SCOTTSDALE, AZ--(Marketwired - May 13, 2014) - Sunergy, Inc. (the "Company") (OTC Pink: SNEY) (PINKSHEETS: SNEY) is pleased to announce that it has met its obligation in full to repay the outstanding note with Asher enterprises. The Note was initiated on November 13, 2013 for a principal amount of $53,000 and was paid in full yesterday in the amount of $78, 884.49. This marks the fourth successful retirement of Asher notes. The two larger notes were repaid in full and two smaller notes were converted by Asher. The proceeds of the note were used to advance company field operations in Liberia and Sierra Leone.
Garrett Hale, President and CEO, says: "What Asher has done for us is to both enable us to pay audit, accounting, legal, transfer agent and XBRL fees on time so that we are guaranteed to maintain our fully reporting status with the SEC and until recently, the OTCQB and to finance our ongoing field operations. We continue to maintain a good working relationship with Asher. With the new listing requirements with the OTCQB, we failed to reach a penny by the May 1st, 2014 deadline and have been moved back to the Pink Sheets. We remain our fully reporting status. We are committed to achieving these listing requirements, which now will require us to maintain a market price in excess of a penny for 30 consecutive days and pay a listing fee. With the equipment we currently own or lease/purchase, we should have solid operational revenues to support this valuation prior to the end of Q2, 2014 so we may relist by that time. We wish to take this opportunity to thank our loyal and new shareholders who have helped support our efforts to reach and stay above a penny and to especially thank our core group shareholders who have stepped up recently to enable us to pay our financial obligations as well as advance equipment purchases and operations."
Our current Q'1 filing is scheduled to be timely filed and Company focus is now on operating our dredging and field operations in both Sierra Leone and Liberia. To this immediate end, our lease purchased Wash Plant and equipment are being moved to Kono district, Sierra Leone, where, once installed, will wash gravels for gold and diamonds for ourselves as well as other artisanal mining operations in the area. The outside operations will be run on the greater of a fixed fee or a negotiated percentage of gold and diamonds recovered. This operation will therefore be cash flow positive from the beginning. We plan to operate this facility 24/7 and expect to operate in the 100 tons/hour range. This operation will also provide us the opportunity to purchase additional diamonds and gold at favorable prices while generating cash flow.
We await finalization of the Airport Security Concession for The Gambia, which will set the stage for the start of our affordable housing there as well. A new initiative has been set in motion just yesterday to also develop housing opportunities in Sierra Leone. We have been fortunate enough to gain support at the very highest levels. Our housing and Solar project discussion for Senegal are ongoing and we are initiating discussions at ministerial level for housing in Liberia this week.
Please visit the Sunergy website www.sunergygold.com and review further information such as Company Reports under Projects, Previous Press Releases and SEC filing information under Investor Info. Our Facebook and Twitter sites are quite active, so please visit our website to access those links.
SUNERGY, Inc., a Nevada corporation (OTC Pink: SNEY) (PINKSHEETS: SNEY), is a publicly listed and traded, production oriented, junior mining company headquartered in Scottsdale, Arizona, USA that is production oriented at the earliest possible profitable opportunity and has an appetite to grow by profitable acquisition. As its core business, the Company has made a transition from an exploration only company to a company now 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.
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.