Trans Global Group has Filed an Amendment to Reduce the Authorized
Shares by 400 Million with the State of Nevada and CANCELED THE
ISSUANCE OF 480 MILLION SHARES OF COMMON STOCK FOR DEBT CONVERSION
CORAL SPRINGS, Fla.,
Nov. 30, 2012 /PRNewswire/
-- Trans Global Group, Inc. (PinkSheets: TGGI) is pleased to
announce the Company has filed an Amendment with the State of Nevada to reduce the Authorized
shares of the Company from 4 billion to 3.6 billion Authorized
shares with the effective date of 11-29-12. The Amendment
should post within the next 24 hours.
The Company also contacted its transfer agent to cancel an
issuance of 480 million shares of its Common stock for a previously
agreement for debt conversion. As the company mentioned it
will not be converting any more debt for a minimum of 6 months as
it works to reduce the debt without issuing any more shares of its
Common stock.
The third quarter financials should be filed by Friday December 7, 2012 followed up with an
Attorney Letter to restore the Company to Current information prior
to the end of the month.
The Company will issue further news as events unfold over the
coming weeks regarding restructuring of the Company's debt.
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.
CONTACT:
Christopher J Clarke
chris@transglobalgroupinc.com 954-509-3749
SOURCE Trans Global Group, Inc.