Transnational Automotive Group, Inc.
OTC Bulletin Board : TAMG

Transnational Automotive Group, Inc.

April 04, 2006 22:24 ET

Transnational Automotive Group, Inc. Signs Letter of Intent to Acquire Cameroon Real Estate

SEATTLE, WASHINGTON--(CCNMatthews - April 4, 2006) - Transnational Automotive Group, Inc. ("TAUG") (OTCBB:TAMG) announced that the Company has entered into a Letter of Intent with Parker Transnational Industries, LLC ("PTI") to acquire a 60% interest in Bonanza Estates, a company that owns a 500 acre parcel (210 hectares) located in the Limbe area of Cameroon.

The planned transaction between the Company and PTI would result in the Company securing a 60% ownership interest in Bonanza Estates. The acquisition of this interest in the Bonanza Estates property, valued in excess of $15.2 million, would involve the exchange of approximately 3.8 million shares of the Company's Section 144 common stock. The Company's common stock closed on Friday, April 3 at a trading price of $3.21 per share.

The Bonanza Estates property consists of 500 acres of land which enjoys a seafront/beach shoreline of approximately 1800 yards. The property currently has an oceanfront hotel, an active palm oil plantation, two rock quarries, a rainforest, and holds an Industrial Free Zone status. In addition the property is located near a new deep water port, which is currently under construction in Limbe.

"We are pleased to enter into a Letter of Intent to acquire the interest in the Bonanza Estates property. We see this acquisition as a key achievement in implementing our efforts in Cameroon, which will serve to further the economic development, improve the services and increase the job opportunities available to the population throughout the country," said Mr. Jim Buck, President of the Company.

Transnational Automotive Group (OTCBB:TAMG), a Nevada corporation, is a transportation management, sales and manufacturing company. Our vision is to become the leading provider of transportation management and vehicle sales in the developing world. Headquartered in Seattle WA, TAUG has been established through key acquisitions of leading transportation and automotive businesses.

This news release contains certain 'Forward-Looking Statement' within the meaning of Section 21E of the United States Security Exchange Act of 1934. All statements, other than of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents files from time to time with the Securities Exchange Commission.

Contact Information

  • Transnational Automotive Group, Inc.
    Mr. Jim Buck
    (206) 262-7413
    (206) 262-7814 (FAX)