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HOUSTON, TX -- PRNewswire-FirstCall
Turnaround Partners (OTC Bulletin Board: TRNP) announced today that CEO Tim Connolly has reduced his preferred stock conversion rights into common stock from approximately 500 million shares to 70 million shares of common stock. The details of this transaction are in the company's latest 10-KSB filing, and were done in conjunction with Mr. Connolly's exchange of Series B Preferred into Series D Preferred. In return for giving up his rights to the additional 430 million common shares, Mr. Connolly's remaining preferred shares are non-dilutive until December 31, 2010.
Tim Connolly stated, "I had received calls expressing concerns from analysts and shareholders about this issue, and decided that this was the right thing to do in the best interests of all shareholders. I greatly appreciate the support of our shareholders, and will always listen carefully to their suggestions and concerns."
About Turnaround Partners, Inc. and Corporate Strategies, Inc.:
Turnaround Partners, Inc. (OTC BB:TRNP),
www.turnaround-partners.com, provides hedge funds, banks, and portfolio investors with business growth, organizational restructuring, and turnaround execution services for emerging and re-emerging public companies.
Turnaround Partners is unique in that we accept payment for our services in the common stock of the companies we serve, aligning our interests with those of the client's shareholders and preserving their corporate cash reserves for working capital and growth. As Turnaround Partners succeeds, the shareholders of our valued clients succeed. Turnaround Partners believes our approach provides Turnaround Partners shareholders with an opportunity to realize greater gains than merely receiving cash payments for our services. We consider Turnaround Partners to be the ultimate business resource for emerging and re-emerging public companies.
For More Information Contact:
Turnaround Partners, Inc./Corporate Strategies, Inc.
Marcy Dorotik
(713) 337 - 3717
news@corporate-strategies.net
All statements included in this press release, other than statements of historical fact, are forward-looking statements. Although Management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important factors could cause actual results to differ materially from the expectations that are disclosed in this Press Release. While Turnaround Partners, Inc./Corporate Strategies, Inc. believes its forecasting assumptions are reasonable, there are factors that are hard to predict and influenced by economic and other conditions that are beyond Turnaround Partners, Inc./Corporate Strategies, Inc.'s control. Among the other important factors which could cause actual results to differ materially from those in the forward-looking statements are detailed in Turnaround Partners, Inc./Corporate Strategies, Inc.'s filings with the Securities and Exchange Commission.
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