TGI Receives an Agreement to Proceed with Manufacturing of Electric Vehicles
EWING, N.J.: TGI SOLAR POWER GROUP INC. (OTC Market: TSPG) (“TGI”), a diversified technology company, today announced that it has received a draft of Manufacturing Agreement, which would allow TGI Auto Division to start production of electric vehicles and proceed with its expansion plans in Europe.
“I would like to recognize the ZAZ team, our long-term manufacturing partners for TGI AUTO project for their commitment and execution, which will be critical elements in the successful financing and implementation,” said Henry Val, TGI’s CEO.
TGI’s initial plan of Electric Vehicles assembly plant, will require financing Euro15-20mm combination of debt and equity. Financing is going to be done through wholly owned European subsidiary, proposed name is TGI AUTO GROUP AB. Big Ben proposal calls for pre-IPO placement of €2.5MM ($2.9MM) and follow up financing in-order to prepare for becoming a publicly traded entity on the Nordic Growth Market NGM AB, MIC Code XNGM (NGM), a regulated Swedish Stock Exchange in Stockholm and subsidiary to Boerse Stuttgart (SWB) in Germany.
About TGI Solar: TGI SOLAR POWER GROUP INC. is a diversified holding company. TGI’s strategy is to acquire innovative and patented technologies, components, processes, designs and methods with commercial value that will give competitive 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.
Source: TGI Solar Power Group Inc.
