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Kender Energy Announces Reverse Split
|By Marketwired .
|June 20, 2014 04:09 PM EDT
CARSON CITY, NV and GENEVA, SWITZERLAND -- (Marketwired) -- 06/20/14 -- Kender Energy, Inc. (OTC Pink: KNDR) (PINKSHEETS: KNDR) shareholders have voted for a reverse split of the Company's common stock resulting in a reduction of stock from about 257 million shares to about 514,000.
As of June 24, 2014 it is expected each 500 shares of Kender issued and outstanding common stock will automatically be combined and converted into one issued and outstanding share of common stock, par value $0.0001 per share. The reverse stock split is expected to affect all issued and outstanding shares of the Company's common stock, as well as common stock underlying stock options, stock appreciation rights, restricted stock units, warrants and convertible debentures that were outstanding immediately prior June 24, 2014.
Shareholders voting for the reverse split represented a majority of the current issued and outstanding holders, who entered into the written consent to effect the reverse split based on recommendations of the Board of Directors.
Sean Kelly, Director of Kender, said fractional shares will be rounded up to the nearest whole share. In addition, the Board recommended and shareholders consented to change the name of the Company to Bettworks Industries, Inc., giving the company a more agnostic name as the Company explores opportunities outside the energy sector.
Kender, a company based in Geneva, Switzerland, is a relative new solar energy firm developing proprietary prototypes of solar panels into full-scale solar energy production systems.
Kelly says the Board is determined to fix the ratio for the reverse stock split at 1-for-500 and trading on a post reverse split-adjusted basis on the OTC Markets. The date of the reverse split and name change is expected to be deemed effective by FINRA on June 23, 2014, Kelly explained, and trading under KNDR.D, a post-reverse split-adjusted basis on the OTC Markets, is set to begin as of the opening of trading on June 23, 2014. A symbol change will occur after 20 trading days from the effective date. The actual symbol change has not yet been determined by FINRA. The common stock will have a new CUSIP number upon the reverse stock split becoming effective.
While maintaining there can be no assurances, Kelly says the Kender board is attempting to rise the per share trading price of its common stock to improve investor confidence.
While the Board positions itself in the market place, Kender continues perfecting development of a solar panel system that allows, via a closed circuit of gas (usually helium), to create a heat exchange with sunlight and the air from the environment.
"The exchange generates the spinning of the helium gas in the closed circuit, propelling a turbine, which produces electricity in a 100% clean and renewable process," Kelly explains. The system's main advantage, Kelly says, is its' cost effective and efficient production; and it is modular.
Stockholders who would otherwise hold a fractional share of the Company's common stock will see their number of shares rounded to the next higher integer, according to the company's director.
The Kender board has alerted its stockholders holding shares held in book-entry form or through a bank, broker or other nominee, they are not required to take any action and will see the impact of the reverse stock split reflected in their accounts after the date the reverse split. Beneficial holders may contact their bank, broker or nominee for more information, Kelly said. He continued to advise that stockholders with shares held in certificate form may exchange their stock certificates for book-entry shares representing the shares of common stock resulting from the reverse stock split and they will receive a Letter of Transmittal as well as instructions for exchanging their certificates from the Company's exchange agent, Pacific Stock Transfer Inc.
Safe Harbor Statement
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plan, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks described in statements filed from time to time with the Securities and Exchange Commission. All such forward-looking statements whether written or oral, and whether made by or on behalf of the Company, are expressly qualified by the cautionary statements that may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof. Global Financial LLC, a Kender Energy, Inc. shareholder, is not responsible for the content of this news release; content of which was provided by the Kender Energy, Inc. Board of Directors to Global Financial LLC for public distribution.
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