RED BANK, NEW JERSEY--(Marketwire -08/25/11)- TGI Group (PINK SHEETS: TSPG) CEO Henry Val addresses the current state of company as the management undergoes significant corporate changes, in view of the company's current share price.
Mr. Val stated, "We are proceeding with our asset sales and continue with our core business of alternative energy. The Edgetech endeavor, as previously announced, was always a short term hold for us, and in regards to the sale of Edgetech, the process did take longer than expected due to the buyer's thorough due diligence. We are pleased to report that we expect the definitive agreement to be announced shortly."
"In consideration of the sale of other noncore assets, we are seeking the best way of divesting these assets without infringing on our creditors and shareholders to achieve optimal value for all parties. This plan is well under way. Upon completion of these transactions, the company will fully focus on the renewable energy sector with the possibility of a merger if a legitimate opportunity presents itself. With respect to the Solar Energy concentration of TGI, we continue to pursue our International interests in the Philippines, the high capacity production capability of solar panels in South America, and the combination of Waste to Energy and solar power."
"We are looking forward to, among other things, enhancing the shareholders' value in TGI. This has become our top priority. Contrary to some circulating rumors, our shareholders have been advised that TGI management has no plans of conducting any sort of a stock split, nor is this a topic of any relevance to the company."
"We remain cognizant of the sluggish share price and are currently strategizing on how to restructure and pay down debt, and complete the sale of all non-core assets in pursuit of optimal value for the company and its shareholders. More details on our progress will follow shortly, then incrementally but frequently."
About TGI Solar
TGI SOLAR POWER GROUP INC. (www.tgisolar.com) is a diversified holding company. The Company offers its products and services to clients on a worldwide basis and currently maintains JVs and strategic alliances with installation, integration and energy consulting firms. TGI's strategy is to acquire new patented technologies, components, processes, designs and methods with commercial value that will give market advantage and generate shareholder value.
Safe Harbor Statements under the Private Securities Litigation Reform Act of 1965: Those statements contained herein which are not historical are forward-looking statements, and as such, are subject to risks and uncertainties that could cause actual operating results to materially differ from those contained in the forward-looking statements. Such statements include, but are not limited to, certain delays that are beyond the company's control, with respect to market acceptance of new technologies, or product delays in the testing and evaluation of products, and other risks, as detailed in the company's periodic filings with the Securities and Exchange Commission.
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