$TVOG Releases a Letter to Shareholders From CEO Steve Helm
To all Shareholders and Potential Investors:
As we move forward in 2018, I would personally like to thank shareholders, our employees, and their families for their continued patience as we near completion of the objectives that we have been working so hard to achieve the past three years. Without your loyalty and perseverance we would certainly not be where we are today, and that is on the precipice of finally moving our company forward to become a substantial player within the bitumen and infrastructure markets.
We are very happy today, now more than ever, to report on the progress that has been made in achieving our first set of objectives in building our new company. The infrastructure assets that we are acquiring will be the stepping stones to what we believe will be a fully reporting, senior listed company. While we wait for official press releases and filings giving the exact details of everything that is happening, I can give some updates on key items.
SEC ANALYST ASSIGNED
The Company successfully filed its Form 10 with the SEC on January 18, 2018. Shortly thereafter, the SEC appointed an analyst whose responsibility is to review and request edits or supplemental information to the Form 10. This is typical after a registration statement is filed and as a result the Company is pleased to announce significant progress has been made in conjunction with its sponsor investment bank, Network 1 Securities (“Network 1”) and auditors Briggs & Veselka Co. Since this time, the SEC has returned the first comment letter with a number of revisions, edits, etc. As of April 9th, the Company has withdrew its first version of the Form 10 as instructed by the SEC providing a form letter to indicate this next step. Now the Company will resubmit the Form 10 to reflect the comments as well as include audited year end 2017 financials.
“I have worked closely with the SEC throughout this process and am eager to complete the resubmission as prescribed by the SEC’s procedures of the Form 10. Going through this process is a critical next step to advancing the Company. Meanwhile management continues to work closely on the final closing conditions of the transaction irrespective of the Form 10 process,” stated Rick Adams, CFO.
ASSET TRANSFER MEETING WITH EUROPEAN BANK
The nature of the Purchase and Sales Agreement is such where TVOG is working to acquire shipping vessel assets directly in conjunction with an established shipping arm of a Dubai family office (“DFO”). These assets are first being acquired from a European Bank by the DFO and then sold via the Preferred Stock Placement “in kind” along with growth capital for expansion. DFO had asset transfer meetings last couple week with the European Bank to initiate the final asset transfers and the Company has been told to expect the transaction to be completed shortly.
NETWORK 1 MEETING THIS WEEK TO FINALIZE REMAINING CLOSING CONDITIONS
The Company’s management has been working diligently with Network 1 during this closing process. The financial engineering of the Preferred Stock Offering is set up to allow for significant additional acquisitions of vessels and other assets further into the bitumen supply chain. There is a critical meeting this week to review all remaining steps following the DFO meeting with the European Bank that will help to complete this process. The Preferred Stock Offering is not predicated on the Form 10 or any registration statement. The stock is issued as restricted Preferred Stock which will have a 9.5% yield in cash or kind and ability to convert to common over time and does not require a registration statement to be issued and complete the transaction.
APPOINTMENT OF NEW MANAGEMENT
Current management is positioning the Company to expand its upper executive management team with seasoned experts that come with decades of experience within the shipping and bitumen supply chain sectors. New management has indicated that this is an unprecedented time to be able to focus on integration of these sectors while shipping remains at decade lows and bitumen related crude oil prices hold at historical lows as well. As part of this executive team the Company intends to form several committees to focus on acquisitions, business development, and technology deployment such as blockchain into the shipping and supply chain model. To this end, the Company is currently nearing the appointment of a well respected blockchain advisor. We believe this addition will give TVOG a distinct advantage in the bitumen shipping markets over its competitors.
APPOINTMENT OF NEW BOARD OF DIRECTORS
Currently as Chairman, I am eager to introduce my new co-Board of Director members and put in motion this expanded business model that we have all been patiently waiting for. It is my belief that by adding this level of expertise to the Board, not only do we improve our ability to up-list to a senior exchange and attract Wall Street investors to TVOG, but also to formulate a team dynamic focused on bolt-on acquisition and improving the development of new business. This incoming Board will be the lifeblood of our Company, We are looking forward to make new Board announcements shortly.
With the financial backing and business guidance provided by Network 1 Financial, we have been able to take what the condition the Company was in, to soon become an exciting and disruptive company. The initial $25 Million investment plan procured by Network 1 via a Family Office in Dubai has allowed us to initiate the purchase of the first 2 vessels, initiate talks to acquire more Bitumen Shipping Vessels, and begin the process of acquiring other infrastructure assets.
Now that those initial parameters of the deal are in place, for the rest of 2018 we can start to look forward to seeing what exactly this infrastructure deal is really all about. The nuts and bolts of the deal so to speak. This is what I am truly excited about sharing with all of you in the near term.
