RED BANK, N.J., Aug. 26, 2011 /PRNewswire/ -- TGI Group's (PINK
SHEETS: TSPG) (http://www.tgisolar.com) CEO Henry Val updated the public on the current
developments as the company undergoes significant corporate
changes.
TGI Solar is proceeding with asset sales and continues its
mission to focus on its core business in alternative energy.
Regarding the sale of Edgetech, the process is well underway,
and the management expects to announce the definitive agreement
regarding this sale in short time. The delay regarding the sale
provided extra benefits for TGI Solar which of the company was not
aware during the initial due diligence of the sale.
Regarding other assets, the management seeks the best way of
executing their divestiture, with the goal of not infringing on the
company creditors and others alike, and deliver the greatest
possible worth to the company.
Following the sale of these assets, the company will focus on
the renewable energy sector, not limited to possible mergers, if
suitable opportunity presents itself. Besides that, the company
will be focusing on organic growth.
Besides the major corporate changes, TGI continues to pursue its
International interests in the
Philippines, and the opportunity in South America to produce solar panels (Updates
on this deal will be made available once specific advances are
made).
TGI Solar's priority lies in the improvement of TSPG's share
price, addressing the current unfavorable share price, debt
restructuring, paying down debt, asset sale of non-core assets, and
company growth.
To dismiss all rumors, TGI management confirmed that there is no
plan for any form of a stock split whatsoever.
More details on progress of all corporate and business matter to
follow shortly.
About TGI Solar
TGI SOLAR POWER GROUP INC. (www.tgisolar.com) is a diversified
holding company. The Company offers its products and services to
clients on a worldwide basis and currently maintains JVs and
strategic alliances with installation, integration and energy
consulting firms. TGI's strategy is to acquire new patented
technologies, components, processes, designs and methods with
commercial value that will give market advantage and generate
shareholder value.
Safe Harbor Statements under the Private Securities Litigation
Reform Act of 1965: Those statements contained herein which are not
historical are forward-looking statements, and as such, are subject
to risks and uncertainties that could cause actual operating
results to materially differ from those contained in the
forward-looking statements. Such statements include, but are not
limited to, certain delays that are beyond the company's control,
with respect to market acceptance of new technologies, or product
delays in the testing and evaluation of products, and other risks,
as detailed in the company's periodic filings with the Securities
and Exchange Commission.
Contact:
Henry Val
info@tgisolar.com
SOURCE TGI Solar Power Group Inc.