TGGI's Green Energy Savings Corp To Acquire Prestige Solar Products Inc. ANNUAL REVENUES HAVE EXCEEDED $1 MILLION SINCE 2009
CORAL SPRINGS, Fla., Nov. 14, 2013 /PRNewswire/ -- Trans Global Group, Inc. (PINKSHEETS: TGGI) subsidiary Green Energy Savings Corp ("Green Energy") has executed an agreement to acquire Prestige Solar Products Inc. ("Prestige Solar") a Florida company licensed with the State of Florida to install solar products as a wholly owned subsidiary.
Prestige Solar has been selling and installing solar products in Florida since 2009 utilizing an in house sales staff and two outside sales organizations. In 2012 VersaGreen Energy entered into an agreement with Prestige Solar to complete installations for its sales force.
The purchase of Prestige Solar will add an additional 20% to the bottom line for Green Energy. A typical sale average is about $12,000 of which up to 50% will now go toward Green Energy's bottom line revenues.
The purchase price is $200,000 of which $50,000 is due at closing on December 15, 2013 and the balance $150,000 is spread out over a 12 month period beginning March 1, 2014. The current owners have agreed to work with Green Energy for 6 months for a smooth transition and provide audited financials for the last 2 years.
Green Energy has secured a commitment for the purchase of Prestige Solar, which will be in the form of a private placement at $.05 per share.
More developments will be released in the coming weeks for both Trans Global Group and Green Energy Savings Corp.
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.
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Christopher J Clarke
SOURCE Trans Global Group, Inc.