KNSC Company addresses NJ tax matters, shareholder dilution concerns, mergers and moving forward plans

Beijing, China / ACCESSWIRE / January 12, 2015 / Kenergy Scientific, Inc. (KNSC) (http://www.knsc.info/) what follows is a general corporate update for the company followers.

BACKDROP

KNSC was a Company in peril or a distressed asset in 2013. The Company had engaged in a relentless toxic financing, had issues with DTC (meaning DTC Chill), was in arrears in it´s filings NJ tax and other authorities. Other than the NJ tax matter which is on a cusp of resolving, all other items have been satisfactory settled. The Company was acquired by its current interim management to conduct a corporate turn around. The Company was acquired in May 2013 and financed via prefered shares. The management over the past 2 years in several off the market payments, also acquired 2 billion common shares. These shares contain a certain restrictive legend, meaning they will never enter the float or convert to free trading shares in their current form. Although not a ¨traditional¨ share buyback program, effectivly the end result is the same.

MOVING FORWARD

- KNSC management is pleased to report that it has in principle resolved the tax issue´s with the State of New Jersey. The Company is in the process of retaining a USA - Utah based firm to assist it with the State filings which show the Company as "delinquent".

- The Company has been advised that this could happen as soon as a few weeks or immediate, without further notice.

- Once New Jersey tax office is able to verify certain filings made by ex KNSC management the Company will be able to be brought current.

- In the event NJ can not verify claims made by ex management, the current management through cashflows of its subsidiary Sparx Business Media and other means, has secured sufficent funds to pay any reasonable claim made by NJ tax department into an escrow account, which will allow the company to move forward with its plans and finaly obtain the current status with the State.

- The current status will open many doors for KNSC and pave the way for long awaited mergers previously mentioned through various social medias.

- The Company has successfully launched its operating subsidiary Sparx Business Media which is doing brisk sales and showing great promises for the future.

- Annual financials are being currently compiled and will be filed before due date.

- KNSC shareholders have expressed their discontent with the previous management dilution policy. To date from the time new interim management took over no additional shares were issued by the company for any services, debt reduction or otherwise. Our share structure remains undisturbed since June 25 2013 as per OTC Markets disclosure:

http://www.otcmarkets.com/stock/KNSC/profile

- Other than stock which was used to retire toxic debt as per the corporate filings no other common stock was issued in KNSC.

- The Company is in the process of winding down its China operations. Details of this and its relocation plans will be outlined in a new filing shortly.

- Proceeds or profits from the China wind down will be used to launch a Western European operation.

- Plans for a USA sales office will follow.

- The Company will shortly launch a new web site and informative synopsis including filing a Super 8k to bring all of these positive changes, and the KNSC transformnation in an easy to understand detailed format.

More details will follow shortly and on a timely basis.

Safe Harbor Statement

This press release contains 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. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the company's current plans and expectations, as well as future results of operations and financial condition. A more extensive listing of risks and factors that may affect the company's business prospects and cause actual results to differ materially from those described in the forward-looking statements can be found in the reports and other documents filed by the company with the Securities and Exchange Commission. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact:

Kenergy Scientific, Inc.

For more information contact us at: www.sparxbusinessmedia.com or www.knsc.info

North America +16476941737

SOURCE: Kenergy Scientific, Inc.