NEW YORK, NY--(Marketwired - Sep 2, 2014) - Sunergy, Inc. ("Sunergy" or "the Company") (OTC Pink: SNEY) (PINKSHEETS: SNEY) announced today that Management has appointed new members to its Advisory Board and our mining operations continue with Housing and Solar Power Projects maturing in West Africa.
First, we would like to acknowledge the diligent and responsible efforts of our crews working in Liberia and Sierra Leone. They are working despite the Ebola infected communities and the torrential rains, while staying safe. We want to acknowledge the difficulties during these trying times as our crews continue to give their time and diligence for the full support of our operations. We have prepared our equipment and pits in Sierra Leone and Liberia, ready for full operations when the heavy rains diminish. We want to be clear that operations are limited or at rest during these heavy rains. In October, we should be able to move back toward full throttle on our mining operations. Administration efforts that support our operations are in full effect and are also supporting our local communities with food and water while Ebola is still active.
David Price, Dredgemaster commented, "We have discovered substantial gold while testing river and land areas in Sierra Leone, and applications for mining Licenses for those areas are being prepared and should be completed and approved by end of September. It has been challenging operating in the rains and staying clear of the Ebola Virus. The blessing is that we have had the opportunity to research new areas and have made some significant new discoveries and friendships. Because of confidentiality and security concerns more information is not available at this time, but will be forthcoming once operations are undertaken with our new licenses. In addition, Sunergy has put together a humanitarian plan to support and deliver local villages with Food Aid to assist through these trying times."
New Advisory Board Members
The Board has appointed three new members to the advisory board. These members were personally selected for their diverse backgrounds and substantial holdings with Sunergy. These members are: Lloyd Penrod, Napa Valley property developer and long-time Sunergy shareholder. James Wienclaw, CPA from New York and long-time Sunergy shareholder and Arkady Frekhtman, Attorney at law from New York also a long-time Sunergy shareholder. They will join the current advisors, Neil Hoffman, and P. K. Rana Medhi.
Lloyd Penrod has decades of real estate development, finance and management experience in California, Northern Nevada and Texas. He also has experience working for a core drilling company sampling for gold and Rare Earths at Mountain Pass, Nevada and operating an artisanal gold dredge in the gold country of Northern California.
Jim Wienclaw is a CPA and partner in a national CPA firm. Having 18 years of experience, he advises both public and private companies on business and tax related matters. In addition, he is well versed in accounting matters and financial statement reporting.
Arkady Frekhtman is an attorney with 15 years of experience and partner in a civil litigation law firm. He advises individuals and corporations on legal matters including real estate, contracts, business startups, venture capital, insurance and liability matters.
Our sixth addition to Sunergy's Advisory Board will be sometime in the 4th quarter 2014. He has vast experience within the financial services industry and an expert in areas such as risk management, market analysis and financial control.
Sunergy already has a joint venture partner to provide affordable housing and is also discussing alternative building systems to better enable us to provide the "Best of Breed" solutions to whatever building situation we are presented with. We are currently involved with housing proposals in Sierra Leone, Liberia, Senegal and The Gambia involving the building of over 40,000 homes or dwelling units. A recent meeting held in Atlanta has led to a possible additional 28,000 homes to be built in the Ivory Coast.
Our current building Company is working with Chevron in Nigeria for several thousand homes to be built at the Twin Lakes facility in Lagos, and have invited our involvement to accelerate the project. At the NAMEBIS Conference last month in Atlanta, we met with top government officials from Nigeria and have been requested to provide a proposal for an initial 10,000 homes. This proposal will be filed today.
Solar Power Projects
We have been fortunate to have made an association with an Independent Power Provider (IPP) here in the United States which has now led to a Joint Venture agreement to develop a solar power project in Liberia. This same group has expressed an interest in engaging in a similar deal with us in Nigeria. Meetings this week should finalize that agreement. We operate in this sector under confidentiality agreements as well and information will remain confidential until we sign final documents to do feasibilities in both countries.
Nigeria and Liberia are member nations in the Obama Power Africa Initiative which has received $7 Billion US funding support for US industries to provide power to Africa. We are already working on a Joint Venture Solar Power Initiative for Liberia which we have just begun and are working for a similar arrangement for solar development in Nigeria.
Nigeria has 167,000,000 population requiring at least 10,000 affordable housing units this year with a need going forward of over 12,000,000 units over the next 5-10 years. It is important to note that Nigeria's Constitution clearly spells out the State's responsibility to provide adequate shelter for its citizens. Housing opportunities range from small single family units to larger apartment buildings, all of which we and our partners can accommodate. Management plans an initial trip to Nigeria in a couple of weeks to advance both Housing and Solar Power projects.
More information on our various projects and financial condition will be forthcoming.
Sunergy Inc. (OTC Pink: SNEY) (PINKSHEETS: SNEY), a Nevada corporation, is a junior mining company headquartered in Scottsdale, Arizona. The Company has made a transition from an exploration only company to a company currently focused on production and cash flow. We now have four dredges operating, 2 in Sierra Leone and 2 in Liberia. An 8th dredge sits between the two countries awaiting the most favorable deployment opportunity for fast cash flow. In addition to our core mining activities, the Company has used its considerable contacts earned over the past 4 years to develop non-mining partnerships and agency agreements with major international businesses representing Airport Security and Affordable Housing projects and Solar energy projects up to 250 megawatts, in the five West Africa Countries of Ghana, Sierra Leone, Liberia, The Gambia and Senegal. For more information, please visit www.sunergygold.com
Regarding Forward-Looking Statements
This current report contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to, any mineralization, development or exploration of the Nyinahin and Pampana Mining Concessions or cash flow from Liberian mining operations.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration and difficulties associated with obtaining financing on acceptable terms. We are not in control of metals prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our most recent annual report for our last fiscal year, our quarterly reports, and other periodic reports filed from time-to-time with the Securities and Exchange Commission.