Big Leap Forward for Kenilworth Online Technology
January 17 2012 - 6:00AM
Marketwired
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."
FORWARD-LOOKING STATEMENT
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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