HOUSTON, Texas, Oct. 5, 2016 /PRNewswire/ -- Turner Valley Oil and Gas, Inc. (OTC:TVOG) ("Turner," "TVOG" or "the Company") is pleased to announce that it has converted the first half of the company's legacy debt into a preferred class of shares and is in the process of retiring the remaining liabilities, thereby completing another step in preparing for an upcoming audit and the company's acquisition plans.
This conversion of TVOG's legacy corporate debt into preferred shares is part of the company's efforts to pave the way for its M&A activities that have been outlined in previous press releases. In the immediate future, these shares will remain preferred shares and were converted in such a way as to minimize the effects of dilution to the common shareholders. These preferred shares constitute a majority control block for a new management team as well, details of which will be announced soon.
Furthermore, as Turner expands its plans into a business holding company, it is cleaning up its debt load so that any new companies coming into the Turner umbrella can do so with little to no debt, thereby allowing for a smooth and synergistic vend into TVOG, while also allowing for as little dilution as possible.
As part of the launch of these key developments, Turner has secured a PR plan to share all of the exciting events forthcoming, and will continue to communicate with investors as the company takes these positive steps in building a new company and organization.
About Turner Valley Oil & 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 merger & acquisition candidates where cash flow can be improved through its buy, build & bolt-on model.
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. Full Disclaimer here: http://turnerventuregroup.com/disclaimer/
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SOURCE Turner Valley Oil and Gas, Inc.