LAS VEGAS, April 23, 2014 (GLOBE NEWSWIRE) -- Transnational Group, Inc. (OTC:TAMG), today announced that the Company has filed its annual report for the fiscal year 2014 ended on February 28, 2014 with the OTC Markets.
Transnational Group resumed operations in 2013, having changed its name from Transnational Automotive Group to accurately reflect the Company's new business model of acquiring and developing properties containing natural resources through partnerships and joint ventures.
As a result, management would like to highlight for current shareholders some of its notes regarding the Company's 2014 annual report and financials.
CEO of Transnational Group, Dr. Philip Dutoit, commented, "The Company was previously engaged in the development and operation of mass public transportation in Cameroon, Africa and experienced substantial losses in 2008 due to the global financial crisis. As a result, operations were abandoned or taken over by the host country due to difficulties with local financing and management."
"In order for Transnational to become profitable moving forward, the Board of Directors accepted liability for past expenditures, including advances from shareholders to cover legal fees for past lawsuits against the Company prior to 2012. It is critical for our current shareholders to note that these lawsuits have all been settled or resolved and Transnational believes there are no further legal actions pending against the Company," continued Dr. Dutoit.
"Moving forward in fiscal 2015, Transnational Group expects to enter agreements for resource exploitation and development that will generate significant revenues and profits for several years to come," concluded the Company's CEO.
About Transnational Group, Inc.
Transnational Group, Inc. is a development stage holding company, whose primary business is focused on the exploitation of natural resources and acquiring and developing properties through partnerships and joint ventures, as well as the development of formidable partnerships with sponsoring governments and businesses and integrating management's best practices and expertise into their infrastructure.
Cautionary Note to U.S. Investors: The United States Securities and Exchange Commission limits disclosure for U.S. reporting purposes to mineral deposits that a company can economically and legally extract or produce. We use certain terms on this press release, such as "reserves," "resources," "geologic resources," "proven," "probable," "measured," "indicated," or "inferred," which may not be consistent with the reserve definitions established by the SEC. U.S. investors are urged to consider closely the disclosures in our reports filed with the OTC Markets Group, Inc. You can review and obtain copies of these filings from the OTC Markets website at: http://www.otcmarkets.com.
This press release includes forward-looking statements concerning the future performance of our business, its operations and its financial performance and condition, and also includes selected operating results presented without the context of accompanying financial results. These forward-looking statements include, among others, statements with respect to our objectives and strategies to achieve those objectives, as well as statements with respect to our beliefs, plans, expectations, anticipations, estimates or intentions. These forward-looking statements are based on our current expectations. We caution that all forward-looking information is inherently uncertain and actual results may differ materially from the assumptions, estimates or expectations reflected or contained in the forward-looking information, and that actual future performance will be affected by a number of factors, including economic conditions, technological change, regulatory change and competitive factors, many of which are beyond our control. Therefore, future events and results may vary significantly from what we currently foresee. We are under no obligation (and we expressly disclaim any such obligation) to update or alter the forward-looking statements whether as a result of new information, future events or otherwise.
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