Kenergy Scientific, Inc. (OTC Pink: KNSC) operates and manages an up-and-coming chain of hibachi noodle bars in Miami, Florida, called Hibachi Grill & Noodle Bar. The restaurant provides “fast, fresh, authentic pan Asian food.” Shares of the hibachi noodle bar operator are climbing 33.33%, through afternoon trading on Thursday, October 5, 2017. Over the past month, Kenergy Scientific, Inc. has seen average daily volume of 44.17 million shares. However, volume of 173.18 million shares or dollar volume of $69,272, has already exchanged hands on Thursday.
Shares of Kenergy Scientific, Inc. are climbing today, after the company provided a corporate update to shareholders. First, the company is being re-domiciled to Wyoming. Furthermore, the company provided update on the recently signed Letter of Intent to acquire the Target Company, a 40-year-old company that is projecting 2017 revenue of $5.6 million. Here is the full press release detailing of the corporate updates:
MIAMI, FL — (Marketwired) — 10/05/17 — Kenergy Scientific, Inc. (OTC PINK: KNSC) today announces a corporate update regarding two aspects of its business. First, the Company has approved and completed the change of its state of incorporation by being re-domiciled to Wyoming. Second, a brief update regarding the merger, and further explanation of its activities since the announcement on September 1, 2017 of the signed LOI. KNSC will acquire 100% of the Target Company, a 40-year-old established company, which presently includes projected revenue in 2017 totaling $5.6 million. The acquisition is in its final stages of completing acquisition planning while both parties are finalizing the definitive agreements.
“This acquisition will bring to the company a world premiere, iconic brand that’s been in the community for more than 40 years. The Target Acquisition’s reputation is a significant competitive advantage in a very unique market segment. To date, no one has created the necessary infrastructure to capture all phases of this resort lifestyle — until now,” said Erwin Vahlsing, Jr., president of Kenergy Scientific, Inc. “The new company will bring together the resources needed to engage the local community on all levels, and in every phase of their life — relaxation and fitness, banking and insurance, and senior care, all dedicated to the unique needs of the Resort community,” he concluded.
Additionally, the Company believes the overall management and operations processes, that have been put in place by the new company’s management, set apart the overall experience of its guests. These processes are meant to assure each customer experiences a secure, relaxing, and enjoyable visit.
Safe Harbor Statement: The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words “may,” “will,” “should,” “plans,” “explores,” “expects,” “anticipates,” “continue,” “estimate,” “project,” “intend,” and similar expressions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, and various other factors beyond the Company’s control.