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Kenilworth Completes Share Recapitalization(March 23, 2012)
UNIONDALE, NY -- (Marketwire) -- 03/23/12 -- Kenilworth Systems Corp. (PINKSHEETS: KENSD) announced the completion of a long planned and previously announced reverse split of its common stock. The reverse split was approved by FINRA (Financial Industry Regulatory Authority) and became effective on March 22nd.
"This strategy has been successfully used by many mature micro-cap public companies to reduce the number of shares issued and outstanding, as well as the number of small, inactive, legacy shareholders," noted Dan Snyder, Kenilworth CEO. "This was also the perfect time to settle outstanding obligations with shares and put in place private placement funding. Kenilworth will have reduced shares of common stock from nearly 900 million issued to a more manageable 1.5 million issued, with about half being in the hands of the public.
"Shareholders will be receiving letters with details of how to exchange their existing shares (Trading symbol KENS) for new shares (Trading symbol KENSD). The Company is also increasing efforts to locate the many shareholders 'lost' over the years due to the age of Kenilworth; and will shortly implement an online shareholder information system to allow shareholders to directly update their contact information."
"This share recapitalization of Kenilworth is designed to increase long-term shareholder value and short to medium term liquidity," stated Snyder. "With the launch of our Nevada operation and aggressive development of patented technology, we can now see a bright future for Kenilworth.
"As to Kenilworth wagering technology, what happens in Las Vegas will definitely not stay in Las Vegas!"
Kenilworth Systems Corporation is an integrated technology corporation with intellectual property assets and technical capabilities in the live online gaming sector. The Company is based in Uniondale, New York.
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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