Mina Mar Group Inc., Asset Management Arm completed the acquisition of 61.33% stake in Kenergy Scientific, Inc. from Kenneth Glynn.
July 01, 2013 at 12:00 am EDT
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Mina Mar Group Inc., Asset Management Arm signed a letter of intent to acquire Kenergy Scientific, Inc. (OTCPK:KNSC) from Kenneth Glynn for $0.03 million on May 31, 2013. Mina Mar Group paid $0.02 million for the shares and rest for debt, as $0.02 million will be paid in two installments of $7,500 each to be made on June 4, 2013, and the balance to be made on the date of closing. If, for any reason closing does not occur, for the $7,500 paid, then Kenneth Glynn agrees to transfer $0.08 million of his debt in the form of an Alonge to a Note, immediately upon demand. As per the deal, entire key staff of Kenergy Scientific shall resign and new directors and officers will be appointed, current and existing remaining business, if any, shall be vended out to Kenneth Glynn, current staff shall deliver all EDGAR and SEC codes and current key management will notify its transfer agent and provide satisfactory documents. The deal is subject to due diligence, execution of mutually acceptable Final Agreements, third party approvals and other regulatory approvals. The deal is expected to compete on June 30, 2013.
Mina Mar Group Inc., Asset Management Arm completed the acquisition of Kenergy Scientific, Inc. (OTCPK:KNSC) from Kenneth Glynn on June 30, 2013.
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