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Enerkon Solar International (ENKS OTC) 20% stake in Albayraklar Turkish Defense Co in limbo due to COVID19 Travel Bans
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DELRAY BEACH, FLORIDA, USA, August 24, 2020 /EINPresswire.com/ -- Enerkon Solar International (ENKS OTC) 20% stake in Albayraklar Turkish Defense Co in limbo due to COVID19 Travel Restrictions
These restrictions have delayed the purchase of shares in the company ALBAYRAKLAR for this the Chairman Mr. Benjamin Ballout stated that " Albayraklar has not been able to complete vital corporate actions needed to comply with PCAOB and SEC compliance standards for diligence and disclosure which require their the Prototype of the Electroshock Stun Gun to be delivered in person or my mail to satisfy the compliance disclosure and diligence rules".
Mr. Ballout further stated that "Albaraklar should complete their corporate actions as soon as possible in order to enable ENKS to transfer funds for the purchase of shares in their Defense Division in accordance with the signed purchase and joint venture between ENKS and ALBAYRAKLAR and further it is stated that the Joint venture portion related to Patent, Market, Pre-sale order fulfillment, via contract manufacturing under ENKS financial support and guidance remains unaffected as the Equity purchase is separate from the joint venture, up list and Share purchase agreements between the companies"
In conclusion Mr. Ballout states that "We are confident that Albarayraklar will fulfill their corporate action obligations under the requirements of USA compliance PCAOB audit standards and other normal obligations which are obligatory on all companies transacting in or with the United States and in the mean time ENKS will work to support financially or otherwise the contract manufacturing and delivery of the above mentioned units to pre order customers world wide under our supervision and in accordance with the spirit of our agreements together as soon as possible in keeping with the current restrictions caused by the COVID19 Pandemic"
ENKS will follow up with progress disclosure and press releases on stage completion and other matters to maintain shareholder and public disclosure requirements and in addition the company is pleased to announce that it has been approved for SBA Disaster Relief Funds and expect these funds to be available to the company soon.
In addition, ENKS is planning its Audit to cover the previous 2 years and current period and will make further efforts to monetize the Patents and Trademark rights Acquired in other product areas such as Pharmaceutical, Energy and other technology this year.
Mr. Ballout, in his closing statement today stated " we are encouraged by the present situation even in the face of the COVID19 Pandemic and look forward to the rest of this year and coming years, with optimism "
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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