HOUSTON, Sept. 9, 2013 /PRNewswire/ -- Texas Gulf Energy, Inc (OTCQB:TXGE) announced today that it intends to spin off the remaining shares owned by the company in its former wholly owned subsidiary Texas Gulf Oil & Gas, Inc (TGOG) to TXGE stockholders in a pro-rata, tax-free dividend. Completion of the spin-off is subject to a number of conditions, including the effectiveness of the Form 10 of Texas Gulf Oil & Gas, Inc to be filed with the SEC, a Private Letter Ruling from the IRS on the transaction, and other customary conditions.
Texas Gulf Energy CEO Craig Crawford stated "We want to unlock the value of the Texas Gulf Oil & Gas shares we continue to own, and the Company believes the best way to do this is to spin them off to our shareholders as a dividend. Each shareholder will receive the newly public Texas Gulf Oil & Gas free trading shares, without restriction, pro-rata to their current ownership in TXGE as of the effective date. The effective date will be announced as soon as it is known by the company after the completion of all regulatory, accounting and legal requirements of the transaction."
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, 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.