KERRVILLE, TX / ACCESSWIRE / September 22, 2020 / Turner Valley Oil and Gas, Inc. (the "Company") ("Turner") (OTC:TVOG), now doing business as Turner Venture Group, Inc., is pleased to announce settlement of additional Bridge Capital Loans outstanding of $37,700.00 from former Chairman, Steve Helm.
This is done as part of Phase 1 of the corporate turnaround plan. The goal is to clean up the balance sheet in preparation of implementation of our new business model. Turner has formed a Preferred B Class Stock, as previously announced in order to settle these Debts and will issue 35,100 shares of Preferred Stock at $0.25 a share. This comes after the settlement of convertible debts previously announced.These settlements allow Turner to create a stronger financial statement in preparation of Phase 2.
As part of this negotiation, the Company and Helm have agreed to convert existing shares of common stock held by Steve Helm into Preferred B as well to reduce the issued and outstanding shares. Details of such a retirement of common stock will be forthcoming in a subsequent announcement. Remaining Phase 1 items include bringing our OTC Markets compliance status to Pink Current Information. All required filings have been posted to OTCIQ and are under review by their compliance analyst.
Additional liabilities were incurred upon the previous appointments of past CEO and past COO positions who led failed attempts at business creation or acquisition. The Company offered Steve Helm additional settlement shares if he were to obtain a settlement arrangement with these parties and in turn get a release of obligation from these liabilities by each of the parties. This offer was rejected by these parties and Turner will not commence further negotiations with these parties to settle these debts.
The Company is now operating as a Venture Holding Company that acquires equity interests in innovative products and companies within the health, wellness, sanitation, infrastructure and critical supply chain segments. New management has been appointed with James B. Smith, CPA as Chairman and CEO.
The Company's first acquisition is a product development company with proprietary hand sanitizer formulas. Additionally, major social influencer partners and corporate distribution contracts are under negotiation to expand product distribution channels. Completion of these contracts are expected to be announced in the near future.
After completing the $25,000.00 seed round previously mentioned the Company has advanced the next round of private placements for $100,000.00 to support our growth strategy and fund additional acquisitions. The Company is pleased to announce it has already received commitments for $65,300.00 from the second round.
New Turner CEO James B. Smith stated, "once OTC Markets reaches its Pink Current Information status, combined with these debt settlements and additional planned share retirements, we will have completed Phase 1 of the turn around and will then move to immediately close our first and second acquisitions as soon as practically possible, with a view towards the completion of audited financials for the filing of Form 10."
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About Turner Valley Oil and Gas, Inc.
Turner (OTC:TVOG) is a Venture Holding Company that acquires equity interests in innovative products and companies within the health, wellness, sanitation, infrastructure and supply chain technology segments.
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.
James B. Smith, CEO, Chairman
Turner Valley Oil And Gas, Inc.
Address: 317 Sidney Baker South Suite 400-264 Kerrville, TX 78028
SOURCE: Turner Valley Oil and Gas, Inc.
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