Turner Valley Oil and Gas Inc (TVOG)

[SunshineSmiles]

New PR out on the PrimeStar Bitumen Inc website.

HOUSTON, Texas – July 6th, 2018 – Website Announcement – Turner Valley Oil and Gas, Inc. (the “Company”) (OTC: TVOG), is pleased to announce corporate updates, changes to current business plans, and an action plan developed over the last month that is ready for immediate implementation at the company’s discretion.

As indicated in the last update, the delays with the French bank and the closing of the initial shipping transaction with TVOG have caused challenges to complete Phase 1 as originally proposed. Because of this, the participates involved, from our investment banking advisers to our capital partners, have all voiced their support to reorganize the plan. All parties agree that while unforeseen, it was a poor judgement to wait for one large transaction versus advancing the acquisitions of smaller cash flow deals in the interim. So closing these smaller deals have now become the first priority for TVOG at this time.

Many reasons cumulated to this point including: French bank delays, questionable appraisals, overzealous proposed management compensation plans, and various other issues. It is our belief that a reorganization of the plan is important and that we promptly move on to the next set of acquisitions that have been positioned to roll-up into TVOG instead. While the first two vessels involved in Phase 1 will not lead the initial transaction as hoped, management wants to reiterate that the business plan mandate has not changed. The same business partners are involved at this time and there are many alternative assets and/or businesses replacing the original vessels in the acquisition pipeline.

The mandate will continue to be focused on asphalt and bitumen supply chain and services. The original plan had slated this additional pipeline of deals to bolt-on to the first acquisition. TVOG is simply advancing to the other transactions now while waiting to reorganize the vessel transactions. There has been a significant replacement transaction proposed but management recognizes this will take time to analyze and complete its due diligence. In the interim, TVOG intends to complete a number of smaller cash flow positive acquisitions while it positions itself for a larger reverse takeover or related transaction.

It is management’s intention to file the updated Form 10 once the first deals have been finalized so that there are operating businesses acquired and pending under agreement included in the filing. Audited financials through year ending 2017 and quarters for 2018 will also be included.

TVOG is very interested in Blockchain technology as it pertains to direct application to the shipping, infrastructure, and supply chain segments. As previously stated, management has lined up a variety of potential strategic partnerships and advisorial opportunities. However, upon presenting this to compliance, TVOG’s investment banking advisors and the clearing firms, issues arose whereas there may be potential restrictions on deposits for companies active in the crypto-currency and Blockchain sector at the present moment. It is believed this will be clarified and allow for future implementation of these plans, but TVOG Management is clear it will not proceed on any deals until legal counsel, compliance, and the clearing firms have approved of it. TVOG regrets this is the current situation but cannot risk potential challenges as outlined herein until further notice.

Current Plan of Action:

1) TVOG will set up a wholly owned subsidiary for PrimeStar Bitumen, which will be used to negotiate any reorganized transaction with the investment banking advisers and Dubai strategic capital partners.
2) TVOG will immediately execute acquisition contracts with negotiated deals currently on the table within the asphalt supply chain and services sector.
3) TVOG will complete its Form 10 submission with this revised plan and updated audited financials included.
4) TVOG will maintain its current name Turner Valley Oil and Gas, Inc. until further notice.

“I’ve enjoyed being able to lead TVOG in the turnaround process and we have made a number of significant steps towards this end so far. It is now time to focus on executing the business plan and taking the Company to the next level. It has been a complicated process to date but I want to personally thank each shareholder for being patient and supporting TVOG’s efforts,” stated, CEO Steve Helm.