News for the Hospitality Executive
LINCOLN CITY, OR--Apr 21, 2011 - TransGlobal Assets, Inc. (OTCQB: TMSH) (OTCBB: TMSH ), is pleased to announce that the Company has signed a letter of intent and has received the project plans for the acquisition and development of the White Lagoon Resort project located in Topola Village near Kavarna, Bulgaria on the Black Sea coastline. The White Lagoon project is anticipated to be valued at more than $400 million USD when completed.
The estimated revenue for the overall project from sales will be approximately $400M. The three stage development project includes the construction of a vacation resort complex covering approximately two hundred and seventy-two thousand (272,000) square meters with plans to offer guestrooms with spectacular views of the Black Sea, restaurants, a spa for relaxation, retail and reception hall amongst other amenities. The guest houses and apartments will house approximately 6,800 people and the White Lagoon Resort will be able to house approximately 8,000 people total. The overall project consists of the following dwellings to be built, 276 individual houses, 282 in-row houses, 1,194 apartments and 4 hotels. The location of the White Lagoon Project provides easy access for vacationers and tourists with amenities such as the natural warm hot springs on the property, an Arnold Palmer designed Golf Course nearby and the local airport within a few miles.
The "White Lagoon JSC" Project is a public company listed on the Bulgarian Stock Exchange (http://www.bse-sofia.bg/?code=4W5&page=QuotesInfo).
As part of the agreement, TransGlobal Assets will present the project to a qualified lender for funding. Upon completion of the funding, TransGlobal Assets will acquire and own 100% of the shares of the project. With the purchase of White Lagoon Resort, the Company will receive the land title along with all improvements, approvals and permits. TransGlobal Assets believes that the acquisition of the project and financing will further establish the new Company as a multi-sector global holding company and open the doors to additional large-scale financing partners.
"With a working hotel already on the property and 120 villas already completed the Company gains immediate working assets on its balance sheet with the acquisition of the White Lagoon Resort. With these new and significant assets, we believe shareholder value should increase as well," stated Paul Thompson, Vice President of Investor Relations for TransGlobal Assets.
In further news, the Company is pleased to report the launch of their newly designed, interactive website at the new URL: www.transglobalassets.com . The website was designed to provide the general public and investment community with a means to quickly understand the new direction set forth by the new Company leadership and keep up to date on the publicly announced projects the Company is acquiring.
TransGlobal Assets is looking forward to providing further updates and information to shareholders regarding additional projects being reviewed by the company as well as the status of financing of announced projects as well as other projects in development.
About Transglobal Assets, Inc.:
Transglobal Assets, Inc. is a rapidly evolving global holding corporation strategically poised to build a multi-billion dollar asset base within diverse industries around the world. The Company's initial emphasis is on Renewable Energy Ventures, Resort and Hospitality Properties, Senior-Related Services, Commercial Real Estate, select Manufacturing, and beyond. To learn more about Transglobal Assets, Inc., please visit: www.transglobalassets.com.
Safe Harbor Statement This news release contains "forward-looking statements" as that term is defined in Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements in this release include statements regarding the Company's projections regarding Biogas, PV Solar Energy, Wind Energy other alternative energy explorations in future periods. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties such as: risks relating to PV Solar Energy, Wind Energy other alternative energy development risks; the risk of commodity price fluctuations; political and regulatory risks; risks of obtaining required operating permits and other risks such as weather conditions uncertainties. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Transglobal Assets, Inc. - USA