KNSC news:
Tuesday June 22, 12:28 pm Eastern Time
Company Press Release
SOURCE: Kensington International Holding Corp.
Kensington Intl. Holding Corporation's Former Subsidiary Starts Trading at $5.37 Per Share
MINNEAPOLIS, June 22 /PRNewswire/ -- Kensington International Holding Corporation (OTC Bulletin Board: KNSC - news) announced today that their former wholly owned subsidiary, PowerSource Corporation (OTC Bulletin Board: PSRE - news) started trading.
Both bloomberg.com and hotbot.com started quoting PowerSource's stock price at $5.37 per share as of June 18, 1999.
Kensington reported in its September 30, 1998, 1O-QSB filing and again in its December 31, 1998, SEC 10-KSB filing that it had converted PowerSource Corporation, formerly known as American Gas Corporation, into a registered California Electric Service Provider and a Renewable Energy Provider. In addition, PowerSource Corporation is also registered by the Federal Energy Regulatory Commission as a Wholesale Electric Power and Energy Transactions Marketer and Public Utility Company. PowerSource Corporation is located at 3660 Wilshire Blvd., Suite 1104, Los Angeles, CA 90010. Its phone number is 213-383-4443 and its Internet web sites are located at mypower.com and at uspowersource.com . The market marker for PowerSource is EquiTrade Securities Corporation at 800-266-1170.
Kensington still owns 265,328 shares of PowerSource directly and 242,714 shares indirectly plus 150,000 Class ''A'' Warrants, convertible at ten cents ($.10) for four years, and 5,350 shares of
Series ''A'' Convertible Preferred stock. The value of these shares of stock, warrants and convertible preferred shares are not reflected on Kensington's balance sheets. If Kensington's ownership in PowerSource were reflected on its balance sheets and if PowerSource's share price
remained at $5.37, and there is no assurance of that, over $4,000,000 dollars in value would be added to Kensington's balance sheet. This estimated $4,000,000 would add approximately $1.15 of new book value to each share of stock owned by a Kensington shareholder.
Kensington filed its 1O-KSB on the 19th of May, 1999, and it showed that the Company had increased net income, after taxes, by 497% in 1998 compared to the same period in 1997.
Kensington designs, manufactures, and installs custom fixtures, millwork, and cabinetry. In addition, Kensington, through its equity acquisition program, has equity interests in gas wells, a
licensed electric service provider, medical products and services, an integrated information products company, and an internet eTailer service provider.
The preceding statements are made pursuant to the Private Securities Litigation Reform Act of 1995, as amended, in order for the Company to avail itself of the ''safe harbor'' provisions of that
Act, as amended. Certain statements in this release, such as ''if,'' ''approximate,'' ''estimated'' and
other similar words, and the Company's financial projections that are not historical fact constitute
''forward-looking information.'' Such forward-looking information involves known and unknown
risks, uncertainties and other factors, which may cause the actual results of the Company and
PowerSource Corporation to be materially different from results expressed or implied by such
forward-looking information. Such risks, uncertainties and other factors include, but are not limited
to: customer demand not meeting expectations; lack of consistent supply of materials; lack of
adequate distribution markets; the inability to resell enough hardware and software; the loss of the
right to resell products; adverse economic conditions; intense competition; inadequate capital;
unexpected costs; lower revenues and net income than expected; loss of customers; price
increases; failure to obtain customers; the possible acquisition of a new business or products that
do not perform as anticipated; inability to carry out marketing and sales plans; changes in interest
rates; inflationary factors; inability to meet customer demand and other specific risks that may be
alluded to in this press release or in other reports issued by the Company or PowerSource
Corporation.
SOURCE: Kensington International Holding Corp. |
