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HOUSTON, TX -- PRNewswire-FirstCall
Turnaround Partners, Inc. (OTC Bulletin Board: TRNP)
www.turnaround-partners.com announced today it has closed on a new $3.4 million round of capital from Viewpoint Capital, LLC. The new capital was contributed in the form of free-trading securities, and results in Viewpoint receiving effective control of the company. Los Angeles based businessman Russell Kidder has been named by Viewpoint as the new Chief Executive Officer of the Company.
Effective as of the Closing Date, Tim Connolly resigned as Vice Chairman of the Board and as President and Chief Executive Officer of the Company, however Mr. Connolly shall continue to serve as President and Chief Executive Officer of Corporate Strategies, Inc., a Texas corporation and wholly-owned subsidiary of the Company ("CSI") with the understanding that the business of CSI will be discontinued or spun off to its shareholders. In addition, Mr. Connolly shall continue to receive the same compensation as he has received through the Closing Date for his aforementioned continued services to CSI through December 31, 2008, which such date may be extended by mutual agreement by and among the parties to the Purchase Agreement.
About Turnaround Partners, Inc. - Turnaround Partners, Inc. (Stock Symbol: 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.
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. 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'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's. filings with the Securities and Exchange Commission.
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