On behalf of the Board of Directors,
Steve Helm, Chairman & CEO
http://primestarbitumen.com/turner-releases-a...teve-helm/
To all Shareholders and Potential Investors:
As we move forward in 2018, I would personally like to thank shareholders, our employees, and their families for their continued patience as we near completion of the objectives that we have been working so hard to achieve the past three years. Without your loyalty and perseverance we would certainly not be where we are today, and that is on the precipice of finally moving our company forward to become a substantial player within the bitumen and infrastructure markets.
We are very happy today, now more than ever, to report on the progress that has been made in achieving our first set of objectives in building our new company. The infrastructure assets that we are acquiring will be the stepping stones to what we believe will be a fully reporting, senior listed company. While we wait for official press releases and filings giving the exact details of everything that is happening, I can give some updates on key items.
SEC ANALYST ASSIGNED
The Company successfully filed its Form 10 with the SEC on January 18, 2018. Shortly thereafter, the SEC appointed an analyst whose responsibility is to review and request edits or supplemental information to the Form 10. This is typical after a registration statement is filed and as a result the Company is pleased to announce significant progress has been made in conjunction with its sponsor investment bank, Network 1 Securities (“Network 1”) and auditors Briggs & Veselka Co. Since this time, the SEC has returned the first comment letter with a number of revisions, edits, etc. As of April 9th, the Company has withdrew its first version of the Form 10 as instructed by the SEC providing a form letter to indicate this next step. Now the Company will resubmit the Form 10 to reflect the comments as well as include audited year end 2017 financials.
“I have worked closely with the SEC throughout this process and am eager to complete the resubmission as prescribed by the SEC’s procedures of the Form 10. Going through this process is a critical next step to advancing the Company. Meanwhile management continues to work closely on the final closing conditions of the transaction irrespective of the Form 10 process,” stated Rick Adams, CFO.
ASSET TRANSFER MEETING WITH EUROPEAN BANK
The nature of the Purchase and Sales Agreement is such where TVOG is working to acquire shipping vessel assets directly in conjunction with an established shipping arm of a Dubai family office (“DFO”). These assets are first being acquired from a European Bank by the DFO and then sold via the Preferred Stock Placement “in kind” along with growth capital for expansion. DFO had asset transfer meetings last couple week with the European Bank to initiate the final asset transfers and the Company has been told to expect the transaction to be completed shortly.
NETWORK 1 MEETING THIS WEEK TO FINALIZE REMAINING CLOSING CONDITIONS
The Company’s management has been working diligently with Network 1 during this closing process. The financial engineering of the Preferred Stock Offering is set up to allow for significant additional acquisitions of vessels and other assets further into the bitumen supply chain. There is a critical meeting this week to review all remaining steps following the DFO meeting with the European Bank that will help to complete this process. The Preferred Stock Offering is not predicated on the Form 10 or any registration statement. The stock is issued as restricted Preferred Stock which will have a 9.5% yield in cash or kind and ability to convert to common over time and does not require a registration statement to be issued and complete the transaction.
APPOINTMENT OF NEW MANAGEMENT
Current management is positioning the Company to expand its upper executive management team with seasoned experts that come with decades of experience within the shipping and bitumen supply chain sectors. New management has indicated that this is an unprecedented time to be able to focus on integration of these sectors while shipping remains at decade lows and bitumen related crude oil prices hold at historical lows as well. As part of this executive team the Company intends to form several committees to focus on acquisitions, business development, and technology deployment such as blockchain into the shipping and supply chain model. To this end, the Company is currently nearing the appointment of a well respected blockchain advisor. We believe this addition will give TVOG a distinct advantage in the bitumen shipping markets over its competitors.
APPOINTMENT OF NEW BOARD OF DIRECTORS
Currently as Chairman, I am eager to introduce my new co-Board of Director members and put in motion this expanded business model that we have all been patiently waiting for. It is my belief that by adding this level of expertise to the Board, not only do we improve our ability to up-list to a senior exchange and attract Wall Street investors to TVOG, but also to formulate a team dynamic focused on bolt-on acquisition and improving the development of new business. This incoming Board will be the lifeblood of our Company, We are looking forward to make new Board announcements shortly.
With the financial backing and business guidance provided by Network 1 Financial, we have been able to take what the condition the Company was in, to soon become an exciting and disruptive company. The initial $25 Million investment plan procured by Network 1 via a Family Office in Dubai has allowed us to initiate the purchase of the first 2 vessels, initiate talks to acquire more Bitumen Shipping Vessels, and begin the process of acquiring other infrastructure assets.
Now that those initial parameters of the deal are in place, for the rest of 2018 we can start to look forward to seeing what exactly this infrastructure deal is really all about. The nuts and bolts of the deal so to speak. This is what I am truly excited about sharing with all of you in the near term.
On behalf of the Board of Directors,
Steve Helm, Chairman & CEO
http://primestarbitumen.com/turner-releases-a...teve-helm/
