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April 18,
2006
Annual Report Further Delayed
MINEOLA, N.Y., April 18,
2006 – Kenilworth
Systems Corporation (OTC Pink Sheets: KENS)……Kenilworth
Systems Corporation (“Kenilworth”) in an 8-K filing
today reported that the Company’s Annual Report for the period
ended December 31, 2005, after having filed an extension until
April 17, 2006, will be further delayed for approximately two (2)
weeks.
Herbert Lindo, Chairman and CEO stated
the delay is caused by the extensive expenses incurred in continuing
negotiations taking place in the Philippines with a Philippine
government authorized agency, the acquisition of Lighthouse Supply
and Services, Inc. in the Philippines, all of which require Independent
Auditors confirmation and the lack of qualified staff personnel
that left the Company in November 2005, which have not as yet
been replaced.
As previously reported, the Company sustained
a loss of $3,267,912 for the nine (9) month period ended September
30, 2005 which included a non-operating loss of $1,250,000. The Company expects these
losses will continue until its “Roulabette® System” becomes
acceptable to the worldwide Casino and Lottery Industry.
Roulabette® is the brand name, coined
by the Company, for a method and system for placing wagers on
live, in-progress casino table games broadcast to digital satellite
and digital cable subscribers, such as Roulette, Dice, Baccarat
and more, at sites remote from the actual casino table at which
the game is taking place.
With the patented Roulabette® System,
the actual wagering takes place at the receiving television set
managed by the microprocessor installed in the set-top boxes
(both cable and satellite) or as an attachment to the TV set. The
wagering is not managed by the casino that broadcasts Roulabette®. It
is a one-way transmission requiring only the consent of the receiving
jurisdictions. The
Roulabette® casino is next door, doesn’t have the costly
bricks and mortar, and can be managed to prevent the under aged
from participating and shut out the compulsive gamblers by using
lotteries to manage the cash handlings.
Forward Looking Statement
This release contains "forward-looking statements" within the meaning
of Section 27A of the Securities Act of 1933, as amended, and Section 21E the
Securities Exchange Act of 1934, as amended and such forward-looking statements
are made pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. "Forward-looking statements" describe future
expectations, plans, results, or strategies and are generally preceded by words
such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You
are cautioned that such statements are subject to a multitude of risks and
uncertainties that could cause future circumstances, events, or results to
differ materially from those projected in the forward-looking statements, including
the risks that actual results may differ materially from those projected in
the forward-looking statements as a result of various factors, and other risks
identified in a company's annual report on Form 10-K or 10-Q and other filings
made by such company with the Securities and Exchange Commission. You should
consider these factors in evaluating the forward-looking statements included
herein, and not place undue reliance on such statements. The forward-looking
statements in this release are made as of the date hereof and Kenilworth undertakes
no obligation to update such statements.
Contact: Herbert Lindo, Chairman & CEO,
Kenilworth Systems Corp. (516) 741-1352, Roulabette@aol.com.
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