Kenergy Scientific, Inc. (OTC PINK: KNSC) is pleased to announce it has executed a Letter of Intent pursuant to which "KNSC" will acquire all of the issued and outstanding shares of an Orlando, FL-based real estate and resort management company. The acquisition should be completed within 30 business days in accordance with the terms and conditions of the share exchange agreement.
The management company holds the sole rights to acquire and develop several properties in and around the Orlando, Florida area. Combined, the properties have in excess of $20 million in assets and over $6 million in annual revenues. Each will be acquired over a period of several months so that each may be properly integrated into KNSC.
At closing, the Company will appoint a slate of directors and officers to guide the additional acquisitions and assure their proper integration as part of the public entity.
The unique niche market and specialty accommodations of these properties serve a very fast growing segment in the resort industry. We believe these properties provide a product and experience that is both the highest quality and is cost effective for the consuming public. We feel certain this endeavor will be beneficial to consumers and shareholders alike, and enjoyed by everyday consumers as well enthusiasts worldwide.
Simultaneously with the acquisition of the management company, KNSC will reverse out the Hibachi Grills and Noodle Bars to Adel Nassar in exchange for his surrendering all shares in the Company.