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TGGI Issues Corporate UpdateFSM Begins Audit and Releases New Version of 5 Boards; TGGI to Cancel 500 Million Shares of Common Stock (July 08, 2010)
FORT LAUDERDALE, FL -- (Marketwire) -- 07/08/10 -- Trans Global Group, Inc. (PINKSHEETS: TGGI) and its wholly owned subsidiary, Kazore Holdings, Inc. D/B/A Full Spectrum Media ("FSM"), www.4fsm.com, begins work on its audit and releases the latest version of www.5boards.com, as well as announces the completion of its fast growing board sport social site's iPhone application.
TGGI has reached an agreement to cancel the 500 million shares of common stock issued to acquire FSM in exchange for Preferred Stock of Kazore Holdings, Inc. In a move to ready the Company for the sale of FSM to American Life Holding Company (OTCBB: ALFE), TGGI will help increase shareholder value by canceling the shares ahead of the transaction and reducing the authorized shares of the Company.
TGGI has consolidated operations of its insulation business under All Weather Insulation and is in the process of closing its subsidiary Ecosafe Insulation of Florida. The consolidation will save time and money for the company when preparing its financial information.
TGGI will be changing the name of the parent company Trans Global Group, Inc. to a name that better reflects the company's operations.
5boards iPhone application will soon be available for free download on the Apple iTunes store. After dedicated programming efforts by Full Spectrum Media the mobile application has successfully proven its one-of-a-kind feature set for board sport enthusiasts.
Catering to approximately 50 million boarders worldwide who participate in Surfing, Skateboarding, Wakeboarding, Kiteboarding and Snowboarding, the 5boards application provides geo tracking to boarders' favorite spots to ride their boards, as well as offers shops, events and a way to communicate with other active 5boards members. Additionally, the 5boards application will be pioneering the first ever boat launch locator, which is a resourceful tool for Wake Boarders and boat enthusiasts. Other future tools will include wind speed reports for Kiteboarders, snow reports for Snowboarders and wave reports for Surfers. Version one will be a free download on the Apple iTunes store. It has been submitted to Apple and will include advertising of popular board sport companies. Version two will offer added tools for a $4.99 purchase through iTunes.
"With 5boards already loyal customer base, the uniqueness of combining the five most popular board sports in one mobile application has received incredible reviews in the boarding community," states founder Randy Schneider.
Simultaneously, 5boards is also launching a completely new website that will support the programming efforts put into the mobile application.
Currently, 5boards.com has a member presence in over twenty countries worldwide and continues to grow its member base daily. Advertising and partnership agreements by industry leaders are being discussed in conjunction with the launch of the 5boards application for mobile devices.
The foregoing press announcement contains forward-looking statements that can be identified by such terminology such as "believes," "expects," "potential," "plans," "suggests," "may," "should," "could," "intends," or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. In particular, management's expectations could be affected by, among other things, uncertainties relating to our success in completing acquisitions, financing our operations, entering into strategic partnerships, engaging management and other matters disclosed by us in our public filings from time to time. Forward-looking statements speak only as to the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
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