- Over $1.5 Million in New Assets Through the Acquisition of a Second Public Traded Company
- Total Net Assets Added in 4Q2017 Are Over $3 Million
- Multi-State Locations to Open in the First 6 Months of 2018
- New FL Corporate Office Open for Business
COCONUT CREEK, FL / ACCESSWIRE / December 6, 2017 / Trans Global Group, Inc. (OTC PINK: TGGI) ("TGGI") has had an exciting fourth quarter of 2017. TGGI received a fresh funding injection that was used to acquire a second marijuana-focused trading entity and to move into its new offices. The funding is in the form of an open-ended Non-Convertible low interest loan from our CEO, who has funded the company since 2016. The total amount owed is listed in each of the posted financials and will be repaid in 2018.
As part of TGGI's announced growth strategy as an MJ holding company, in October, TGGI purchased a control block in a second OTC Pink company. TGGI's plan is to audit the new entity and register its shares with the SEC. This entity diversifies TGGI's MJ-sector related holdings and will house MJ related assets the company is working on that are not into intended to go into Cannabis Consortium. Based on the closing price yesterday TGGI's control block in the second entity is valued at over $1.5 million. After OTCMarkets has been updated, TGGI will release additional details.
The total value of new assets added in the 4th quarter of 2017 based on yesterday's closing price of Bahamas Development Corporation ("BDCI) and the new entity is over $3 million dollars. Once both companies are audited and register their shares, TGGI has several options to leverage those assets for cash that can be used to reduce the float of TGGI and increase its value.
Cannabis Consortium moved into its new office in West Palm Beach, FL, last week. The facility has both warehouse storage space and office space. The new office space has enough room to set up a bullpen for people to contact wholesalers in and out of the MJ business to sell its patented products.
Since word of Cannabis Consortium has spread, the door has opened for TGGI to have licensed operations in three, and possibly four, U.S. States. The operations will submit licensing applications during the first half of 2018 with the goal of having all of them licensed and operating during the first six months of 2018.
On November 17, 2017, BDCI submitted its 10b17 with FINRA to affect both corporate name change to Cannabis Consortium and request a new ticker symbol. The Company is waiting for FINRA to complete the process.
More information regarding the statements made in this release along with more information about Cannabis Consortium can be found it the 3rd Quarter Report filed on OTCMarkets.
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.
SOURCE: Trans Global Group, Inc.