PATERSON, N.J., Sept. 14, 2010 (GLOBE NEWSWIRE) -- 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