LINCOLN CITY, Ore.,
July 18, 2011 /PRNewswire/ --
TransGlobal Assets, Inc. (OTCQB: TMSH) announces it has
retained an experienced New York,
Manhattan-based law firm,
JSBarkats PLLC. JSBarkats acts as the Company's general counsel and
assists the Company with respect to its SEC compliance and
securities legal work. "JSBarkats has already confirmed its
reputation for being hands-on, by immediately advising against a
loan transaction we were about to close, and forcing us to
re-evaluate our due diligence position with the proposed Solar Park
deal, which has resulted in our timely declining the
transactions," said Company President, Kent A. Strickler. "JSBarkats brings a level
of experience and insight into the capital markets that should be
extremely beneficial to our company and our shareholders." In
revisiting the terms of the proposed loan and the available
information with regard to the Solar Park transaction, management
considers it desirable and in the best interest of the Company that
the Company will not proceed with the proposed 5 Million Euro loan from the Bulgarian bank
announced by the Company June 1,
2011, in connection with the proposed acquisition of a
Bulgarian-based 2.5 MW PV solar project. In consultation with
JSBarkats, its new corporate counsel law firm, management became
aware of material transaction terms and business conditions adverse
to the Company and its shareholders. Accordingly, management
has terminated the proposed transactions.
About JSBarkats PLLC:
JSBarkats is a dynamic growing full-service law
firm headquartered in the heart of Manhattan, NY. The firm provides
experienced, efficient, and cost-effective legal services to
institutional as well as small and mid-sized corporate clients and
wealthy individuals. JSBarkats PLLC was founded
on the principle that "Cold Blooded Billing" at inflated hourly
rates is fundamentally unfair to clients and does not allow for
proper monitoring of overall legal costs. JSBarkats
principally represents publicly traded emerging growth and
established companies, both domestic and foreign, in a wide variety
of industries, particularly in the biotechnology, and "green"
technology industries. The Firm also represents investment banking
institutions, high net worth individuals and other investors.
www.JSBarkats.com
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 that are not purely
historical are forward-looking statements. Forward-looking
statements involve known and unknown risks, and other factors that
may cause actual results or achievements to differ materially from
the anticipated results or achievements expressed or implied by
such forward-looking statements. 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.
SOURCE TransGlobal Assets, Inc.