Sunergy Announces $262,500 Debt Settlement to
Eliminate Company Debt
August 3, 2009 9:17 AM ET
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.
  Contact Info:
Joseph B. Guerrero
President
Sunergy Inc.
8711 E. Paraiso Dr., Scottsdale, AZ 85255
Phone: 480.477.5810
scottsdaleinvestments@yahoo.com
14362 N. FRANK LLOYD WRIGHT BLVD | SCOTTSDALE AZ
85260
Phone: 480.477.5810 | Fax: 480.477.5811
scottsdaleinvestments@yahoo.com
www.sunergygold.com
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