SCOTTSDALE, Ariz., Aug.20, 2012 /PRNewswire/ --Sunergy, Inc. (the "Company") (OTCQB: SNEY) After months of careful consideration, Sunergy's board of directorsis pleased to announce the appointment of Larry Max Bigler, CPA, as Interim President, CFO, and Director. With Mr. Bigler's years of diversified experience in both mining and accounting, Sunergy is looking forward to the next level of management and professionalism. Mr. Bigler replaces Bryan Miller as President and Mark Shelley as CFO. Both Mr. Miller and Mr. Shelley resigned at last Friday's Board of Directors meeting. We wish them both well in their future business activities.
Larry Bigler has lived in Reno, Nevada for the past 25 years and has over 30 years of mining experience.Mr. Bigler is a practicing Certified Public Accountant with many mining clients, retail, rental and individual clients.Mr. Bigler is currently a director and chairman of the Audit Committee for General Metals (GNMT).He formerly was CFO, Vice President, and Director for Oro Nevada Resources and was instrumental in raising C$ 40 million from an initial public offering.From 1987 until 1992 he was Treasurer and Controller for Getchell Gold (formerly First Miss Gold) where he completed an initial public offering and a gold loan (150,000 oz AU). He has degrees in economics and accounting and has published many articles on mining financial issues.
Mr. Bigler comments: "Now that we are current in our filings and have up-listed to the OTCQB, we are consolidating our Administration center and expect to have all filings completed on or before the due dates in the future. We have also reduced the size of our Board of Directors from four to three in an effort to be more efficient with our management activities in the US so that we may focus the majority of our development capital and efforts on advancing our mining projects in Ghana and Sierra Leone. I am personally excited about our Company's mining projects and we are preparing for professional teams to manage them in West Africa."
Chairman Medhi says: "I am very pleased to have Larry Bigler join us as our new Interim President and CFO. I have worked with Larry for a number of years. We believe our Management reorganization of the Board of Directors will enable our Company to become more efficient both here in the US and in our operations in West Africa. We are currently focused on advancing our Pampana River Project in Sierra Leone.Our focus going forward is to develop resources and reserves as we are conducting field and river operations. The extensive sampling program for resource building will be conducted under supervision of a local geologist."
Our Board now consists of Larry Max Bigler, CPA, Interim President and CFO, P.K. Medhi, CPG, CEG, RG, Chairman and Robert Levich, CPG , AIPG, EurGeol, West African Operations Manager. Further information about Management is available on our website. An 8-k will be filed shortly.
STATEMENT TO CLARIFY RUMORS REGARDING POTENTIAL JOINT VENTURE IN SIERRA LEONE:
It has come to our attention that certain information regarding a proposed Joint Venture in Sierra Leone with a Company named Tantalus Resources has been spread over certain message boards without our knowledge or consent in violation of the confidentiality clause in a Letter of Intent between our Companies. It is Sunergy's policy not to announce Letters of Intent until such time as the Definitive Written Agreement is actually signed.
The following statement is meant to clarify information on the potential Joint Venture that was incorrectly spread on social media.
On March 23, 2012 we entered into a Letter of Intent with Tantalus Resources to pursue a potential Joint Venture or other form of business association on the Pampana River concession in Sierra Leone. The Due diligence period was for 120 days during which time Tantalus was required to produce a Definitive Written Agreement during the currency of the LOI. The due diligence period expired on July 24, 2012 and there was no Definitive Written Agreement and no extension was requested by Tantalus. On August 15, 2012 Tantalus received formal notice from Sunergy that the LOI was null and Void. This notice was without prejudice and Sunergy is open to business designed to assist in the development of our projects in either Ghana or Sierra Leone for the benefit of all Sunergy shareholders.
More news will be forthcoming shortly.
Please visit the Sunergy website www.sunergygold.com and review further information such as Company Reports under Projects, Previous Press Releases and SEC filing information under Investor Info.
About Sunergy: The Company is an aggressive junior mining exploration and development Company that is production oriented at the earliest possible profitable opportunity. We control 100% of the 150 SQ. Km. Nyinahin mining concession with a full prospecting license in Ghana, West Africa and the 140.1 sq. km. Pampana River Rare Earth, Gold and Diamond concession in Sierra Leone, West Africa. We are operating dredges on the Pampana Project and are open for Joint Venture participation in the development of all of our projects. We are production and acquisitions oriented and are considering several additional projects suitable for near term production in West Africa.
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 and Pampana Mining Concessions.
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: Investor Relations: Steve Parent,480.326.5435, steve@sunergygold.com
Larry Bigler, President, cpa@larrybigler.com
SOURCE Sunergy, Inc.
