Business
Turner Completes Form 10 Submission To SEC Obtaining Registered Reporting Status
Turner Completes Form 10 Submission To SEC Obtaining Registered Reporting Status.
About this update from Turner Valley Oil & Gas, Inc.
[{"type":"text","content":"\n\n HOUSTON, Feb. 28, 2018 (GLOBE NEWSWIRE) -- Turner Valley Oil and Gas, Inc. (the “Company”) (OTC:TVOG), pending name change to PrimeStar Bitumen, Inc., is pleased to announce that the Company has completed audit of financials for past 3 years and submitted Form 10 to the SEC obtaining Registered Reporting Status preparing for final transfer of Bitumen Supply Chain assets and appointment of new board of directors.\n “We are very pleased to see the Company finalize this critical step to meeting the closing conditions of the Purchase And Sale Agreement previously executed with the Dubai Family Office and associated Preferred Stock Offering. Vessel assets and capital under the Agreements can now move to be transferred and escrow released,\" said Adam Pashok, Investment Banker, Network 1 Securities, Inc.  Finishing the audit and Form 10 will immediately allow the Company to submit application to uplist to the OTCQB, and will make for a much smoother transition for when the company uplists to a higher exchange in the near future.  The Form 10 Registration Statement is a registration statement used to register a class of securities pursuant to Section 12(g) of the Securities Exchange Act of 1934 (“Exchange Act”).  Although the company has been voluntarily submitting many of the necessary documents for over a year while under no obligation to do so, the company will now be subject to the reporting requirements of the Exchange Act. That is, PrimeStar must file annual reports on Form 10-K, quarterly reports on Form 10-Q, and periodic reports on Form 8-K. In addition, the Company will be subject to the proxy rules in Section 14 of the Exchange Act, and ownership rules and reporting requirements in Sections 13 and 16 of the Exchange Act. “While the company audit and Form 10 registration took longer than anticipated, we feel it will have been worth the wait as it gives PrimeStar total transparency in the eyes of the investment community,” stated Rick Adams, CFO. “This will allow the company a greater investor reach as it continues the uplist process to the NASDAQ or NYSE.” As previously announced on November 27th, the Company has been approved for submission to the NASDAQ reporting system.  As a result and from this point forward, the required 8k, 10K, Form 10, and...