King Resources, Inc.
PINKSHEETS : KING

King Resources, Inc.

February 23, 2012 12:55 ET

King Resources, Inc. (KING) Corporate Update

HENDERSON, NEVADA--(Marketwire - Feb. 23, 2012) - King Resources, Inc. (PINKSHEETS:KING) (www.kingresources.com) further to the company earlier news release regarding the The GridGrabber, Inc. www.gridgrabber.com merger KING management is pleased to report the following to its followers:

  1. President of "The Grid Grabber" Dennis Giancola, will be named to the company board of directors and the CEO of the company.

  2. An official news release will follow shortly of Mr. Giancola appointment

  3. KING will shortly subscribe to OTC Markets www.otcmarkets.com as a filer and the company intends to file its financial statements, Adequate Disclosure and other corporate by March 1 2012

  4. KING has received satisfactory cash funding requirements from its preferred shareholder(s) to complete the merger with Grid Grabber

  5. Regarding item # 4 above the company intends to retire approximately 500 million shares

  6. The current share structure is: Total Authorized: 2,000,000,000 Total issued: 1,507,558,706 The management estimates that the float is approximately 488,127,000 shares

Regarding Grid Grabber merger; Grid Grabber is basically a battery storage power which is inverted to 110v or 240v it is wired into a switched fuse panel, with the hydro on one side and "The GridGrabber" power on the other side. This was designed this way just in case there was a suspected problem the switch can easily be switched over to hydro so at no time is there a possibility that the consumer will ever be left with no power. "The GridGrabber's" capabilities of supplying 7000 watts continuous and surges of 14000watts gives the consumer more than enough power to supply any household, and also more than enough power to supply a small to medium business. "The GridGrabber" is designed to use it during high peak hours, and let it replenish during off-peak. This will eliminate the consumer having to purchase hydro during peak times when it is most expensive. Grid Grabber have only scratch the surface of the capabilities and savings this product will do for the consumer.

  1. There has been a huge R&D expansion and expenditure on the Grid Grabber since 1996. The company does have one working concept unit. There are currently 5 businesses willing to start beta starting immediately. This will be the company's top priority.

  2. Articles of incorporation of Grid Grabber and Patent Pending filings will be filed on OTC Markets shortly.

More details will follow shortly and on a timely basis.

About King Resources, Inc. (KING)

The company is a convergence of leading businesses that capitalize on new green technology, creativity, reputation and expertise to develop and exploit opportunities in real life, consumer savings and environmental changes that improve the quality of life and increases the profitability of the company at the sometime.

Safe Harbor Statement

Information in this news release may contain statements about future expectations, plans, prospects or performance of King Resources, Inc., that constitutes forward-looking statements for purposes of the Safe Harbor Provisions under the Private Securities Litigation Reform Act of 1995. The words or phrases "can be," "expects," "may affect," "believed," "estimate," "project" and similar words and phrases are intended to identify such forward-looking statements. King Resources, Inc. cautions you that any forward-looking information provided by or on behalf of
King Resources, Inc. is not a guarantee of future performance. None of the information in this press release constitutes or is intended as an offer to sell securities or investment advice of any kind. King Resources, Inc.'s actual results may differ materially from those anticipated in such forward-looking statements as a result of various important factors, some of which are beyond King Resources, Inc.'s control. In addition to those discussed in King Resources, Inc.'s press releases, public filings, and statements by King Resources, Inc.'s management, including, but not limited to, King Resources, Inc.'s estimate of the sufficiency of its existing capital resources, King Resources, Inc.'s ability to raise additional capital to fund future operations, King Resources, Inc.'s ability to repay its existing indebtedness, the uncertainties involved in estimating market opportunities, and in identifying contracts which match King Resources, Inc.'s capability to be awarded contracts. All such forward-looking statements are current only as of the date on which such statements were made. King Resources, Inc. does not undertake any obligation to publicly update any forward-looking statement to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events.

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