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News for 'TNGO' - (Tango Management Sets the Course to Launch New Enterprise)
CALGARY, Alberta, Jul 06, 2005 (BUSINESS WIRE) -- For the past two years, Tango Incorporated (PINK SHEETS:TNGO) has been a company focusing on the screen printing business, operating out of Portland Oregon. In early spring of this year the company located a dynamic individual who had the potential to turn the company around. "I have had about ninety days to review the corporate records and opportunities at hand. Through reviewing this, I feel that Tango is in a position to make some necessary changes to rebuild and grow its operations," commented Gregg Shykora. Tango will begin its evolution as a company by splitting into three divisions that will position the company to take advantage of its assets.
Our first initiative is going to launch AutoBidXL, which will be an Internet auction site designed to provide "Automated Transaction Processing" for the automotive industry with the potential to expand its capabilities after a successful rollout in the automotive industry. "We believe that this is an under served marketplace for key industry players to sell their inventory on a closed network wholesale basis. The automotive industry is a natural target for the initial launch, due to the numerous transactions and the cash flow mechanism currently used throughout the industry. Success in the automotive section will open the door for many other industries to utilize the AutoBidXL distribution model," said Gregg Shykora. Tango's intention is to design an asset from its initial automobile industry niche application and demonstrate its ability to expand and compete in new market places and compete on several different levels. The company has recruited a key development team and is entertaining the idea of several different acquisitions in the $3-5 million range in the near future.
In addition, Tango has positioned itself to launch its initial roll out in mid September and will begin hiring sales staff by mid August to support this initiative. Tango expects to meet its revenue targets from the sale of site licenses and from its recurring transaction based fee structure. The initial target is to sell 140 dealers in the first year with a $24.95 dollar set up fee and produce 26,880 transactions with recurring transaction fees of $5,376,000.00 annually. These sales statistics are substantiated by "The DesRosiers Canadian Used Vehicle Report" and are based upon the acquisition of 0.2% of the North American Market.
Tango's second initiative is to restructure the Portland operations and address its past creditors. The company is working to develop a logical plan to restructure its Portland operations and deal with the creditors that have a long-term effect on the company. Tango is currently exploring all of its options and is reviewing proposals from several different parties looking to revamp its operation or rebuild it. The main focus will now be towards small North American manufacturers and grow the business through an import and export business. The main operations were achieving over a million dollars in quarterly revenue, showing steady growth. The new management is reviewing what can be done to capitalize upon the previous business.
The third initiative will be to pursue other opportunities presented to the company. The management of Tango will be meeting with its securities attorney throughout the month to begin initiating a role out strategy in which the company can dividend out its key assets to the shareholders. If management gets the go ahead from its attorneys the company could be split into three separate public companies and avoid the need for any stock consolidation. The company is also looking to secure the necessary funding to pursue these objectives, by the end of the month. In addition to the three initiatives, the company is also committed to regaining its issuer status on the OTC Bulletin Board, as soon as possible.
Safe Harbor: This press release contains forward-looking information within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934 and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Tango Incorporated to be materially different from the statements made herein.
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News for 'TNGO' - (Tango Announces Fact Finding Mission to Increase Global Exposure and Awareness)
CALGARY, Alberta, Jul 14, 2005 (BUSINESS WIRE) -- Tango Incorporated (Pink Sheets:TNGO) and its Board of Directors is pleased to announce that Company President and CEO, Mr. Gregg M. Shykora is going on a fact finding mission to promote AutoBidXL's business opportunity in one of North America's largest and most prolific markets.
Years ago, a car's life petered out at 100,000 miles. Today, reliable cars can last almost twice that long. Many ultra reliable sedans can go 150,000 miles with just normal maintenance.
Further, because a large number of Americans now lease cars, there is also a huge influx of the number of "newer" vehicles coming onto the market on a daily basis. That leaves a lot of low-mileage cars for the used-car market, leading to greater choice and relatively lower prices. It also leads to increased competition.
"Florida has one of the highest densities of franchise dealerships in the United States. It is also home to some of the most aggressive automotive sales and resale's. And if there's one market we want to penetrate in the short-term, it's Florida," said Mr. Shykora.
"AutoBidXL has state-of-the-art technology that is going to take the wholesale automotive industry by storm," he added. "Visiting Florida will give me a better understanding of not only how their industry works, but it will also allow me to demonstrate how AutoBidXL's innovative solutions will give local franchise dealers a competitive edge."
Mr. Shykora concluded, "Using one of the most cost-effective business models in operation, AutoBidXL will help streamline and simplify the ability of a dealership to advertise and locate specific models," he said. "By implementing AutoBidXL into their daily routine, Florida's franchise dealers will be able to increase the size of their inventory and their exposure overnight!"
With an industry that is based on the simple principle of "supply-and-demand"... a guaranteed increase in inventory and exposure coupled with ravenous demand has the potential to generate enormous value for both AutoBidXL and its shareholders.
Posts: 1326 | From: Providence,RI,USA | Registered: May 2004
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i would pick up more but just don't see anything happening with this.
Posts: 1326 | From: Providence,RI,USA | Registered: May 2004
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LOOKS like MM's picking up shares to me maybe the ones they shorted yesterday or perhaps getting ready for run,we'll see. I have no Position at this time
-------------------- EVERY Day ABOVE GROUND is a GREAT DAY!!! