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Kinerjapay Corp. Schedules Third Steam Coal Shipment

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Rapidly rising coal prices have slowed shipments until new prices were renegotiated

Company still forecasts revenues of over $100 million that could take 15 instead of 12 months

JAKARTA, Indonesia, June 25, 2021 /PRNewswire/ -- KinerjaPay Corp (OTCPK: KPAY) a Payment Gateway and Ecommerce Company based in Indonesia with recent changes in its subsidiary Company, P.T. KinerjaPay Indonesia, to include mineral and commodity trading such as coal and other general commodities, today announced that the Company is currently preparing another shipment schedule of Steam Coal to China. The Company reported that it has just received the payment guarantee in the format of Letter of Credit from the Buyer's Bank in the amount of US$1,650,000. The Company is now preparing the contracts with the miners and barges to transit from the stockpile to the jetty at Muara Jawa, East Kalimantan, for loading.

This next shipment will load min 50,000 metric tons of coal with Coal Grade GAR 4,200 kcal/kg (ARB) and max Sulphur 0.5% ADB Rate. The Company's representative has taken samples for laboratory test in the previous weeks, with satisfactory results. The vessel, MV DZ WEIHAI bound to Fangcheng, South China, is scheduled to arrive on and about ETA 28th June 2021 at Muara Jawa port, in East Kalimantan. The vessel's maximum capacity is registered at 55,741 MT max load.

The Company also reported that its previous shipment to Zhenjiang on MV YANGTZE with loading capacity of 45,000 MT was postponed and rescheduled due to price adjustment. The Company is in receipt of a new letter of credit from the Korean buyer reflecting the significantly increased price from what was negotiated in March. This has enabled the Company to maintain its profit margins. This shipment will now go forward shortly. The price quoted to the Korean agent was cited using Coal Price Index of March 2021, which was much lower compared to the current price.

Mr. Edwin Ng, CEO of KinerjaPay Corp said "Coal prices had increased by almost 50% since March 2021 due to significantly higher demand especially from mainland China. We readjusted the price of coal for our Korean buyer last month to maintain our profit margins. The new order to Fangcheng, South China is more promising with higher pricing. We are securing the cargo with the miners now as we speak, and we shall commence loading to our barges very soon. We continue to receive new indications of interest for our Indonesian coal."

Though it may take us several more months to reach the projected sales goal, the Company believes that the long-term potential of this business for the company has increased dramatically.

About KinerjaPay

KinerjaPay enables consumers to "Pay, Play and Buy" through its secure web portal and mobile applications. Based in Indonesia, the Company provides an easy and convenient payment solution while shopping online at its marketplace platform. With its current omni-channel platform, users can perform various payment services such as credit card bill payment, utility, phone bill, healthcare insurance and direct transfer to anyone at their convenience. KinerjaPay is also planning to launch other eCommerce verticals such as travel market, delivery services, and online gaming in the near future. The Company's services are available through its mobile applications and on its website at www.kinerjapay.com.

Notice Regarding Forward-Looking Statements

This press release may contain forward-looking statements, about KPAY's expectations, beliefs or intentions regarding, among other things, its product development efforts, business, financial condition, results of operations, strategies or prospects. In addition, from time to time, KPAY or its representatives have made or may make forward-looking statements, orally or in writing.

Forward-looking statements can be identified by the use of forward-looking words such as "believe," "expect," "intend," "plan," "may," "should" or "anticipate" or their negatives or other variations of these words or other comparable words or by the fact that these statements do not relate strictly to historical or current matters. These forward-looking statements may be included in, but are not limited to, various filings made by KPAY with the U.S. Securities and Exchange Commission, press releases or oral statements made by or with the approval of one of KPAY's authorized executive officers. Forward-looking statements relate to anticipated or expected events, activities, trends or results as of the date they are made. Because forward looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties that could cause KPAY's actual results to differ materially from any future results expressed or implied by the forward-looking statements. Many factors could cause KPAY 's actual activities or results to differ materially from the activities and results anticipated in such forward-looking statements, including, but not limited to, the factors summarized in KPAY 's filings with the SEC. In addition, KPAY operates in an industry sector where securities values are highly volatile and may be influenced by economic and other factors beyond its control. KPAY does not undertake any obligation to publicly update these forward-looking statements, whether as a result of new information, future events or otherwise. Please see the risk factors associated with an investment in our securities which are included in our Annual Report on Form 10-K as filed with the SEC on April 20, 2018 and most recently in our Registration Statement on Form S-1/A filed with the SEC on December 21, 2018, pursuant to which we are offering 300,000 Shares of 11% Series C Cumulative Redeemable Perpetual Preferred Stock at $25.00 Per Share.

For more information, please visit our website http://www.kinerjapay.co. There you will find access to all of our past press releases and SEC filings regarding the activities discussed in this release.

Media Contact:
KinerjaPay Corp.
Email: info@kinerjapay.co


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SOURCE KinerjaPay Corp.