Business
Turner Valley Oil & Gas, Inc. Announces Updated Acquisition of American Parking Control
Turner Valley Oil & Gas, Inc. Announces Updated Acquisition of American Parking Control.
About this update from Turner Valley Oil & Gas, Inc.
[{"type":"text","content":"\n 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 registratio...