Trans Global Group, Inc. Eliminates 87% of Its Long-Term Debt and 100% of Its Accrued Interest
February 02 2015 - 5:20PM
Access Wire
Trans Global Group and
International Green Building Group, Inc. Rescind Acquisition
Agreement.
CORAL SPRINGS, FL / ACCESSWIRE / February 2, 2015
/ Trans Global Group, Inc. (PINKSHEETS: TGGI) has been
working the past few months to reduce the amount of long term debt
on the books.
TGGI has been able to negotiate and eliminate $82,740.61 in
accrued interest and $373,043 of long-term convertible debt on its
books as of 12/31/14. The only remaining convertible debt on the
books of TGGI is $56,000 and NO interest will accrue on that debt.
The reductions were made without the issuance of additional shares
of the company's common stock or its preferred stock. The Company
did exchange 100% of its ownership in its subsidiary company f/k/a
Rollings.Com for $101,526.96 debt cancellation. Chris Clarke, the
Company's CEO states "When I became CEO in 2012, the long-term debt
was over $750,000 and because of interest accruing, the long-term
debt and interest total grew to over $980,000 by 2013. It has taken
me three years, but I have finally ended this toxic debt issue and
the Company's long-term debt stands at $56,000 with NO interest
accruing."
Trans Global Group, Inc. and International Green Building Group,
Inc. have mutually agreed and executed a rescission agreement to
rescind their Securities Exchange Agreement executed in June of
2014. TGGI CEO states "I felt it was best for the Company to part
ways with International Green Building Group, Inc. due to
differences in business focus moving forward. I would like to wish
Nathan Hall and his Companies the best of luck." Mr. Clarke further
states "I am in final negotiations with a Construction Development
Company that I feel will provide TGGI shareholders added value
moving forward."
TGGI in compliance with SEC regulations may use social media
outlets like Facebook or Twitter to announce key information in
compliance with Regulation Fair Disclosure. The Company's Facebook
page is: https://www.facebook.com/TransGlobalGroupInc. Look for
Company updates on Facebook in the near future.
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
other things, uncertainties relating to our success in completing
acquisitions, financing our operations, entering into strategic
partnerships, engaging management and other matters disclosed by us
in our public filings from time to time. Forward-looking statements
speak only as to the date they are made. The Company does not
undertake to update forward-looking statements to reflect
circumstances or events that occur after the date the
forward-looking statements are made.
For additional information about this release please
contact
Christopher J Clarke
chris@transglobalgroupinc.com
SOURCE: Trans Global Group, Inc.
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