MINEOLA, N.Y., July 13 /PRNewswire-FirstCall/ -- Kenilworth Systems Corporation (OTC Pink Sheets: KENS) ... In an 8-K filing today the Company reported as a 'Development Stage Company' Restated Financials on Form 10-K/A, Amendment No.1, for the periods beginning November 24, 1998 , when Kenilworth emerged from Bankruptcy Proceedings after having paid one hundred percent (100%) of all approved claims, to December 31, 2004 without wiping out any shareholders. The Restatement was ordered by the Securities and Exchange Commission (the 'Commission').

The changes encompassed restating previously reported amounts which increased operating deficiencies, the elimination of $4,256,926 , which was the amount the Company disbursed on or about September 28, 1998 to be discharged from Chapter 7 Bankruptcy Proceedings, and certain adjustments to losses sustained for the periods ended December 31, 2002 , 2003 and 2004 for having discounted the conversion feature of one (1) year Convertible Promissory Notes from between ten cents ( $.10 ) per share and twelve cents ( $.12 ) per share to five cents ( $.05 ) per share. The Company recently issued 33,257,913 shares of Restricted Common Stock for $3,808,139 in the conversion of Notes and in settlement of debt at an average price of $0.115 per share. All of the shares may have the restrictions lifted pursuant to Rule 144 and 144K within one (1) or two (2) years which may depress the trading price of the Company's Stock.

Maureen Plovnick, Director and Corporate Secretary stated, 'The filing of the Restated Financials will now enable the Company to hold the 2005 Annual Meeting of Shareholders. Kenilworth is a New York Corporation, which requires a minimum of twenty (20) days Notice to Shareholder's Meetings which cannot be scheduled until the Commission approves the Company's Proxy Statement (filed on Form 14-A). We estimate the Meeting will take place by mid-September 2005.'

This press release my be deemed to contain certain forward-looking statements with respect to business, financial conditions, results of operations of Kenilworth and its subsidiaries which involves risks and uncertainties including, but not limited to: obtain necessary capital for proposed projects, the ability to obtain experienced management to further the business plans of Kenilworth, the ability to obtain necessary regulatory approvals from various regulatory bodies, approval by State Legislatures, economic conditions and other risks described on Form 10-K, 2004.

SOURCE Kenilworth Systems Corporation