$TVOG, 1st LOI announced just now, also say a 2nd and bigger one ready to be announced
Turner Valley Oil & Gas Announces The Completion of The First Letter of Intent To Acquire An Operating Profitable Business
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Published: June 15, 2016 8:30 a.m. ET
HOUSTON, Jun 15, 2016 (BUSINESS WIRE) -- Turner Valley Oil & Gas, Inc. (OTC:TVOG) (“Turner” or “the Company”) is pleased to announce the signing of its first Letter Of Intent (“LOI”) for the acquisition of a fast casual seafood restaurant chain based out of Southern Florida.
The chain currently operates profitably 5 stores with over $1,000,000 revenues annually. Through the acquisition by Turner, new investment capital can be invested into expanding the brand significantly. The chain currently operates a mix of company owned stores and franchised locations in Florida with intention to expand into South Carolina and Georgia.
Management is completing further due diligence including financial statement review, franchise materials, site visits and various other items. Disclosure will be limited until final agreements are reached due to confidential and competitive issues and as required quiet period during closing. Such information will be disclosed as it is permitted under such restrictions or once any Purchase and Sale Agreements are completed and disclosure will be required via the Company’s filings.
This underpins the Company’s strategy as a business holding company to focus on acquiring operating profitable businesses with considerable upside through organic growth and mergers & acquisitions (M&A). This is the first acquisition as the company moves forward with its aggressive M&A strategy. The Company has already executed a second LOI with a related sector business although much larger in size. Preliminary details of this LOI will be announced in subsequent press releases and disclosures.
AI
