Transnational Automotive Group (OTCBB: TAMG)
Transnational Automotive Group, Inc. (TAMG) undertakes to provide bus service between the Capital City of Yaounde and the business center of Douala in Cameroon.
On April 4, 2006, Transnational Automotive Group entered into discussions with and a Letter of Intent with Parker Transnational Industries, LLC (‘PTI’), a private company owned by the family of a director and officer of Transnational Automotive Group, Inc., to negotiate PTI’s interest in Bonanza Estates S.A., a real estate and management company, and Bonanza Estates, a company that controls a 500 acre parcel located in the Limbe area of Cameroon. The acquisition of this interest in the Bonanza Estates property would involve the exchange of approximately 3.8 million shares of Transnational Automotive Group‘s common stock.
The Bonanza Estates property consists of 500 acres of land fronting a seafront beach shoreline of approximately 1800 yards. The property currently has an oceanfront hotel, an active palm oil plantation, two rock quarries and a rainforest and holds an Industrial Free Zone status. In addition the property is located near a proposed deep water port, which is currently under construction in Limbe.
On April 5, 2006 PTIC signed a Memorandum of Understanding (MOU) with the Zonda Industrial Group of China for the provision of buses, bus parts, vehicle assembly and sales in Africa, international promotion and sales of Zonda vehicles and automotive technical cooperation.
The Zonda Group is a Chinese industrial concern that manufactures buses, automotive tooling and equipment and industrial goods. It is ranked 705 of the 1000 largest Chinese companies and is the 10 th largest equipment manufacturer in the country. Zonda recently won an award at the Shanghai BusWorld Asia 2006 Exhibition for the best bus appearance design.
Transnational Automotive Group contracted to purchase the 28 buses for LeBus and LeCar from Zonda for its African operations.
Transnational makes progress one step at a time and that progress is tangible.
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