HOUSTON, June 25, 2013 /PRNewswire/ -- Texas Gulf Energy, Incorporated (OTC: 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 subsidiaries or divisions for $5,000,000, consisting of $3,000,000 in cash and approximately $2 million in assumed liabilities. The LOI is non binding and subject to the completion of due diligence and the execution of definitive binding agreements between the parties. Craig Crawford, CEO of Texas Gulf Energy, commented: "We previously disclosed that we were in ongoing negotiations to sell these operations, and with assistance and hard work from our previous CEO, David Mathews, we were able to reach an acceptable LOI agreement with a prospective buyer. Should the transaction successfully close as scheduled on or before July 31, 2013, Mr. Mathews plans on joining the buyer and continuing to lead the operations of the purchased companies."
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.