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?Turner Announces Acquisition of Veteran-Owned American Parking Control
February 12, 2019 No Comments
HOUSTON, Texas – 02-12-19 – NASDAQ Announcement – Turner Valley Oil and Gas, Inc. (the “Company”) (OTC: TVOG), a company focused on capitalizing on technology-forward American infrastructure expansion, is pleased to announce that Turner has completed an acquisition agreement with O&S Builders, Inc. dba American Parking Control (“APC”), an all-encompassing construction services company located in Houston, Texas.
HIGHLIGHTS OF THE TRANSACTION INCLUDE:
APC is a full service construction company in business since 1984 with over 17 employees
Principal owner William O’Connor has an extensive background in regards to mega infrastructure projects with Bechtel, one of the largest private engineering and contracting companies in the world..
APC annual revenues for 2016 were $1,608,566.90, $2,949,008.76 for 2017, and $3,098,999.44 for 2018.
Anticipated revenue for 2018 was lower than anticipated due to inclement weather that delayed jobs. Much of that revenue and accounts payable will be realized in 2019.
Estimated run-rate for 2019 is forecasted to be $5MM and EBITDA with an average of 10% margin.
Turner CEO Steve Helm stated, ”This most recent acquisition agreement with APC brings another building block to the technology forward infrastructure company we are constructing here at Turner. We could not be happier with the company and the excellent management that comes along with this transaction This is now the third acquisition agreement that Turner has completed and we are diligently working on adding some truly game-changing and disruptive acquisitions to the TVOG fold that we are confident the investment community will be excited about”.
ACQUISITION
Turner has structured the acquisition to include the purchase of all of the shares of APC to be owned as a wholly owned subsidiary. TVOG will audit the books of the company and complete a detailed business plan to support continuous operation and growth as a condition of closing. The Company will use its Preferred Stock for a portion of the acquisition and will also sell Preferred Stock to investors in conjunction with its investment banking advisor currently being engaged as well as initial capital provided by GHS Investments, LLC. The transaction includes Preferred Stock and investment capital in order to expand its clients and grow revenue. This structure protects both insider and retail investors from dilution to Turner’s common stock structure. Specific details of the transaction can be found with the 8K Filing released in conjunction with this press release.
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