SpeechSwitch, Inc. (USOTC: SSWC) Makes Major Asset Acquisition
Marketwire “Press Releases “
FLEMINGTON, NJ — (MARKET WIRE) — 10/25/10 — Ken Glynn , President of SpeechSwitch, Inc. (PINKSHEETS: SSWC), and President of Kenergy Development Corp. , a private closely held company, announced today that SpeechSwitch has entered into an agreement to acquire all assets of Kenergy Development Corp. Kenergy Development Corp. (“KDC”) is primarily a research company with numerous patent pending applications and a recently issued patent. KDC’s assets include many inventions and know-how relating to direct conversion of sunlight to mechanical and electrical power, without the need for photovoltaics, as well as hybrid and electric vehicles and wind power inventions, including venture canopies and hybrid solar/wind power devices. Also included are portable, quickly deployable wind tunnels with wind turbo-generated power systems. Ken is the inventor of the more than twenty inventions in this asset package and has been called the father of third generation solar. He is expected to be a featured guest on “The World’s Greatest…” TV show, as the greatest solar inventor, early next year.
Although Kenergy Development Corp. has been estimated to be worth between One Million Dollars (based on actual investors share purchases) and Six Million Dollars (based on possible take over discussions with two different energy groups in 2009), the total purchase price to SpeechSwitch is $250,000 . Ken basically reduced his position in KDC to a few pennies on the dollar. The deal is based on 20% cash and 80% Notes. The Notes are for two years, interest free. Ken said that this move brings all of his solar ideas and future products under the same roof as existing solar products and is another step toward the conversion of SpeechSwitch, Inc. into Kenergy Scientific. When asked why the sale price of the assets was so significantly reduced, Ken indicated that he had little interest in overburdening SpeechSwitch and wanted to do a deal that was at a minimal cost per invention to SpeechSwitch . He feels that these assets will considerably increase the company’s net worth and bring it closer to a serious long-term contender in the alternative energy business.