HOUSTON, June 8, 2017 /PRNewswire/ -- Turner Valley Oil and Gas, Inc. (the "Company") (OTC: TVOG), pending name change to Turner Venture Group, Inc., has announced updated guidance estimates for its pending Bitumen Tanker asset acquisitions. The Company is currently progressing on schedule to complete the final due diligence and financing required for Closing.
Based on increasing market demand, improved utilization, more complete fleet analysis, due diligence, and expectations to fully operate the fleet of five (5) Bitumen tanker vessels once acquired, the Company believes that it will generate over $39,000,000 in annual revenue and $6,000,000 in EBITDA. This estimate represents a significant increase from the Company's initial guidance. This does not take into account the planned expansion of the fleet and infrastructure, which will be discussed in detail in a future press release.
The Trump administration has pointed to a plan, using a mix of public and private funding along with tax incentives, that is meant to help spur $1 trillion in new spending on roads, bridges, and other construction during the next decade. Many fortune 500 companies such as John Deere and Martin Marietta are already spending $Billions ramping up production in anticipation of this. Turner is in the process of doing the same with this first acquisition, and upon a successful closing, the Company will be well positioned to leverage President Trump's widely publicized infrastructure proposal.
Adam Pashok, Managing Director of Network 1 Securities, Inc., reported "We are excited to complete these transactions using Turner as the foundational platform. The plan is to unlock asset value through strategic acquisitions and accelerate profitability through organic growth and expansion. Network 1 is very excited about this relationship with Turner. In addition, we will prepare for a senior listing application as soon as prudently possible."
Turner's management team has been working aggressively in the last few months to complete all of the critical steps that have been shared with our shareholders. This includes becoming fully SEC compliant, up-listing to the OTCQB, hiring a qualified CFO, and completing final compliance and required closing conditions to fully capitalize the Company for growth.
Existing shareholders and prospective investors can sign up to receive company news, announcements and investor updates at http://bitumentankers.com/signup/.
About Turner Valley Oil and Gas, Inc.
Turner Valley Oil and Gas, Inc. (pending name change to Turner Venture Group, Inc.) (OTC:TVOG) is a business holding company, with a historical focus on energy related holdings. The Company's acquisition model is focused on finding and evaluating profitable small to mid-sized businesses as acquisition candidates where cash flow can be improved through its buy, build & bolt-on model within the shipping, real assets, energy, infrastructure, enterprise technology, and manufacturing 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.
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SOURCE Turner Valley Oil and Gas, Inc.