SOURCE: SpeechSwitch, Inc.

October 25, 2010 11:24 ET

SpeechSwitch, Inc. (USOTC: SSWC) Makes Major Asset Acquisition

FLEMINGTON, NJ--(Marketwire - October 25, 2010) - Ken Glynn, President of SpeechSwitch, Inc. (PINKSHEETS: SSWC), and President of Kenergy Development Corp., a private closely held company, announced today that SpeechSwitch has entered into an agreement to acquire all assets of Kenergy Development Corp. Kenergy Development Corp. ("KDC") is primarily a research company with numerous patent pending applications and a recently issued patent. KDC's assets include many inventions and know-how relating to direct conversion of sunlight to mechanical and electrical power, without the need for photovoltaics, as well as hybrid and electric vehicles and wind power inventions, including venture canopies and hybrid solar/wind power devices. Also included are portable, quickly deployable wind tunnels with wind turbo-generated power systems. Ken is the inventor of the more than twenty inventions in this asset package and has been called the father of third generation solar. He is expected to be a featured guest on "The World's Greatest..." TV show, as the greatest solar inventor, early next year.

Although Kenergy Development Corp. has been estimated to be worth between One Million Dollars (based on actual investors share purchases) and Six Million Dollars (based on possible take over discussions with two different energy groups in 2009), the total purchase price to SpeechSwitch is $250,000. Ken basically reduced his position in KDC to a few pennies on the dollar. The deal is based on 20% cash and 80% Notes. The Notes are for two years, interest free. Ken said that this move brings all of his solar ideas and future products under the same roof as existing solar products and is another step toward the conversion of SpeechSwitch, Inc. into Kenergy Scientific. When asked why the sale price of the assets was so significantly reduced, Ken indicated that he had little interest in overburdening SpeechSwitch and wanted to do a deal that was at a minimal cost per invention to SpeechSwitch. He feels that these assets will considerably increase the company's net worth and bring it closer to a serious long-term contender in the alternative energy business. 

Information set forth in this press release contains various "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. The Private Securities Litigation reform Act of 1995 (the "Act") provides certain "safe harbor" provisions for forward-looking statements. The reader is cautioned that such forward-looking statements are based on information available at the time and/or management's good faith belief with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed statements. Forward-looking statements speak only as of the date the statement was made. We assume no obligation to update forward-looking information to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information. Forward-looking statements are typically identified by the use of terms such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "might," "plan," "predict," "project," "should," "will," and similar words, although some forward-looking statements are expressed differently. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. 

Contact Information

  • Contact:
    Ken Glynn
    908 788 0077