CORAL SPRINGS, Fla.,
June 9, 2014 /PRNewswire/ -- Trans
Global Group, Inc. (PINKSHEETS: TGGI) has been working the past few
months to reduce the amount of long term debt on the books dating
back to 2009 through a combination of debt forgiveness, equity
conversions, the sale of unused assets and corrections. TGGI
has been able to reduce its debt from 819,568 to $438,073 a reduction of approximately 46% and has
reduced the accrued interest from $145,700.87 to $62,960.21 or approximately 26% from the numbers
posted in the March 31 financial
report, subsequently TGGI has not added any new additional debt
since the end of the first quarter.
TGGI is working to further reduce its debt which is needed to
complete a series of acquisitions for both TGGI and its
subsidiary.
There will be no new accrued interest until January 1, 2015 if there is any remaining debt
left.
The Company has created a holding company called TGGI Holdings,
LLC in the State of Florida in
preparation of future acquisitions.
The Company has negotiated deals with several entities to be
acquired for the parent company and the subsidiary in ranging
business sectors from music and publishing, construction,
environmental projects and LED lighting including grow lights.
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
954-509-3749
SOURCE Trans Global Group, Inc.