. We are working on an in country financing package to finance purchases and operations pre export reporting to enable smooth continuous year round operations.
