TransGlobal Assets Signs Letter of Intent to Acquire White Lagoon Resort Development Project in Bulgaria
April 21 2011 - 3:03PM
Marketwired
TransGlobal Assets, Inc. (OTCQB: TMSH) (OTCBB: TMSH), is pleased to
announce that the Company has signed a letter of intent and has
received the project plans for the acquisition and development of
the White Lagoon Resort project located in Topola Village near
Kavarna, Bulgaria on the Black Sea coastline. The White Lagoon
project is anticipated to be valued at more than $400 million USD
when completed.
The estimated revenue for the overall project from sales will be
approximately $400M. The three stage development project includes
the construction of a vacation resort complex covering
approximately two hundred and seventy-two thousand (272,000) square
meters with plans to offer guestrooms with spectacular views of the
Black Sea, restaurants, a spa for relaxation, retail and reception
hall amongst other amenities. The guest houses and apartments will
house approximately 6,800 people and the White Lagoon Resort will
be able to house approximately 8,000 people total. The overall
project consists of the following dwellings to be built, 276
individual houses, 282 in-row houses, 1,194 apartments and 4
hotels. The location of the White Lagoon Project provides easy
access for vacationers and tourists with amenities such as the
natural warm hot springs on the property, an Arnold Palmer designed
Golf Course nearby and the local airport within a few miles.
The "White Lagoon JSC" Project is a public company listed on the
Bulgarian Stock Exchange
(http://www.bse-sofia.bg/?code=4W5&page=QuotesInfo).
As part of the agreement, TransGlobal Assets will present the
project to a qualified lender for funding. Upon completion of the
funding, TransGlobal Assets will acquire and own 100% of the shares
of the project. With the purchase of White Lagoon Resort, the
Company will receive the land title along with all improvements,
approvals and permits. TransGlobal Assets believes that the
acquisition of the project and financing will further establish the
new Company as a multi-sector global holding company and open the
doors to additional large-scale financing partners.
"With a working hotel already on the property and 120 villas
already completed the Company gains immediate working assets on its
balance sheet with the acquisition of the White Lagoon Resort. With
these new and significant assets, we believe shareholder value
should increase as well," stated Paul Thompson, Vice President of
Investor Relations for TransGlobal Assets.
In further news, the Company is pleased to report the launch of
their newly designed, interactive website at the new URL:
www.transglobalassets.com. The website was designed to provide the
general public and investment community with a means to quickly
understand the new direction set forth by the new Company
leadership and keep up to date on the publicly announced projects
the Company is acquiring.
TransGlobal Assets is looking forward to providing further
updates and information to shareholders regarding additional
projects being reviewed by the company as well as the status of
financing of announced projects as well as other projects in
development.
About Transglobal Assets, Inc.:
Transglobal Assets, Inc. is a rapidly evolving global holding
corporation strategically poised to build a multi-billion dollar
asset base within diverse industries around the world. The
Company's initial emphasis is on Renewable Energy Ventures, Resort
and Hospitality Properties, Senior-Related Services, Commercial
Real Estate, select Manufacturing, and beyond. To learn more about
Transglobal Assets, Inc., please visit:
www.transglobalassets.com.
Safe Harbor Statement This news release contains
"forward-looking statements" as that term is defined in Section 21E
of the Securities Exchange Act of 1934. Statements in this press
release which are not purely historical are forward-looking
statements and include any statements regarding beliefs, plans,
expectations or intentions regarding the future. Forward-looking
statements involve known and unknown risks, uncertainties and other
factors that may cause our actual results, performance or
achievements to differ materially from the anticipated results,
performance or achievements expressed or implied by such
forward-looking statements. Forward-looking statements in this
release include statements regarding the Company's projections
regarding Biogas, PV Solar Energy, Wind Energy other alternative
energy explorations in future periods. Factors that could cause
actual results to differ materially from anticipated results
include risks and uncertainties such as: risks relating to PV Solar
Energy, Wind Energy other alternative energy development risks; the
risk of commodity price fluctuations; political and regulatory
risks; risks of obtaining required operating permits and other
risks such as weather conditions uncertainties. The Company
disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
General Inquiries: Paul Thompson Vice President Investor
Relations Transglobal Assets, Inc. - USA
investorrelations@transglobalassets.com Visit us on the web at:
www.transglobalassets.com
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