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Big Leap Forward for Kenilworth Online Technology(January 17, 2012)
MINEOLA, NY -- (Marketwire) -- 01/17/12 -- Kenilworth Systems Corp. (PINKSHEETS: KENS) today announced the US Government, in a long-awaited announcement at the end of December, removed their legal prohibition to online wagering, essentially stating that they had no objection provided it was done under state regulation. Needless to say, several states have already passed or introduced enabling legislation.
Dan W. Snyder III, President and CEO, said, "With this one announcement, the future of Kenilworth became much brighter. We have significant opportunity inasmuch as Kenilworth owns patents on core technology needed to fully implement several aspects of online wagering. Being able to license our technology in the US potentially doubles the Company's market size, while decreasing the cost of marketing.
"The Company is now accelerating efforts to fund and develop the best and latest online wagering technology, thereby monetizing the patents. Funding is being done thorough an offering of preferred shares in our wholly owned KenSysCo subsidiary, an investment opportunity that is open for qualified Kenilworth shareholders."
And the good news continues: After months of what seems like endless communication between government regulators and our attorneys and transfer agent, Kenilworth's request for approval of the reverse split and share restructuring by the SEC and FINRA agencies is within grasp. We expect to be able to issue the new shares in February.
The laborious task of bringing manual shareholder records up to date and transferring them to the new transfer agent is now complete. It's a great relief that transfers are now in the capable hands of Quicksilver Stock Transfer. QST is a leader in small cap company share transfer documentation and well-respected for their capability and experience with SEC and FINRA compliance.
And staff has now completed the year long process of moving decades old paper accounting records onto a modern software-based accounting system. Led by Treasurer Joyce Clark, Kenilworth staff is to be commended for perseverance and ability.
Mr. Snyder said, "Expect forthcoming announcements regarding our progress in developing state of the art online wagering technology for live sporting events and extending the live casino experience to the latest generation of tablet PCs, iPads, smartphones, Amazon's Kindle tablet, and home theaters worldwide."
The information contained in this Press Announcement includes "forward-looking" statements within the meaning of section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and is subject to the safe harbors created thereby. Such information involves important risks and uncertainties that could significantly affect results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements herein. Future operating results may be adversely affected as a result of a number of factors.
Kenilworth Systems Corporation
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