SOURCE: Transglobal Assets, Inc.

April 25, 2011 06:00 ET

TransGlobal Assets Signs Letter of Intent With Sofstroy Construction of Bulgaria to Complete White Lagoon Resort Development

LINCOLN CITY, OR--(Marketwire - Apr 25, 2011) - TransGlobal Assets, Inc. (OTCQB: TMSH) (OTCBB: TMSH) is pleased to announce the Company has signed a Letter of Intent with Sofstroy Construction of Sofia, Bulgaria to serve as General Contractor to complete the build out of the new beachfront development named The White Lagoon Resort. TransGlobal Assets has secured the construction financing for the White Lagoon project through the General Contractor, Sofstroy.

"Sofstroy Construction is a 60+ year old company with a reputation for building many significant landmarks in Bulgaria's Capital. With a top quality General Contractorsuch as Sofstroy and the backing by a prominent investment bank, we are confident the full vision for this resort will be realized," stated Paul Thompson, Vice President of Investor Relations for TransGlobal Assets.

The now partially constructed resort, which is located on Bulgaria's Black Sea coastline between the towns of Balchik and Kavarna, will host as many as 8,000 short and long-term patrons within a variety of lodging options throughout the property after all phases are completed. To date, the property has 120 units nearing completion. The estimated revenue for the overall project from the sales of units and residual, trades and other areas will be approximately $400M.

Other resort accommodations and amenities are either fully built, underway or soon to be started. They include:

  • Hotel guest rooms, Individual houses, and In-row houses
  • Reception hall
  • Indoor/outdoor pools
  • Full SPA facilities
  • Tennis courts
  • Beach and Water Sport rentals
  • Super market, restaurants, café bars

TransGlobal Assets expects to update its shareholders at each milestone of this project's review and acquisition. More news will follow in the near future.

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.

Contact Information