Transnational Automotive Group
(OTCBB: TAMG)
StockGuru: Transnational Automotive Group, Inc. in Cameroon and Niger Develops Urban Bus Transportation System Known as Le Bus
Transnational Automotive Group, Inc. (”Transnational” or “TAMG) takes on the serious and important business of providing a transportation system for Niger and Cameroon in West Africa.
On October 12, 2005, PAGI (Parker Automotive Group International, Inc. acquired by Transnational) signed an Agreement with the Government of Cameroon. Transnational commenced operations in Cameroon in late November to develop the urban bus transportation system under a company called Parker Transportation Inc., Cameroon (“PTIC).
On December 22, 2005, the Government of Cameroon contributed $1,000,000 of their $1,800,000 cash commitment under the terms of the agreement with the Company, and is currently processing the transfer of the remaining $800,000 cash commitment, as well as the transfer of certain real estate assets.
Here’s how it all happened:
March 15, 2006 – Transnational began implementation of an Agreement with the government of the Republic of Cameroon to provide urban bus transportation to cities throughout the country and to provide bus transportation between the cities. Under the terms of the Agreement Parker Transnational Industries – Cameroon (“PTIC”) was established to operate the bus system. PTIC is owned 66% by the Company and 34% by the City of Yaoundé and the Cameroon Ministry of Hydrocarbons.
In Cameroon, urbanites have been without urban bus transportation for over 15 years.
The city of Yaoundé also delivered to PTIC an agreement for the use of the Yaoundé city bus depot and office building used by the previous bus operator. The depot is currently being renovated and prepared to service the new bus fleet. The bus depot and office building have an estimated value of $5.5M USD.
LeBus is the brand name given to PTIC for its urban transportation system.
Subsequent to 28 February 2006 PTIC operating as LeBus has accomplished the following:
– LeBus began the start-up phase for establishing an urban bus transportation system in the Capital city of Yaoundé in Cameroon in January 2006.
– LeBus has completed its planning and has gained consensus from the Ministry of Transport and the Yaoundé Urban Council for the bus routes in Yaoundé.
– LeBus has completed recruiting, screening and the selection process for the first 70 drivers for the Yaoundé bus system.
– LeBus has completed the creation of its training program for bus drivers.
– LeBus has completed the first phase of the clean-up and renovation of the bus depot that the Government provided to PTIC to house, support and maintain the city buses.
– The Government of Cameroon has earmarked $1,000,000 USD for the refurbishment and renovation of the bus depot facility.
– In addition to the bus depot the Government of Cameroon has indicated that it is ready to turn over its Ministerial Building Number 1 to PTIC as part of the Government of Cameroon’s contribution.
– Seventeen city buses have been manufactured and are scheduled to load in Shanghai during the first week of June 2006 for shipment to Cameroon.
The Agreement specifies that the government will contribute other significant urban properties to PTIC and further enhance the underlying asset value of the venture. Stay tuned for the information on this fabulous property that will be transferred.
Coming: true, visible progress.
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