Thursday, February 16, 2017 6:45:19 PM
http://www.prnewswire.com/news-releases/turner-initiates-audits-to-close-acquisitions-and-uplist-to-otcqb-with-engagement-of-firm-briggs--veselka-co-300407747.html
http://finance.yahoo.com/news/turner-initiates-audits-close-acquisitions-130000479.html
http://turnerventuregroup.com/turner-initiates-audits-to-close-acquisitions-and-uplist-to-otcqb-with-engagement-of-firm-briggs-veselka-co-tvog/
So we have an unspecified acquisition, for which they have appointed a new accountant, are going SEC current, and uplisting to the OTCQB BEFORE the acquisition is completed, and maybe before the acquisition details are announced. The big question is why? Plenty of penny stocks make an acquisition and then take months to fiddle with their financials, and some do so while still OTC pink.
Why is Turner Venture different?
The quick, intuitive answer, is that they have made a deal to acquire a company large enough that it REQUIRED them to be OTCQB, or on the path to get there, before publicizing the agreement; and as a larger company, had the leverage to get what they demanded. Note that Turner also has an 'investment banking partner', suggesting that they have a fair amount of money backing them, which also supports the theory that this is a pretty big deal.
It shouldn't be too long before we find out.
In the mean time, the company has been catching up on its SEC reporting requirements. Their first SEC filing in years was mid January, and was the agreement with a consultant to help with acquisitions, strategy, and PRs.
Just in case we didn't understand this, a subsequent PR stated that it had "engaged Discount Edgar, Inc. to handle SEC Filings as a critical next step in meeting standards to become OTCQB listed and complete its acquisitions."
http://www.prnewswire.com/news-releases/turner-initiates-edgar-filing-plan-ahead-of-planned-acquisitions-300391727.html
http://turnerventuregroup.com/turner-initiates-edgar-filing-plan-ahead-of-planned-acquisitions/
On 1/24/17, the company released an 8-K with points of business from an investor meeting the prior year, intended to get the company ready for acquisitions, including a name change to remove the 'Oil and Gas' from the name, and the creation of preferred shares specifically for acquisitions:
http://ih.advfn.com/p.php?pid=nmona&article=73682053
On 1/25/17, the company website provided a status update, tying meeting with bankers and auditors to an upcoming unspecified acquisition:
http://turnerventuregroup.com/turner-provides-investor-update/
On 2/5/17, another update mentioned continued SEC filing activity, audit preparation, as well as social media and investor outreach plans:
http://turnerventuregroup.com/turner-audit-preparation-social-media-news/
Facebook Page: https://www.facebook.com/TurnerVentureGroup/
Twitter Feed: https://twitter.com/TurnerVenture
On 2/8/17, the company released a form 4 to detail the CEO's holdings, which include 9.25 million shares, or a little over 10% of the outstanding :
http://ih.advfn.com/p.php?pid=nmona&article=73804714
And that brings us up to the current time, with the engagement of Briggs & Veselka Co as the company's accountants. Who are Briggs & Veselka? They're pretty big:
http://bvccpa.com/about-us/
1) Houston’s largest independent accounting firm, founded in 1973
2) Fourth largest independent firm in Texas
You don't hire a company like this unless you mean business, have money, and have a lot of financials to audit, on a rock-solid, unquestionable, independent basis.
Something big is coming. Perhaps a couple of somethings big. After all, they repeatedly refer to their 'first' acquisition. Doesn't the first imply a second?
With only 86 Million OS, and a 69 Million float, TVOG has the potential to run huge when we finally know who they are acquiring. It already trades impressively thinly.
Keep an eye on this one.
http://www.otcmarkets.com/stock/tvog/profile
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