Turner Valley Oil and Gas, Inc. (the “Company”) (OTC: TVOG), pending name change upon its upcoming acquisition, wishes to update investors as to the progress of the company audit it is currently undergoing.
The audit process has been moving forward and much progress has been made since the last audit update. CFO Rick Adams recently met with the auditors to complete final details and paperwork, making headway into a key component of the audit that has been a sticking point thus far. But after the meeting, Turner is now hopeful that the end is in sight and that the audit will be completed shortly. This is a key step for the company’s bank, the company, and investors alike. First, it will help facilitate the coming shipping acquisition for Turner’s financial bank in the deal, Network 1 Financial (Network 1). Also, once the audit is complete, the Form 10 can then be filed, which indicates audit and final requirement completion for uplisting to the OTCQB in preparation for the acquisition. This in turn will make it easier for investors to become involved in the stock and company due to the higher exchange the stock will trade on while also providing increased transparency.
Turner appreciates the patience investors have shown as Turner enters a new phase of its existence by becoming a fully operational and fully filing company. The company is currently in the process of acquiring assets in the bitumen shipping industry via a $25 Million preferred stock placement with its investment bank Network 1 Financial. Turner’s strategy includes a plan to expand from an initial 5 bitumen tankers to up to 30 tanker ships in the next 12-18 months in addition to targeting the purchasing/leasing of import/export facilities, asphalt refineries, distribution facilities, and related businesses.
More updates will be forthcoming as the acquisition closing approaches and events warrant.
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 upon its upcoming acquisition) (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.