Texas Gulf Energy Former-CEO Surrenders 15,667,806 Shares of Common Stock Back to Company

Date : 12/11/2013 @ 11:38AM
Source : PR Newswire (US)
Stock : Texas Gulf Energy, Incorporated. (PN) (TXGE)
Quote : 0.0045  0.0 (0.00%) @ 8:59PM

Texas Gulf Energy Former-CEO Surrenders 15,667,806 Shares of Common Stock Back to Company

Texas Gulf Energy, Incorporated. (PN) (USOTC:TXGE)
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HOUSTON, Dec. 11, 2013 /PRNewswire/ -- Texas Gulf Energy, Incorporated (OTCQB: TXGE) (www.tgnrg.com) announced today that the former CEO of the Company, David Mathews, has surrendered 15,667,806 shares of common stock back to the Company.  These shares are being returned to the treasury and reduce the current shares outstanding to 53,110,834 for a net reduction in common shares outstanding of approximately 23%.  Texas Gulf Energy CEO Craig Crawford stated, "The common shares were surrendered in conjunction with the redemption by the Company of the ex-CEO's preferred stock.  As a result of the transaction, former-CEO David Mathews no longer owns any preferred or common shares of Texas Gulf Energy.  Please refer to the 8K dated November 29, 2013, for further details related to the transaction."

About Texas Gulf Energy, Incorporated (www.tgnrg.com)

Focused on providing expert advisory services on program and project management and fast track construction and turnaround services to large refinery, petrochemical and mining projects, Texas Gulf Energy, Incorporated is a safe, well managed, construction services consortium.  Our service lines include direct hire capital construction services, turnaround services, fabrication and program management.  Our clients include some of the largest energy companies in the world such as Exxon Mobil, Conoco Phillips, Chevron, Valero, and others.  We are particularly well known throughout the energy markets for our ability to provide construction services with professional, experienced and well trained teams to maximize the ability of our customers to complete major projects safely, on time and on budget. Now entering our tenth year in business, we have vertically integrated our service offering into other energy market segments, including refinery turnaround services, petrochemicals, and professional consulting services both to better serve the needs of our clients.

Precautionary and Forward-Looking Statements

This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," 'expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in TXGE's disclosures or filings with the SEC. You are further cautioned that penny stocks, like TXGE, are inherently volatile and risky and that no investor should buy this stock unless they can afford the loss of their entire investment.

SOURCE Texas Gulf Energy, Inc.

Copyright 2013 PR Newswire

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