Enerkon Solar International Announces Fiscal Year End Summary for 2020 And Projections for The New Year 2021
Delray Beach, Florida--(Newsfile Corp. - January 8, 2021) - Enerkon Solar International (OTC PINK: ENKS) Company Chairman Mr. Benjamin Ballout, stated today "This Past Year 2020 - due to COVID-19 has been trying and complicated for our strategy and business model, however we have maintained stability in the company's operations to protect shareholder value".
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Mr. Ballout further stated that "The company is behind in its filings due to the previous June Quarter and Year End Annual Report being out of format and GAAP due to mistakes in our in house administration who help us with the presentation of information to the public Shareholder equity tables were out of compliance and the dates and periods were not represented in the correct order, which has now been corrected and the last issue was the companies Previous Attorney filed his year-end letter with a mistake related to calling the December Quarter Report an Annual Report and of course this was an error not well appreciated by compliance at the OTC and therefore we fired the counsel and brought in a new more qualified attorney with a great history and record of ethics and professionalism for this new year and Jody Walker, Esq. is now preparing the review and annual attorney letter for the company which should be done next week and thereafter, the Yield sign would be lifted, once compliance reviews and signs off on the corrections and new letter bringing the company back to current information status".
"The Company further disclose expanded and updated information about our offices which will include the Del Ray Beach Office, which serves as the Official Registered Agent Address as well as the location for some Administration for the company both virtual and staffed, and the addition of the Ballout Family Office and the New York Office which will enhance the companies administration (the New Company HQ address in New York will be posted on the companies contact page in its main website this week).
The Maputo Mozambique, office is also part of Project New Mozambique, a program which contains our main Solar Project in Gaza, Provence a 500 MW utility scale solar plant under the EPC implementation of our wholly owned division Global Star Holdings Ltd. (HK/ UK) who also administers the operations there. The China Office serves as the Virtual and Staffed office for the company via our Global Star Holdings Ltd Division and recently we combined Global Star Holdings Ltd with our wholly owned SCC (Specialized Contracting Company) administered by and through its UK office in London where it is registered. SCC is now owned by ENKS wholly, rather than by the Chairman Personally, as it was originally purchased before last year".
In other matters, Mr. Ballout Stated "The companies Banking in the USA remains at Bank of America and in China (Hong Kong - SAR) at Bank of East Asia and other financial institutions and law office trust accounts, who hold deferred revenue, as cash for the company, during the long-term construction phase of the East Africa Solar Project at Maputo, Mozambique - noting that 90% of the companies operation revenue is booked as deferred revenue into escrow until the build-out is complete in about 18 months whereby the PPA will take effect and allow the release of these accumulated funds to the ENKS operating accounts as actual revenue, rather than deferred - this explanation is important to understand the companies balance sheet which has high cash values and low cash values in cycles sue to the construction cycle pay outs to escrow and is an important element to understand why there is low, operating cash and why self-finance and arranged finance, has been the mechanism since inception of ENKS, for acquisition and operation.
It is further noted that the Officers and the CEO take no salary and donate their time to the company with no debt for the enhancement of shareholder value and cash flow since the company inception as Enerkon Solar International Inc and no officer or affiliate have ever sold any shares, since inception of the firm.
The Chairman States that "Regarding forward-looking plans in the near and medium term we intend to commercialize its Patent for Aluminum Oxygen Fuel Cell Technology acquired last year, (this for use in Electric Vehicles and other devices as an alternative to lithium-ion batteries, with the technology expected to be evaluated by a professional valuation firm this year and the company further looks towards the commercialization of its Pharmaceutical Technology Trademarked under company ownership, as "Covid Shield IP" ™ when governmental approvals are achieved, with a valuation to be made thereafter, and it is noted that these items are not booked on the balance sheet as asset items until, valuation is complete and commercialization is started, in keeping with our conservative valuation and accounting approach.
These and other technologies are all part of the Enerkon New Technologies Holdings Inc a wholly owned division created last year to diversify the company's operations from Green renewable energy to include new disruptive technologies as well.
The company as it pertains to the Wattoz Holdings Inc - wholly owned division created to receive patent rights for a new non-lethal security device joint production and marketing venture with Albayraklar a Defense division of the Albayrak Group the company continues to work to maintain this joint venture, with reservations, due to Albayraklar remaining obligation to complete corporate actions, agreed under the initial agreements and separately, the company intends to cancel, its interest in purchasing any Equity position in Albayraklar, due to their tardiness, while maintaining our rights under the signed long term joint venture, to manufacture and market the new disruptive technology and patents under the agreements with Albayraklar Defense Division in Turkey until further notice- the viability of this production agreement is under question, until the corporate action obligations of Albayraklar is completed according to their written agreements".
In other News the Chairman states that "the company recently published news regarding their invitation by the JSC Ukraine Credit Bank to participate in a joint project for Solar CO generation in the ChNPP Special exclusion zone which may reach 4 Gigawatts over several years and the company states that the transaction has progressed from initial talks to direct liaison with the Minister of Environment of Ukraine and the Vice Prime Minister of Ukraine who are responsible for these PPP Projects in their country, and we are optimistic that the projects will have funding arranged and start by midyear this 2021".
Projects connected to the same ChNPP Special Exclusion Zone include Hydrogen Production, for which ENKS has also been invited to build a Solar driven Electrolysis plant for the Production of Green Clean Hydrogen for export and sale to the EU and last month ENKS was made an Honorary Member of the new "GULF MENA International Hydrogen Association" which is in association with the Arab Renewable Energy Commission (AREC) founded by Prince Asem Bin Nayef and currently maintained by its Chairman Minister of Environment for the Kingdom of Morocco H.E. Aziz Badre" - whereby a number of joint international forum and conferences will take place in 2021 with our participation as corporate sponsors and participants".
"The company's diversification EPC strategy has opened the way for new talks on the installation of a National 5G Network in Ukraine whereby ENKS would be a lead consortium member together with several Major Telecom companies who are members of the CLEAN NETWORK of approved (EU) companies and lead financial arranger, for which the company hopes to start initial signed arrangements during the end of Q1 21 or by early Q2 21 respectively"
In conclusion, the Chairman States that "The Company does not promote the Market of ENKS shares, or the company in general, to investor public, actively, as we have plans to complete an AUDIT of the last 2 years and apply for listing on NASDAQ where there is more liquidity and opportunity for access to the capital markets as the OTC PINK market is restrictive in this regard and thus, the reason the company has always relied on self or, independently arranged financing, for its operations - while we strive to provide up to date and accurate information on our operations, activities to our current shareholders as often as possible".
The foregoing statements are forward-looking statements, and as such, they may or may not reflect the results which could transpire in the future which should be negative or not transpire at all due to circumstances or other reasons and investors, shareholders, or others should not rely on these forward-looking statements to ascertain any value if any of ENKS or to make any investment decisions and to take note that this is not an offer to buy or sell securities or an endorsement of ENKS for investment purposes as all investment carry a risk of loss sometimes a total loss of your investment in Micro cap shares markets or any market and therefore such statements or plans should not be relied upon for any business decisions of any kind.
Approval and permissions required by federal regulations may or may not be approved and if not approved may result in the loss of all value and all investments in products requiring such regulatory permissions to market and sell. These statements are made as forward-looking statements for educational purposes only in accordance with the rules and regulations which pertain to the same.
Mr. Benjamin Ballout
Enerkon Solar International Inc.
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