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Sunergy Inc.: Sunergy Announces $262,500 Debt Settlement to Eliminate Company Debt

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  Published in Business and Finance on Monday, August 3rd 2009 at 6:34 GMT, Last Modified on 2009-08-03 06:34:22 by Market Wire
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SCOTTSDALE, AZ--(Marketwire - August 3, 2009) - Sunergy Inc. (OTCBB: [ SNEY ]) is pleased to announce that it has entered into a debt settlement agreement with a private investor who has been owed $250,000 since December 30, 2008. The terms were for 1 year @ 8% interest. The Company has determined to settle outstanding debts wherever possible and had just settled the General Metals Debt of $237,500 plus interest and penalties for 2,000,000 restricted shares. On July 29, 2009 the investor agreed to accept 2,100,000 restricted shares of common stock of Sunergy in full settlement of the debt including interest. The result is that Sunergy will have settled over $500,000 of debt for 4,100,000 restricted shares in the past week.

Company Chairman P.K. Rana Medhi said, "We have now successfully settled all outstanding debts of the Company, except short term payables, leaving us with no debt. Future equity financing will be able to immediately advance the Company's projects. The Company is pursuing suitable financing scenarios now that should enable rapid development of the Company's projects in West Africa."

President Joseph Guerrero commented, "Our aggressive approach to developing our projects and evaluating expansion projects can now proceed rapidly. We are committed to building a diverse revenue base taking advantage of the business opportunities that Ghana offers."

Notice 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 Mining Concession in Ghana, West Africa.

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.