HOUSTON, Texas – (Website Release) – Turner Valley Oil and Gas, Inc. (the “Company”) (OTC: TVOG), pending name change to Turner Venture Group, Inc., wishes to give shareholders an update on company events that have transpired in the last month as management prepares to complete company audits and close its initial shipping and infrastructure acquisition.
CFO Rick Adams is scheduled to meet with the auditors to review the remaining action items and closing costs needed in order to finalize the submission of the 2015 and 2016 year end filings, the 2017 quarterly filings, and the remaining steps required to uplist back to the OTCQB. This will include the filing of the Form 10. The completion of the company audits will be a monumental first step towards Turners eventual uplisting to the NASDAQ or NYSE. The company believes strongly in being completely transparent with investors as the company grows from this initial acquisition into a major player in the infrastructure markets, and having the audit done will go a long ways towards establishing trust in the company and its operating goals.
Banker / New Management Meeting
The Company’s management held a conference call last week with the incoming new management and its partner investment bank, Network 1 Financial Securities Inc. (Network 1). Discussions were held about a number of important matters, including the remaining legal and compliance steps that will be undertaken to close the initial acquisition and financial placement. Turner is pleased to announce that things have accelerated beyond previous guidance in terms of acquisition size and scope, as well as for the commitments for the Preferred Stock Offering.
Final Deal Structuring
To expound further on what was discussed and agreed upon during the call, final paperwork has been submitted for the closing of the acquisition and Preferred Stock Placement, including a pathway to expand the initial acquisition plans. In fact, Turner and Network 1 have come up with a comprehensive strategy to significantly expand the shipping company by acquiring a larger portfolio of vessels and also targeting facilities, asphalt refineries, and other strategic infrastructure targets. In a previous press release, company guidance included the acquisition of (5) bitumen shipping vessels with an annual run rate of over $39,000,000 in annual revenue, and $6,000,000 in EBITDA. With the new expansion plan, guidance for both revenue and expected EBITDA will be increased and the company is excited to share details of this in a coming press release.
Finally, in the coming weeks and months, investors can look forward to an increasing amount of updates and press releases as Turner enters the stretch run for its incoming infrastructure acquisition.
Existing shareholders and prospective investors can sign up to receive company news, announcements and investor updates at http://bitumentankers.com/signup/.
About Turner Valley Oil and Gas, Inc.
Turner Valley Oil and Gas, Inc. (pending name change to Turner Venture Group, Inc.) (OTC:TVOG) is a business holding company, with a historical focus on energy related holdings. The Company’s acquisition model is focused on finding and evaluating profitable small to mid-sized businesses as acquisition candidates where cash flow can be improved through its buy, build & bolt-on model within the shipping, real assets, energy, infrastructure, enterprise technology, and manufacturing segments.
Certain statements in this press release are forward-looking and involve a number of risks and uncertainties. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended.
Steve Helm, CEO
Turner Valley Oil And Gas, Inc. (pending name change to Turner Venture Group, Inc.)
Investor Relations: Matt Kochendorfer – Matt@turnerventuregroup.com
Address: 3270 Sul Ross, Houston, TX 77098