Read this article below and discover all the lies they've told us. We don't accept this in Europe, i'll step to the Court. If anyone is interested to join the club, let it know.
Wednesday, July 06, 2005 14:53 ET
CALGARY, Alberta, Jul 06, 2005 (BUSINESS WIRE) --For the past two years, Tango Incorporated (PINK SHEETS:TNGO) has been a company focusing on the screen printing business, operating out of Portland Oregon. In early spring of this year the company located a dynamic individual who had the potential to turn the company around. "I have had about ninety days to review the corporate records and opportunities at hand. Through reviewing this, I feel that Tango is in a position to make some necessary changes to rebuild and grow its operations," commented Gregg Shykora. Tango will begin its evolution as a company by splitting into three divisions that will position the company to take advantage of its assets.
Our first initiative is going to launch AutoBidXL, which will be an Internet auction site designed to provide "Automated Transaction Processing" for the automotive industry with the potential to expand its capabilities after a successful rollout in the automotive industry. "We believe that this is an under served marketplace for key industry players to sell their inventory on a closed network wholesale basis. The automotive industry is a natural target for the initial launch, due to the numerous transactions and the cash flow mechanism currently used throughout the industry. Success in the automotive section will open the door for many other industries to utilize the AutoBidXL distribution model," said Gregg Shykora. Tango's intention is to design an asset from its initial automobile industry niche application and demonstrate its ability to expand and compete in new market places and compete on several different levels. The company has recruited a key development team and is entertaining the idea of several different acquisitions in the $3-5 million range in the near future.
In addition, Tango has positioned itself to launch its initial roll out in mid September and will begin hiring sales staff by mid August to support this initiative. Tango expects to meet its revenue targets from the sale of site licenses and from its recurring transaction based fee structure. The initial target is to sell 140 dealers in the first year with a $24.95 dollar set up fee and produce 26,880 transactions with recurring transaction fees of $5,376,000.00 annually. These sales statistics are substantiated by "The DesRosiers Canadian Used Vehicle Report" and are based upon the acquisition of 0.2% of the North American Market.
Tango's second initiative is to restructure the Portland operations and address its past creditors. The company is working to develop a logical plan to restructure its Portland operations and deal with the creditors that have a long-term effect on the company. Tango is currently exploring all of its options and is reviewing proposals from several different parties looking to revamp its operation or rebuild it. The main focus will now be towards small North American manufacturers and grow the business through an import and export business. The main operations were achieving over a million dollars in quarterly revenue, showing steady growth. The new management is reviewing what can be done to capitalize upon the previous business.
The third initiative will be to pursue other opportunities presented to the company. The management of Tango will be meeting with its securities attorney throughout the month to begin initiating a role out strategy in which the company can dividend out its key assets to the shareholders. If management gets the go ahead from its attorneys the company could be split into three separate public companies and avoid the need for any stock consolidation. The company is also looking to secure the necessary funding to pursue these objectives, by the end of the month. In addition to the three initiatives, the company is also committed to regaining its issuer status on the OTC Bulletin Board, as soon as possible.
Legal Notice Regarding Forward-Looking Statements:
Safe Harbor: This press release contains forward-looking information within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934 and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Tango Incorporated to be materially different from the statements made herein.
SOURCE: Tango Incorporated
Tango Incorporated
Gregg Shykora, 403-410-6724
Copyright Business Wire 2005
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