D~~~~~~Trans-Global Holdings Inc.,~~~~~~D
current quote: http://www.pinksheets.com/quote/quote.jsp?symbol=TGHI
Fully Reporting and SEC compliant, currently waiting upon NASD for re-listing on the OTCBB.
1) **Around 6M shares have been retired.
2) **At worst, the company is debt free, 1-3M in cash is a likelyhood.
3) **A Natural gas exploration venture is going to be acquired, and their timeshares about to proceed.
4) **All legal issues have been settled.
**O/S after 6M retired:
Number of shares of common stock outstanding as of June 10, 2001: 23,493,442
Transfer Agent: American Stock Transfer
**NOTE 4 - NOTE RECEIVABLE
During the year ended December 31, 2000, the Company sold its 40% interest in Thermal-Systems Worldwide, Inc. to an unrelated party in exchange for a $2,000,000 promissory note. The note does not bear interest and matures on November 15, 2001. The principal balance is due in one lump sum payment at maturity. The unrelated party does not presently have an established credit history or the liquid assets to convert the promissory note. Accordingly, the Company has reserved the entire amount as uncollectible pending maturity. A default provision in the note states that should the debtor default on their payment obligations, the entire interest in Thermal-Systems Worldwide, Inc. will be returned to the Company.
The subscriptions receivable at March 31, 2001 consists of 5,000,000 shares of common stock subscribed by five unrelated investors at $.20 per share. The subscription payments are due six months after the Company re-achieves active trading status on the Over-the-Counter Bulletin Board (OTC BB). The Company anticipates collecting payment in full during the year 2001, however, there can be no assurance that the Company will gain its active trading status on the OTC BB and that the subscriptions will be collected.
**Current Development Activities
The Company is exploring business activities within the energy production markets. Specifically, the Company is researching opportunities with generating electricity and domestic natural gas exploration. The domestic need for fossil fuels and alternative energy sources has surged in recent years providing strong business opportunities for new business enterprises. The Company plans to position itself to develop its business plan and grow within such markets. Management has been considering acquiring new technology that has been made available to produce electricity. Third parties have invested over $35 million thus far to establish the viability of such technology. In addition to the generation of electricity, the Company has been given an investment opportunity with a Company that is presently working in the natural gas exploration field. Negotiations are currently underway to secure well positions that will produce a revenue stream for the Company.
The Company also has plans to develop, build and market time-share (vacation ownership interest, VOI) communities. Management is currently considering sites that could be developed using the VOI concept that is strongly rebounding after several years of disappointing growth. Various new partnerships and sole ownership opportunities are being explored domestically, in Canada and in the Caribbean.
**Item 1. Legal Proceedings
The Company was named in a case filed in the United States District Court for the Southern District of Florida with the Securities and Exchange Commission.... The case was closed on June 7, 2001 with no material effects to the corporation.
TRANS-GLOBAL HOLDINGS, INC.
1719 S. Mannheim Road
Des Plaines, Illinois
Jacques Verhaak, President
Joanne M. La Monica, Secretary, CEO