LAS VEGAS, Oct. 9, 2014 (GLOBE NEWSWIRE) -- Transnational Group, Inc. (Pink Sheets:TAMG) today announced that the Company has entered into a purchase agreement for a 113-acre property in San Joaquin Valley, CA that will increase the size and scope of its planned 'Tranquil Waters' project.
Transnational Group has opened escrow on the 113-acre property, which is adjacent to the 155-acre property that the Company recently agreed to acquire for the development of its 'Tranquil Waters' project. The escrow is scheduled to close in 120 days, during which time the Company will apply for all necessary drilling and well permits as well as requisite local governmental approvals permitting the sale of water recovered from the property.
The Company also expects to finalize agreements with all contractors who are to perform work on Tranquil Waters' initial 155-acre property and receive the necessary permits allowing the sale of water recovered from the project within the coming weeks. A hydrologist's report on the properties will also be obtained during this period.
"Transnational Group is pleased to announce the expansion of our plan of operations for Tranquil Waters through the acquisition of a new property which we believe will significantly increase the water production and revenue to be generated by this project. In addition to opening escrow on this second property, we are glad to report that the contracting, permitting and reporting process for the project's initial property is moving along rapidly and without any issues thus far," stated CEO of Transnational Group, Dr. Philip Dutoit.
"We expect to begin drilling wells and recovering water from this project after closing escrow in the near future and could begin generating revenue from the project by mid 2015. Tranquil Waters is projected to provide a significant revenue stream that management believes will increase Transnational Group's income and enable the Company to effectuate its dividend distribution policy," concluded 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.