HOUSTON, TX / ACCESSWIRE / December 3, 2020 /Turner Valley Oil and Gas, Inc. (the "Company") ("Turner") (OTC PINK:TVOG), now doing business as Turner Venture Group, Inc., is pleased to announce that it has begun implementation of the retirement of certain debts and common shares of stock from its issued and outstanding shares.
As part of Phase 1 of the new management's plan, convertible debts and advances from related parties along with former management common shares are being settled in exchange for Preferred B shares. As part of the share retirement effort, the Company has secured executed paperwork from prior management to retire 21,007,275 common shares. This share retirement supports the effort to reduce Turner's outstanding common share structure as the Company prepares for acquisitions and future capitalization plans.
The Company's capitalization structure following the completion of these retirements is displayed below:
Authorized Common Shares:
Common Shares (Issued):
Common Shares Cancellation (Pending):
Common Shares After Cancellations (Proforma):
Common Shares Issued to Bloomi Labs LLC (Pending):
Common Shares to Placement Investors To Date (Pending):
Common Shares (Proforma):
Authorized Preferred Stock:
Preferred Shares A (Issued):
Preferred Shares B (Pending Issuance):
Preferred Shares Proforma:
Authorized Common Shares:
*Debt settlement and Share Retirement agreements have been finalized but remaining steps to complete the agreements will be taken via shareholder resolution, transfer agent and Nevada Secretary of State filings.
The Company is operating as a Venture Holding Company that acquires equity interests in innovative products and companies within the health, wellness, sanitation, infrastructure and critical supply chain segments. The Company's second planned acquisition is a supply chain and ecommerce company. This Company comes with major distribution agreements with established labs and manufacturers for critical supplies for its commercial client lists. Completion of these contracts are expected to be announced in the near future.
After completing the $25,000.00 seed round previously mentioned the Company has advanced the next round of private placements for $100,000.00 to support our growth strategy and fund additional acquisitions. The Company is pleased to announce it has already received cash and commitments for $87,800.00 of the second round of financing.
"We are excited that our first acquisition, Bloomi Labs LLC, is now operating and bringing value to Turner shareholders. As we prepare for additional capital placement and acquisitions, reducing the Company's debt and common stock outstanding is a critical step that we are now in the process of implementing through necessary corporate actions. Subsequent to the conclusion of these matters, we plan to introduce our second acquisition and details on additional negotiations currently underway," CEO James B. Smith stated in regards to progress toward previously outlined Company milestones.
Please refer to most recent website announcements for more information:
About Turner Valley Oil and Gas, Inc.
Turner (OTC:TVOG) is a Venture Holding Company that acquires equity interests in innovative products and companies within the health, wellness, sanitation, infrastructure and supply chain technology segments. Turner's cornerstone acquisition of Bloomi Labs, LLC has proprietary formulation of a CBD Hand Sanitizer manufactured domestically.
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.
OTCMarkets Profile: http://www.otcmarkets.com/stock/TVOG/profile
Corporate Website: http://TVOGInc.com | http://BloomiClean.com
Twitter: http://twitter.com/tvoginc | http://twitter.com/BloomiClean
James B. Smith, CEO, Chairman
Turner Valley Oil And Gas, Inc.
Address: 317 Sidney Baker South Suite 400-264
Kerrville, TX 78028
SOURCE: Turner Valley Oil and Gas, Inc.
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