Xynergy Holdings, Inc. Signs Letter of Intent to Acquire Distribution Company and Begins Process of Becoming Fully Reporting
August 05 2010 - 7:00AM
Marketwired
Xynergy Holdings, Inc. (the "Company") (PINKSHEETS: XYNH) announced
today it has signed a Letter of Intent to acquire Simply
Distribution, LLC ("Simply"). Simply has a license to import and
distribute food and beer, wine and distilled spirit products from
Central and South America and Europe. It will focus its
distribution on Latin and ethnic stores throughout South Florida.
Under the terms of the Letter of Intent, Simply will become a
wholly owned subsidiary of Xynergy Holdings. Simply will continue
its ongoing operations under current management to expand its
market distribution and product offerings over the next years to
its target market in South Florida and beyond. Simply is currently
negotiating additional product offering agreements that management
of the Company believes will bring a wider variety of food,
beverage and other products to its portfolio.
According to Xynergy Holdings CEO, J.C. Ley, "The acquisition
fits within the Company's plans to expand its operations and scope
of business beyond energy solutions, as it will create a revenue
based business poised for growth and development." The company
intends to continue testing the on demand hydrogen cell on diesel
engines, and is currently testing the second-generation cell on a
Ford diesel engine. Ley further comments, "R & D does not
generate revenues. It is imperative that the business generates
cash flow, so that we can continue funding the hydrogen project,
and other business endeavors. Simply's infrastructure and
possession of a Federal Importer / Wholesaler license for beer,
wine, and distilled spirits should allow the company to build a
substantial revenue stream over time."
In connection with its acquisition of Simply, the Company has
retained an auditing firm and securities counsel to file a
registration statement with the Securities and Exchange Commission
and to become fully reporting. To that end, the Company is
currently being audited and hopes to file with the SEC within the
upcoming weeks.
Mr. Ley commented, "Retaining counsel and auditors is the first
step in the Company becoming a fully reporting company." Mr. Ley
continued, "We are pleased to have begun this process, which we
believe will enhance shareholders' value."
About Xynergy Holdings, Inc.
Xynergy Holdings, Inc. is committed to meeting the world's
growing energy needs while also promoting environmentally conscious
business practices, sustainability and commerce. Its focus is on
promoting global commerce within the realm of a global economy.
Safe Harbor
This press release includes statements that constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 (the "Reform Act").
Xynergy Holdings, Inc. claims the protection of the safe-harbor for
forward-looking statements contained in the Reform Act. These
forward-looking statements are often characterized by the terms
"may," "believes," "projects," "expects," or "anticipates," and do
not reflect historical facts. Specific forward-looking statements
contained in this press release include, but are not limited to:
our successful integration of diversified growth companies, impact
of the company's expansion plan, and new business development
success, future financial results, development and acquisition of
new product lines and services, the impact of competitive products
or pricing from technological changes, the effect of economic
conditions and other uncertainties. The forward-looking statements
contained herein involve risks and uncertainties that could cause
actual results to differ materially from the expectations contained
in any such, forward-looking statements. These risks include, but
are not limited to: failure to manage operating expenses or
integrate new companies and/or technologies, each of which could
have a material impact on our business, our financial results, and
the company's stock price. These risks and other factors are
detailed in the Company's filings with the U.S. Securities and
Exchange Commission and the Pink Sheets. Most of these factors are
difficult to predict accurately and are generally beyond the
Company's control. Forward-looking statements speak only as to the
date they are made and Xynergy Holdings, Inc. does not undertake to
update forward-looking statements to reflect circumstances or
events that occur after the date the forward-looking statements are
made.
Contact: Xynergy Holdings, Inc. 305-819-0452
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