Kentucky Energy Announces August Year Over Year Revenue Increase of 455%
15 September 2010 - 1:48AM
Kentucky Energy Inc. (Pink Sheets:QMIN) (Kentucky Energy), a
Kentucky based operator of energy and mineral related properties,
today announced its financial results for August, 2010.
Kentucky Energy's August 2010 coal revenues were $327,648, as
compared to $59,007, for August 2009, an increase of approximately
455%.
This substantial increase follows previously announced year to
date revenue of $1.46M for the first six months of 2010 compared to
$0.33M for the first six months of 2009, which represents a six
month year to date increase of approximately 342%.
In total, Kentucky Energy revenues for 2010 through the end of
August 2010, are $2,049,799, compared to $442,499 for the same
period in 2009, which represents a revenue increase of 363%.
Eugene Chiaramonte, Jr., President of Kentucky Energy, noted,
"This report of increased revenue to shareholders follows our
previously reported July Revenue of $263,803. The fact that
our August 2010 revenues improved by 455% over our August 2009
represents an important step in our Company's ability to execute on
our business plan.
"Kentucky Energy is proud to play a significant role in reducing
sulfur dioxide emissions in the United States with the production
of our low sulfur coal. According to the EPA, over the past
two decades, emissions from electricity generation have fallen
considerably. From 1990 to 2009, sulfur dioxide emissions from U.S.
power plants fell by almost two-thirds from 15.7 million tons to
5.7 million tons. During the same period, nitrogen oxide (NOx)
emissions fell by more than two thirds from 6.7 million tons to 2
million tons. During the same period, coal consumption for power
generation grew by nearly 20%. According to the EPA, data for
the first two quarters of 2010 indicates declines in total
emissions, as well as in emissions intensity."
About Kentucky Energy, Inc.: Kentucky Energy,
Inc. acquires and operates energy and mineral related properties in
the southeastern part of the United States. The Company focuses its
efforts on properties that produce quality compliance blend coal.
For more information on Kentucky Energy, Inc., please visit our
website: KentuckyEnergyInc.com.
Forward Looking Statement: This press release
contains items that may constitute forward-looking statements with
the meaning of the Private Securities Litigation Reform Act of
1995. Although Kentucky Energy, Inc. believes the expectations
reflected in such forward-looking statements are based on
reasonable assumptions, it can give no assurances that its
expectations will be achieved. Factors that could cause actual
results to differ from expectations include, but are not limited
to, lack of revenue-producing operations, lack of working capital,
debt obligations, judgment and lien claims against Kentucky Energy,
Inc. and certain of its assets, difficulties in refinancing short
term debt, difficulties identifying and acquiring complementary
businesses, fluctuations in coal, oil and gas, and other energy
prices, general economic conditions in markets in which Kentucky
Energy, Inc. does business, extensive environmental and stock and
other uncertainties and business issues that are detailed in its
filings with the Securities and Exchange Commission.
Website: http://kentuckyenergyinc.com
CONTACT: Kentucky Energy, Inc.
Eugene Chiaramonte, Jr.
973-684-0035