Turner Accelerates Acquisition Plan as $1 Trillion Infrastructure Spending Bill Approaches
HOUSTON, Aug. 10, 2017 /PRNewswire/ -- Turner Valley Oil and Gas, Inc. (the "Company") (OTC: TVOG), pending name change upon its upcoming acquisition, is pleased to announce that due to the positive response to its $25 Million preferred stock placement with investment bank Network 1 Financial Securities Inc. (Network 1), plans for an infrastructure investment expansion are underway for the company's initial shipping acquisition.
Recent company guidance for the company's first acquisition of (5) bitumen shipping vessels estimated a run rate of over $39,000,000 in annual revenue, and $6,000,000 in EBITDA. Once finalized, Turner, working in conjunction with Network 1 and an expert team of advisors, will begin adding additional ships to the fleet along with targeting the purchasing/leasing of import/export facilities, asphalt refineries, distribution facilities, and related businesses. This will take advantage of estimates that by the year 2018, the combined annual revenue for all bitumen manufacturing facilities in the USA is expected to be over $25 Billion, and worldwide bitumen revenue is expected to reach $100 Billion by the year 2020 as the USA's infrastructure rebuild expands.
In his most recent statements about the $1 Trillion infrastructure bill, President Trump said, "We will fix it. We will create the first-class infrastructure our country and our people deserve." President Trump has proposed funding improvements with $200 billion in public funds over 9 years that would leverage $1 trillion in waterfall construction dollars. Infrastructure investment around the world is growing as a result, and Turner is excited to take part in this burgeoning industry.
Steve Helm, Turner CEO stated, "In addition to entering the supply and distribution side of the bitumen industry, the Company is entering the shipping markets at historic lows and plans to execute an aggressive growth strategy to expand from the initial 5 bitumen tankers to up to 30 tanker ships in the next 12-18 months through the investment banking relationship with Network 1." Expect updated revenue and EBITDA guidance in an upcoming press release along with other company updates as events warrant.
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. (OTC:TVOG) is a business holding company with a historical focus on energy related holdings. The Company's acquisition model is focused on infrastructure businesses such as bitumen shipping, asphalt refineries, and integrated businesses.
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.
Website: http://turnerventuregroup.com/
SOURCE Turner Valley Oil and Gas, Inc.
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