LAS VEGAS, Nov. 6, 2014 (GLOBE NEWSWIRE) -- Transnational Group, Inc. (TAMG), today announced that it has received permits from the Department of Public Health in Fresno, CA allowing the Company to drill four water wells on a 155-acre property that represents over half of the acreage of its proposed 'Tranquil Waters' project located in California's San Joaquin Valley.
The issued permits are owned by Transnational Group and allow the Company's designated contractor, Independent Well Drilling, to 'construct, deepen destroy, recondition or repair' four individual wells on the property.
Transnational Group expects to also receive approval from the local government to permit the sale of water recovered from as well as close escrow on this property by the end of this year. Obtaining the permits to drill and permission to sell recovered water are two contingencies of closing the Company's purchase of the property. Upon the close of financing and escrow, the Company plans to immediately begin drilling wells on its first property of the Tranquil Waters project.
The Company recently announced that it has entered into an agreement to purchase a second 113-acre property that is adjacent to the first and significantly increased the size of its proposed water project. Transnational Group will apply for permits to drill three additional wells on this second property, which would bring the Tranquil Waters project's total number of wells to seven upon its closing. According to management, Transnational Group will apply for and expects to receive the necessary permits to drill these additional wells before year-end.
"Transnational Group is pleased to announce that we have obtained the permits necessary to drill the first four wells on our Tranquil Waters project. This is a necessary milestone for the Company to achieve on our way to recovering and selling water from this property's rich aquifers that have been projected to generate significant long term revenues," commented CEO of Transnational Group, Dr. Philip Dutoit.
"Additionally, it is very positive that the permitting process for this project's first property has gone smoothly and according to schedule. For this reason, we anticipate this process for our second property to be expedited quickly as well," 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.