Texas Gulf Energy, Inc. intends to spin off the remaining shares owned by the company in its former wholly owned subsidiary Texas Gulf Oil & Gas, Inc (TGOG) to TXGE stockholders in a pro-rata, tax-free dividend. Additionally, the Company has been approached by several very qualified parties interested in purchasing two subsidiary business units, Fishbone Solutions, Inc. and Texas Gulf Energy Industrial Services, Inc.

These developments are a continuation of the plans announced earlier this year to take steps to enhance shareholder value. International Plant Services, LLC, our construction services subsidiary, continues to develop new sources for the management, supervision and skilled craftsmen required by the new projects planned for late 2013 and 2014.

Tags: Texas Gulf Energy