HOUSTON, TX / ACCESSWIRE / July 23, 2020 / Turner Valley Oil and Gas, Inc. (the “Company”) (“Turner”) (OTC PINK:TVOG), now doing business as Turner Venture Group, Inc., pending state filing, is pleased to announce settlement of Convertible Debts outstanding of $100,000.00 and Bridge Capital Loans, combined hereafter referred to as (“Debts”) of $77,708.59 reducing Balance Sheet Liabilities by $177,708.59 in total.
This is done as part of Phase 1 of the corporate turnaround plan. The goal is to clean up the balance sheet in preparation of implementation of our new business model. Turner has formed a Preferred B Class Stock in order to settle these Debts and will issue 1,300,000 shares of Preferred Stock at $0.25 a share. The settlement allows Turner to create a stronger financial statement. Allowing new capital placement opportunities to be presented to shareholders and investors. Additionally, the improved balance sheet provides the Company a stronger position in pursuit of equity based acquisitions.
As previously stated, the Company is now operating as a Venture Holding Company that acquires equity interests in innovative products and companies within the health, wellness, sanitation, infrastructure and critical supply chain segments. New management has been appointed with James B. Smith, CPA as Chairman and CEO. The Company’s first acquisition is nearly complete and it is expected to be announced shortly.
Turner is in the process of a special offering to shareholders to help get Turner to the next stage and has completed subscriptions for the first round of raising funds via a private placement of $25,000.00 of restricted common shares which will be registered in upcoming S1 or related filing. The Company intends to offer two additional rounds of private placement for $100,000.00 and $250,000.00 priced at new levels to support growth strategy and additional acquisitions.
These funds have been utilized to pay the accounting and legal contractors to complete the March 31, 2020 and June 30, 2020 financial statements, disclosures and legal opinion. These efforts are in progress and nearly complete. This information will be posted to OTC Markets to bring into fully compliant status an OTC Pink Current status Company quickly. Additionally, Nevada Secretary of State filings, OTC Markets fees through the rest of the year, and press release packages to improve dissemination of information to our Shareholders.
New Turner CEO James B. Smith stated, “The quick placement of the first round is a sign of confidence that our active shareholder base is behind this turnaround and will help us quickly execute the next steps in order to bring new value to the Company. We will continue to focus on compliance with required OTC Markets disclosures, new acquisitions and other debt settlements (where possible) with a view towards becoming a full SEC registrant via Form 10 as these matters progress.”
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About Turner Valley Oil and Gas, Inc.
Turner (OTC PINK:TVOG) is a Venture Holding Company that acquires equity interests in innovative products and companies within the health, wellness, sanitation, infrastructure and supply chain technology 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.
OTCMarkets Profile: http://www.otcmarkets.com/stock/TVOG/profile
Corporate Website: http://TVOGInc.com
James B. Smith, CEO, Chairman
Turner Valley Oil And Gas, Inc.
Address: 317 Sidney Baker South Suite 400-264 Kerrville, TX 78028
SOURCE: Turner Valley Oil and Gas, Inc.
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