You’ve already seen it, but here it is the latest NR. - TGGI will book assets of $9 mill for the first quarter
- Second subsidiary trades over $0.01
- TGGI owns 540 mill out of 645 mill shares in new subsidiary
Via OTC PR Wire -- Trans Global Group, Inc. (OTCPK:TGGI) would like to take this opportunity to bring all of its shareholders up-to-date on the Company and share some insights as to where the Company is headed over the course of the rest of 2018.
On 04/25/2018 the Company announced it received the financials for the public traded entity it purchased a controlling interest in on October 17, 2017. TGGI owns 540 million shares of restricted Common stock out of 645 million based on the subsidiary company's 2017 Annual Report.
The entity purchased last year is an OTCPink company that consistently trades over $0.01. The Company has never been a reporting company, and has always been an OTC company. This means TGGI can audit the company when the time is right and file a Form 10 without having any open accounting issues from the past.
The new entity will be used to purchase and hold assets just like Cannabis Consortium is being used for BDCI, except the entity TGGI owns is already a public trading entity. Trading ability makes the subsidiary more appealing to financiers and also helps to close transactions.
The share structure and price of the new entity gives TGGI some negotiating leverage for acquisitions. Tethered with our ability to raise non-dilutive capital, this is the perfect combination to close deals.
Management of TGGI has already identified opportunities to merge into the entity within the MJ sector that are different than those of Cannabis Consortium's to give TGGI its own identity.
Although TGGI has a deal with Cannabis Consortium and will generate revenue from the sales of the device through Cannabis's outlets, TGGI needs to control its own destiny. These new assets will give TGGI the ability to book its own revenue, increase its asset base, as well as the flexibility to complete its share redemption without relying on any one company.
More information regarding the statements made in this release along with more information about the new trading entity majority owned by TGGI will be released in the March 31 Quarterly Report.
The foregoing press announcement contains forward-looking statements that can be identified by such terminology such as "believes," "expects," "potential," "plans," "suggests," "may," "should," "could," "intends," or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. In particular, management's expectations could be affected by among other things, uncertainties relating to our success in completing acquisitions, financing our operations, entering into strategic partnerships, engaging management and other matters disclosed by us in our public filings from time to time. Forward-looking statements speak only as to the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
Contact:
Matt Dwyer
matt@transggi.com
954-905-9896