Kenergy Announces Update On Major Business Objective Changes

         Kenergy Announces Update On Major Business Objective Changes

PR Newswire

FLEMINGTON, N.J., March 1, 2013

FLEMINGTON, N.J., March 1, 2013 /PRNewswire/ --Ken Glynn, President and CEO
of Kenergy Scientific, Inc. (OTCQB: KNSC), stated the following update on the
Company's efforts to effect major business objective changes, as announced on
February 4, 2013:

(1) Effective February 28, 2013, the GreenSmart Store closed its doors and all
inventory and content has been liquidated.The goods and store contents were
sold out a 60% discount below list price, some for cash to customers,
especially loyal customers who received individually mailed invitations, and
to debtors in exchange for reduction of debt.All vendors have been paid in
full, and a favorable lease workout is being arranged.

(2) The effort to effect a viable reverse merger has taken a very positive
turn.According to Ken, "After the February 4th announcement, many more
suitors came knocking." Ken has added six viable potential partners, all
having greater assets and/or sales revenues than previous suitors.These new
discussions include an oil/gas field holder of drill-tested, proven reserves
in the billions and this suitor's share has a proven gas and oil value of over
one half billion dollars.Their partner holders include Imperial Oil,
ConocoPhillips and Chevron Canada. Other suitors include an Asian oil company,
a solar installer with high seven figure sales revenues, and a manufacturer of
energy saver devices that reduce power factor deficiencies, correct harmonics
and make other adjustments to incoming electricity to reduce electric
consumption by as much as 6 to 14%.Because these new parties are in their
due diligence phases, this might take another month or so. Ken indicated that
a hasty decision would be imprudent and asks that the shareholders be
patient.One newly interested group rep requested a draft LOI (Letter of
Intent that is not binding but sets out the terms of a potential formal
agreement for a reverse merger). Under all proposals presented, Ken would be
required to sell his controlling interest in Kenergy to an incoming entity
Kenergy will divest the company of its current businesses. The Board of
Directors and advisors of the company continue to participate in a detailed
review process.

This press release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. These forward-looking statements are based on the
current plans and expectations of management and are subject to a number of
uncertainties and risks that could significantly affect the company's current
plans and expectations, as well as future results of operations and financial
condition. A more extensive listing of risks and factors that may affect the
company's business prospects and cause actual results to differ materially
from those described in the forward-looking statements can be found in the
reports and other documents filed by the company with the Securities and
Exchange Commission. The company undertakes no obligation to publicly update
or revise any forward-looking statements, whether as a result of new
information, future events or otherwise.

Contact:. Kenergy Scientific, Inc., Ken Glynn, CEO and President, 908 788 0077

SOURCE Kenergy Scientific, Inc.
 
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