HOUSTON, Sept. 16, 2013 /PRNewswire/ -- Texas Gulf
Energy, Inc. (OTCQB:TXGE) announced last week that it intends to
spin off the remaining shares owned by the company in its former
wholly owned subsidiary Texas Gulf Oil & Gas, Inc (TGOG)
to TXGE stockholders in a pro-rata, tax-free dividend.
Additionally, the Company has been approached by several very
qualified parties interested in purchasing two subsidiary business
units, Fishbone Solutions, Inc. and Texas Gulf Energy Industrial
Services, Inc. These developments are a continuation of the
plans announced earlier this year to take steps to enhance
shareholder value. International Plant Services, LLC, our
construction services subsidiary, continues to develop new sources
for the management, supervision and skilled craftsmen required by
the new projects planned for late 2013 and 2014.
Texas Gulf Energy CEO Craig
Crawford stated, "The increase in spending by Oil and Gas
Companies continues to drive increased spending on new projects in
the midstream and downstream markets. These projects create
new and refurbished industrial facilities in the oil field,
pipelines, refining and chemicals industries, that require
engineering and construction management expertise combined with the
ability to safely and intelligently deploy skilled craftsmen
wherever they are needed. These industry requirements are in
the sweet spot of services offered by the Company and its
subsidiaries. We are focused on projects in the $1 million to $30 million range, a project size
that our larger competitors cannot service as efficiently as we
can."
About Texas Gulf Energy, Incorporated (www.tgnrg.com)
Focused on providing expert advisory services on program and
project management and fast track construction and turnaround
services to large refinery, petrochemical and mining projects,
Texas Gulf Energy, Incorporated is a safe, well managed,
construction services consortium. Our service lines include direct
hire capital construction services, turnaround services, and
program management. Our clients include some of the largest energy
companies in the world such as Exxon Mobil, Conoco Phillips,
Chevron, Valero, and others. We are particularly well known
throughout the energy markets for our ability to provide
construction services with professional, experienced and well
trained teams to maximize the ability of our customers to complete
major projects safely, on time and on budget. Now entering
our tenth year in business, we have vertically integrated our
service offering into other energy market segments, including
refinery turnaround services, petrochemicals, and professional
consulting services both to better serve the needs of our
clients.
Precautionary and Forward-Looking Statements
This release contains "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
and such forward-looking statements are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. "Forward looking statements" describe future expectations,
plans, results, or strategies and are generally preceded by words
such as "may," "future," "plan" or "planned," "will" or "should,"
'expected," "anticipates," "draft," "eventually" or "projected."
You are cautioned that such statements are subject to a multitude
of risks and uncertainties that could cause future circumstances,
events, or results to differ materially from those projected in the
forward-looking statements, including the risks that actual results
may differ materially from those projected in the forward-looking
statements as a result of various factors, and other risks
identified in TXGE's disclosures or filings with the SEC. You are
further cautioned that penny stocks, like TXGE, are inherently
volatile and risky and that no investor should buy this stock
unless they can afford the loss of their entire investment.
SOURCE Texas Gulf Energy, Inc.
