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.
