Kenilworth Systems Corporation Reorganizes
October 18 2010 - 8:00AM
Marketwired
Kenilworth Systems Corp (PINKSHEETS: KENS) ("Kenilworth") today
announced a major corporate restructuring designed to focus the
Company's efforts on its core business and maximize shareholder
value.
Dan W. Snyder III, President and CEO, said that "The Directors
have approved a plan that will break Kenilworth into three
companies, each with a well defined area of business. To advance
this plan Kenilworth has formed two new subsidiaries."
A new wholly owned subsidiary, KenSysCo Corp, holds and operates
Kenilworth's intellectual property assets such as the Company's
live-gaming patents and other patents pending. KenSysCo will
conduct all operations related to use of the patents in licensed
casinos outside of the USA. It is the intention to rapidly develop
this subsidiary; then spin it out to existing Kenilworth
shareholders in early 2011 as a publicly traded company.
A second wholly owned subsidiary, Convergent Networks, Inc. was
formed to continue and greatly expand Kenilworth's application of
broadband technology in the gaming sector, as well as the broadcast
media to support these operations. This subsidiary also intends to
acquire companies in the rapidly expanding digital convergence and
social networking segments. Mr. Snyder indicated that Kenilworth
will likely also spin out this new subsidiary to existing
shareholders of Kenilworth in early 2011.
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 Mineola, New York.
FORWARD-LOOKING STATEMENTS
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 Email Contact
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