Turner Venture Group Announces Settlement of Former Management Debts
Turner Valley Oil and Gas (OTC:TVOG) has successfully settled additional Bridge Capital Loans amounting to $37,700 as part of its corporate turnaround plan. This settlement enhances the company's balance sheet ahead of a new business model rollout. Turner plans to issue 35,100 shares of Preferred B Class Stock at $0.25 each for debt settlement. The company aims to achieve Pink Current Information status with OTC Markets. New management is focused on acquiring innovative companies in health, wellness, and sanitation sectors. The first acquisition involves a hand sanitizer product development company.
- Settled $37,700 in additional debts, improving financial stability.
- Issuing Preferred B Class Stock to enhance balance sheet.
- New management focused on strategic acquisitions in health and wellness.
- Completed $25,000 seed round and secured $65,300 in commitments for private placements.
- Rejection of settlement offer to previous liabilities by past management.
- Dependence on future acquisitions to support growth strategy.
KERRVILLE, TX / ACCESSWIRE / September 22, 2020 / Turner Valley Oil and Gas, Inc. (the "Company") ("Turner") (OTC:TVOG), now doing business as Turner Venture Group, Inc., is pleased to announce settlement of additional Bridge Capital Loans outstanding of
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, as previously announced in order to settle these Debts and will issue 35,100 shares of Preferred Stock at
As part of this negotiation, the Company and Helm have agreed to convert existing shares of common stock held by Steve Helm into Preferred B as well to reduce the issued and outstanding shares. Details of such a retirement of common stock will be forthcoming in a subsequent announcement. Remaining Phase 1 items include bringing our OTC Markets compliance status to Pink Current Information. All required filings have been posted to OTCIQ and are under review by their compliance analyst.
Additional liabilities were incurred upon the previous appointments of past CEO and past COO positions who led failed attempts at business creation or acquisition. The Company offered Steve Helm additional settlement shares if he were to obtain a settlement arrangement with these parties and in turn get a release of obligation from these liabilities by each of the parties. This offer was rejected by these parties and Turner will not commence further negotiations with these parties to settle these debts.
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 a product development company with proprietary hand sanitizer formulas. Additionally, major social influencer partners and corporate distribution contracts are under negotiation to expand product distribution channels. Completion of these contracts are expected to be announced in the near future.
After completing the
New Turner CEO James B. Smith stated, "once OTC Markets reaches its Pink Current Information status, combined with these debt settlements and additional planned share retirements, we will have completed Phase 1 of the turn around and will then move to immediately close our first and second acquisitions as soon as practically possible, with a view towards the completion of audited financials for the filing of Form 10."
Please refer to most recent website announcements for more information:
https://tvoginc.com/2020/06/turner-announces-corporate-updates-and-advancement-plan/
https://tvoginc.com/2020/07/turner-venture-group-announces-settlement-of-convertible-debts/
About Turner Valley Oil and Gas, Inc.
Turner (OTC: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.
Disclosures
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.
Key Links:
OTCMarkets Profile: http://www.otcmarkets.com/stock/TVOG/profile
Disclaimer: https://TVOGinc.com/contactus/disclaimer/
Corporate Website: http://TVOGinc.com
Twitter: http://twitter.com/TVOGinc
Contacts:
James B. Smith, CEO, Chairman
Turner Valley Oil And Gas, Inc.
Address: 317 Sidney Baker South Suite 400-264 Kerrville, TX 78028
Phone: 1-281-826-4289
Email: TurnerVentureGroupInc@gmail.com
SOURCE: Turner Valley Oil and Gas, Inc.
View source version on accesswire.com:
https://www.accesswire.com/607261/Turner-Venture-Group-Announces-Settlement-of-Former-Management-Debts
FAQ
What is the latest news about Turner Valley Oil and Gas (TVOG)?
How much debt has Turner Valley Oil and Gas settled?
What is Turner Valley Oil and Gas's new business focus?
What is the status of Turner Valley Oil and Gas's compliance with OTC Markets?
Who is the new CEO of Turner Valley Oil and Gas (TVOG)?
