Turner Valley Oil & Gas, Inc. Announces Updated Acquisition of American Parking Control
HOUSTON, Sept. 25, 2019 (GLOBE NEWSWIRE) -- General Announcement - Turner Valley Oil and Gas, Inc. (“TVOG” or the “Company”) (OTC: TVOG), a company focused on capitalizing on technology-forward American infrastructure expansion, is pleased to announce that Turner has executed a restructured acquisition agreement with O&S Builders, Inc. dba American Parking Control (“APC”), an all-encompassing roadway construction services company headquartered in Houston, Texas.
HIGHLIGHTS OF THE TRANSACTION INCLUDE:
- APC is a full-service privately-held construction company in business since 1984 currently with 21 employees and growing.
- The principal owner has an extensive background in mega-infrastructure projects with Bechtel, one of the largest private engineering and contracting companies in the world.
- APC annual revenues are forecast to grow 50% from 2018 to 2019.
- Forecast 2019 revenue at $4.5MM and 10% EBITDA.
TVOG CEO Norm Pokutylowicz stated, “This acquisition agreement with APC has been restructured to enable us to hit the ground running with this key foundation component to develop Turner as a technology-forward, infrastructure company. We are very pleased to have the opportunity to incorporate the company, its stellar management and staff as part of Turner.
“Concurrently, we’ve been steadfastly performing due diligence on other, prior announced agreements, initiating development of plans for accelerated organic growth, as well as revisiting legacy agreements and relationships. We are confident the investment community will be excited about our overall, current objective of putting in place key components of our growth strategy, optimizing legacy agreements, and flawless execution.”
ACQUISITION
The non-binding agreement has been restructured from a previous announcement and includes the purchase of 100% of privately held APC as a wholly-owned subsidiary of the Company. TVOG will audit APC and complete a plan to support continuous operation and organic growth. The transaction includes stock and capital to optimize current operations and support growth objectives.
CLOSING CONDITIONS
Following this announcement, subsequent events will include execution of a final binding agreement, TVOG changing the Company name prior to filing our Form 10 and S1 registration, which includes additional filings with the SEC. This will meet all registered and fully reporting standards and a result, TVOG will meet the qualifications needed for it to be an OTCQB, fully filing company within 60 days of submittal. These important steps will aid and enable the Company to plan for a future uplist to a major exchange. In addition, closing conditions include: transfer of assets and an expansion of the Board of Directors.
About Turner Valley Oil and Gas, Inc.
TVOG (OTC:TVOG) is launching to become a strategic provider of innovative infrastructure solutions, services and differentiated infrastructure-related technologies to the U.S. infrastructure industry. For more information:
About O&S Builders, Inc. dba American Parking Control
American Parking Control is a privately-owned, comprehensive construction company that has proudly served the Texas-Louisiana area since 1984. The current ownership recognizes the importance of maintaining APC’s long tradition of outstanding customer service. Many of their customers are schools and universities with high standards and precise specifications and APC believes that their satisfaction with their work is a testament to its quality. The company specializes in a range of commercial, public sector and industrial construction services including installing complex foundations, asphalt and concrete paving, sealcoating, storm sewer installation, soil stabilization, land clearing, and regrading. For more information:
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.
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Contacts: Investor Relations Turner Valley Oil and Gas, Inc. Address: 1600 West Loop South, Suite 600 Address: Houston, Texas 77027 Email: Website:
