This century PR: FSM was sold to RIGH, TGGI and what happened? No audits , no financials, no news, just scam.
TGGI RELEASES CORPORATE UPDATE
LAKELAND, Fla., November 5, 2010 - Trans Global Group, Inc. (PINKSHEETS: TGGI) would like to take this time to bring its shareholders up to date on Corporate events taking place within the Company.
Recently TGGI released its year consolidated financials, the Company was pleased to report gross revenues of just under One Million Dollars and total Assets of $836,000, with half the Asset base and the majority of the revenue come from AWI. FSM also account for a significant portion of the overall debt of the TGGI as FSM has had private investors that invest have loaned funds directly into FSM for operations.
TGGI discovered during the course of completing its year end numbers that FSM only had collectable revenue of about $140,000 and they where carrying $760,000, but have yet to collect a dime in nearly year.
It was upon this information that ALFE decided not to go through with the transaction since FSM would not be able to cover the costs associated with being a reporting public company. Revenue for calendar year 2010 are expected to reach $250,000 or slightly higher.
TGGI is weighing its options of what to do with FSM; it could keep the Company hoping (trusting) it grows in revenue and could become a viable public company or it will work with FSM to unwind the transaction as it does not benefit TGGI or its shareholder base.
TGGI main goal is to work with AWI the core business of the Company and help grow that company, in addition TGGI is currently pursuing three distinct environmental technologies that would be added to its portfolio and have potential markets beyond North America.
The foregoing press announcement contains forward-looking statements that can be identified by such terminology such as "believes," "expects," "potential," "plans," "suggests," "may," "should," "could," "intends," or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. In particular, management's expectations could be affected by, among ot
