LAS VEGAS, Sept. 23, 2014 (GLOBE NEWSWIRE) -- Transnational Group, Inc. (Pink Sheets:TAMG) today announced that it has entered into an agreement to purchase a 155-acre property located in California's San Joaquin Valley for the purpose of developing water rights on the property that will be used to develop the Company's 'Tranquil Waters' project.
An escrow has been opened on the purchase agreement, which is due to close in 120 days. During this time, Transnational Group will apply for all necessary drilling and well permits as well as approval from the local government to sell water recovered from the property. Upon the agreement's finalization and closing of escrow, which is contingent on the receipt of these permits and approvals, Transnational Group expects to drill a total of four wells on the property.
Dr. Philip Dutoit, the Company's CEO, commented, "The opening of escrow is the Company's first step in developing the Tranquil Waters project, which we believe will be a very successful venture for Transnational Group. We expect this project, once it is completed, to establish a consistent stream of income that will enable the Company to pay dividends to our shareholders."
"The Tranquil Waters project will be located in the heart of California's agricultural belt above rich aquifers. Due to the fact that California is facing a water crisis that's expected to continue for the foreseeable future, we believe this project, when completed, will be a viable asset for the Company's operations," added Dr. Dutoit.
About Transnational Group, Inc.
Transnational Group, Inc. is a development stage holding company whose primary business is focused on the acquisition and development of interests in the financial, consulting and natural resources sectors, focusing on developing properties and opportunities through partnerships and joint ventures, 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.
Forward-Looking Statements:
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 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.