Kentucky Energy, Inc. Reports Third Quarter 2010 Operation Results
30 November 2010 - 10:11PM
Kentucky Energy, Inc. (Pink Sheets:QMIN) (Kentucky Energy), a
Kentucky based operator of energy and mineral related properties,
today announced the financial results for September 30, 2010.
The Company's coal revenues were $2,243,192 for the nine months
ended September 30, 2010, as compared to $678,648 for the nine
months ended September 30, 2009, an increase of approximately 231%.
For the third quarter, the Company's coal revenues were $764,841
for the three months ended September 30, 2010, as compared to
$348,334 for the three months ended September 30, 2009, an increase
of 125%.
The Company incurred an operation loss of $344,943 for the three
months ended September 30, 2010, compared to an operating loss of
$615,843 for the three months ended September 30, 2009. For
the year to date, the Company incurred an operating loss of
$1,701,843 for the nine months ended September 30, 2010, compared
to an operating loss of $2,079,490 for the nine months ended
September 30, 2009.
Eugene Chiaramonte, Jr., President of Kentucky Energy, stated,
"We are pleased to report that our revenues from coal sales
generated from our mining operations for the year to date have
exceeded $2.2 million. This represents a substantial increase
in revenues of over 230% from the comparable period in 2009, and it
shows that we have turned our operations around to the point where
we are consistently generating meaningful revenue on a monthly
basis.
"We are continuing to take steps to improve our operational
performance and increase revenues. In addition to taking steps
to improve our operational efficiency, we remain focused on
improving our financial liquidity in order to provide us with
additional working capital and capital expenditures. We
continue to seek a larger credit facility, which we believe would
allow us to make the necessary capital expenditures and provide
sufficient working capital in order to accelerate our desired
revenue growth. Our team is very focused on getting these
milestones successfully concluded and enhancing value for our
stockholders."
"We also continue to believe that demand for coal, both in the
United States and abroad, is rebounding and getting stronger, with
U.S. and Asian steel producers continuing to show positive
signs."
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
within 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.
CONTACT: Kentucky Energy, Inc.
Eugene Chiaramonte, Jr.
973-684-0035
www.kentuckyenergyinc.com