Turner Venture Group Inc (OTCMKTS:TVOG) shares slipped 7.22% to $0.0180 and were unchanged in after-hours trading. Share prices have been trading in a 52-week range of $0.00 to $0.03. The company has a market cap of $1.95 million at 80.34 million shares outstanding.
In a press release, Turner Venture Group announced that it has reached an agreement to acquire the operating, profitable assets of an international bitumen tanker shipping company that is focused on the commercial transportation of bitumen/asphalt products worldwide used in paving roads and highways.
Under this agreement, Turner Venture Group will acquire the assets of the shipping company in an all equity transaction involving the issuance of Preferred Shares, limiting dilution. These assets are specializing in petroleum products and dry bulk commodities distribution which has experienced a recent downcycle creating industry distress and special situation opportunities.
“World asphalt supply and demand is expected to grow exponentially by 2020. With the White House’s recent proposal of $1 Trillion infrastructure investment in the United States, we are excited for the opportunity to capitalize on the dynamics of the shipping industry and build value for Turner shareholders during a time where asphalt trade is expected to rise both regionally and globally,” remarked Turner Venture Group CEO Steve Helms.
“The current U.S. administration has pledged to build new roads, highways and bridges across the country. Recent Energy Administration data shows that the U.S. will require 63% more asphalt than it consumes now just to pave roads at the rate it was at 10 years ago. As a result of this initiative, asphalt demand is expected to increase well beyond that level in the next 2-4 years, which makes the steady supply of bitumen so crucial to making the improving of America’s roads a success,” he continued.
Apart from that, Turner Venture Group is actively pursuing the acquisition of more bitumen tanker supply vessels as it believes there is a solid plan and method of procuring more tankers that allow the company to obtain the new transportation vessels at discounted valuations directly from other commercial banks.
Turner Venture Group is a holding company that is focused on energy related holdings. It is focused on exploration and development of natural resources, primarily oil and natural gas, the markets for which are dealers and wholesale buyers. The company’s properties are located in the Western Canadian Geologic Basin centered in Alberta, Canada.
The company is focused on finding and evaluating profitable small to midsized businesses as merger and acquisition candidates for managing investment and business development, which may include energy, real estate, construction, technology, environmental or other businesses. It has also entered into a farm-out agreement with Odin Capital Inc. of Calgary, Alberta, through its subsidiary, TV Oil and Gas Canada Limited and has not generated any revenues.