Business Turnaround Services News
Emerging News On Corporate Turnaround Services Company Turnaround Partners, Inc. (TRNP)
Turnaround Partners Business Services
30% Ownership in Florida Hilton Garden Inn Purchased
New Development Adds Assets and Projected Revenues
Turnaround Partners, Inc. Purchases Interest In
New Hilton Under Construction in West Palm Beach, Florida
October 10, 2006
HOUSTON, Texas -- BUSINESS WIRE
Turnaround Partners, Inc (formerly named Emerge Capital Corp.) (Stock Symbol: TRNP) announced today that the company has purchased a thirty percent ownership in a new Hilton Garden Inn under construction in West Palm Beach, Florida.
Fred Zeidman, Chairman of Turnaround Partners, Inc., commented, "We have purchased the stock of Kipling Holdings, which currently owns the Hilton interest and has a $900,000 note receivable with the option to convert it into an additional five percent ownership in the Hilton. We are enthusiastic about the future cash flow prospects of our investment in this 'one of a kind' location near the Palm Beach International Airport. We consider the Palm Beach area to be one of the finest travel destinations in the World, and look forward to the completion of the Hilton for the start of the season in January, 2007."
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./Corporate Strategies, 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./Corporate Strategies, 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./Corporate Strategies, Inc.'s filings with the Securities and Exchange Commission.
