FLEMINGTON, NJ, Aug 31, 2011 (MARKETWIRE via COMTEX) -- Ken Glynn, President and CEO of GreenSmart Stores and Kenergy Scientific, Inc. (pinksheets:KNSC), today reported that the company’s healthcare division has completed the acquisition of two patent application properties relating to single dose nasal sprayers, including the patent and development rights. The sprayers are used for monodose deliveries of prescription nasal medicines. These assets were acquired from Corbco, Inc. of Green Brook, New Jersey, a well known and successful delivery device designer for major pharmaceutical companies.
Ken Glynn stated that the acquisition was made for no cash or stock expense to the company, but that the company is obligated to develop the patent applications, to initiate a pharma company licensing program and to pay Corbco, Inc. 30 % of any revenues generated from the acquired assets. Ken indicated that this arrangement enables Kenergy to increase its assets without increasing its liabilities.
Ken also announced that he has not sold any of his company shares since he acquired a controlling interest in the company more than two years ago.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the company’s current plans and expectations, as well as future results of operations and financial condition. A more extensive listing of risks and factors that may affect the company’s business prospects and cause actual results to differ materially from those described in the forward-looking statements can be found in the reports and other documents filed by the company with the Securities and Exchange Commission. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Contact:
Kenergy Scientific, Inc.
Ken Glynn
CEO and President
908 788 0077
