Feb. 4, 2013
/PRNewswire/ -- Ken Glynn, President and CEO of GreenSmart Stores and Kenergy Scientific, Inc. (PINKSHEETS: KNSC), announced at an employees' meeting this past week, that the company would seek a new business entity acquisition to change its direction and its financial status. Specifically, in today's economy, he said, the average person is not willing to pay the extra costs involved in going green, and this fact has affected both the progress and the bottom line of the green business. In recognition of the realities of the present economy, Ken acknowledged the need to drastically and quickly change the business model, and to not be limited to green movement activities. He further explained that, over the past two months, he has had more than a dozen unsolicited contacts from representatives of private businesses seeking a public vehicle to expand its business. Among the businesses under consideration were oil and gas, Italian electric vehicles, high end (electronic device and accessories) vending, solar trash compactors, internet website business relating to customized GPS purposes, fishing equipment manufacturing, two different furniture stores, a silver mine, a gold mine, and even a financial markets brokerage business. He has also been encouraged by consultants to acquire a nutriceutical and/or pharmaceutical business and to move toward focused product development and sales.
Under some proposals presented, Ken would be required to sell his controlling interest in Kenergy to an incoming entity. Under all scenarios, Kenergy would likely divest the company of its current businesses. The Board of Directors and advisors of the company will participate in a detailed review process and a decision on the company's new business is expected in the near future. In the meantime, to increase revenues and/or reduce debt, Kenergy will offer all GreenSmartStore items at a 60% discount, and will advertise as such. All creditors may likewise obtain store items in bulk at the same 60% discount, to reduce debt.