Turner Venture Group Inc (OTCMKTS:TVOG) shares were down 7.22% to $0.0180 on Wednesday and unchanged in after-hours trading. Share prices have been trading in a 52-week range of $0.00 to $0.03. The company has a market cap of $1.95 million at 80.34 million shares outstanding.
Formerly Turner Valley Oil & Gas, Inc., Turner Venture Group Inc is a holding company that is focused on energy-related holdings. It is focused on exploration and development of natural resources, primarily oil and natural gas, the markets for which are dealers and wholesale buyers.
The company’s properties are located in the Western Canadian Geologic Basin centered in Alberta, Canada. It works on finding and evaluating profitable small to midsized businesses as merger and acquisition candidates for managing investment and business development, which may include energy, real estate, construction, technology, environmental or other businesses. The company has also entered into a farm-out agreement with Odin Capital Inc. of Calgary, Alberta, through its subsidiary, TV Oil and Gas Canada Limited. The Company has not generated any revenues.
Turner Venture Group Inc just announced that it has reached an agreementto acquire the operating, profitable assets of an international bitumen tanker shipping company focused on the commercial transportation of bitumen/asphalt products worldwide used in paving roads and highways. These assets are specializing in petroleum products and dry bulk commodities distribution which has experienced a recent downcycle creating industry distress and special situation opportunities.
However, Turner Venture Group Inc believes that commodity prices are about to pick up again so it makes sense to invest in this industry. The company is working with a full service investment bank which will be disclosed in a subsequent filing to acquire the assets and control of a highly specialized fleet of 5 bitumen oil tankers with an average fleet age of 8 years and an approximate fleet value of $28 million.
Under this agreement, Turner Venture Group Inc will acquire the assetsin an all equity transaction involving the issuance of Preferred Shares thus limiting dilution. The company believes that these assets can be operated more efficiently than the previous company was able to accomplish, and acquiring their assets at attractive valuations will provide a competitive advantage. Upon completion of the acquisition, the new shipping company will be a wholly owned subsidiary of Turner Venture Group Inc.
World asphalt supply and demand is expected to grow exponentially by 2020. With the White House’s recent proposal of $1 Trillion infrastructure investment in the United States, we are excited for the opportunity to capitalize on the dynamics of the shipping industry and build value for Turner shareholders during a time where asphalt trade is expected to rise both regionally and globally,” remarked Turner Venture Group Inc CEO Steve Helm.
Aside from that, the company is actively pursuing the acquisition of more bitumen tanker supply vessels. Helm added that the current US administration has pledged to build new roads, highways and bridges across the country and this requires 63% more asphalt than it consumes now just to pave roads at the rate it was at 10 years ago.
As a result of this initiative, asphalt demand is expected to increase well beyond that level in the next 2-4 years, which makes the steady supply of bitumen so crucial to making the improving of America’s roads a success,” Helm concluded.
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