Texas Gulf Energy, Inc. Agrees to Sell Three Subsidiaries For $5,000,000
HOUSTON, Sept. 26, 2013 /PRNewswire/ -- Texas Gulf Energy, Incorporated (OTCQB: TXGE) (www.tgnrg.com) announced today that the company has signed a letter of intent (LOI) to sell the assets of three of the company's five operating subsidiaries for $5,000,000, consisting of $3,100,000 in cash, $300,000 in notes and approximately $1.6 million in assumed liabilities. The LOI is subject to the completion of due diligence and the execution of definitive binding agreements between the parties on or before October 11, 2013. Closing of the transaction is scheduled on November 2, 2013, or as agreed between the parties. Craig Crawford, CEO of Texas Gulf Energy, commented: "Texas Gulf Energy is pleased to report this progress on the sale of Fishbone Solutions, Texas Gulf Industrial Services, and Texas Gulf E&I. Given our strategic plan moving forward, we consider these assets to be non-core to our future operations and the proceeds from this sale will allow us to expand in the areas we believe are in the best long term interest of our shareholders."
About Texas Gulf Energy, Incorporated (www.tgnrg.com)
Focused on providing expert advisory services on program and project management and fast track construction and turnaround services to large refinery, petrochemical and mining projects, Texas Gulf Energy, Incorporated is a safe, well managed, construction services consortium. Our service lines include direct hire capital construction services, turnaround services, fabrication and program management. Our clients include some of the largest energy companies in the world such as Exxon Mobil, Conoco Phillips, Chevron, Valero, and others. We are particularly well known throughout the energy markets for our ability to provide construction services with professional, experienced and well trained teams to maximize the ability of our customers to complete major projects safely, on time and on budget. Now entering our tenth year in business, we have vertically integrated our service offering into other energy market segments, including refinery turnaround services, petrochemicals, and professional consulting services both to better serve the needs of our clients.
Precautionary and Forward-Looking Statements
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," 'expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in TXGE's disclosures or filings with the SEC. You are further cautioned that penny stocks, like TXGE, are inherently volatile and risky and that no investor should buy this stock unless they can afford the loss of their entire investment.
SOURCE Texas Gulf Energy, Inc.
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