True North Energy Corp. (OTC Pink: TNEN) is traditionally an energy company, which focuses on the exploration, acquisition, and development of oil & gas assets. The company’s subsidiary, TN Energy Corp., holds overriding royalty interest on oil & gas properties in Oklahoma and Colorado. Shares of the energy company are surging 50%, through early trading on Monday, October 7, 2019. Over the past month, True North Energy Corp. has seen average daily volume of 51,330 shares. However, volume of 17.57 million shares or dollar volume of $100,149, has already exchanged hands through early trading.
Shares of TNEN are soaring on Monday, after the company announces it has acquired Box 23, Ltd. (a U.K.-based entity), which holds a majority stake in 3 Store Web SRL (an Italian entity). 3 Store Web SRL is an exclusive provider of SIM cards and services from Wind Tre S.P.A. True North Energy Corp. made its aggregate purchase with the inclusion of issuing common stock. Here is the full press release detailing of the acquisition:
True North Energy Corp. Press Release:
SPRING, TX / ACCESSWIRE / October 7, 2019 / True North Energy Corporation (OTC PINK:TNEN) (“True North”), is pleased to announce the acquisition of Box 23, Ltd, a UK organized entity, holding a majority interest in 3 Store Web SRL, an Italian entity located in Milan, Italy currently employing a staff of 36. 3 Store Web SRL serves as the exclusive seller of SIM cards and services as authorized by Wind Tre S.P.A., owned by Hutchison Whampoa Limited, a Fortune Global 500 company. The aggregate purchase consideration includes the issuance of common shares in True North.
Michele Antonicelli is the CEO of Box 23, Ltd and 3 Store Web SRL and will continue to serve in that position.
True North will begin financial consolidation of Box 23 Ltd and 3 Store Web SRL as of October 1, 2019. 3 Store Web SRL has audited results under United States generally accepted accounting principles (GAAP) for the period ended December 31, 2018 which included revenues of approximately USD$4mm for the year 2018.
About True North Energy Corporation
Traditionally, True North Energy Corporation has engaged in the identification, acquisition and development of oil and gas properties. Through its subsidiary, TN Energy Corp, a Texas Corporation, the company holds overriding royalty interests on oil and gas properties located in Colorado and Oklahoma.
This press release may contain forward-looking statements, including information about management’s view of True North’s future expectations, plans and prospects. In particular, when used in the preceding discussion, the words “believes,” “expects,” “intends,” “plans,” “anticipates,” or “may,” and similar conditional expressions are intended to identify forward-looking statements. Any statements made in this news release, other than those of historical fact, about an action, event or development, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of True North, its divisions and concepts to be materially different than those expressed or implied in such statements. The forward-looking statements included in this press release are made only as of the date hereof. True North cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, True North undertakes no obligation to update these statements after the date of this release, except as required by law, and also takes no obligation to update or correct information prepared by third parties that are not paid for by True North.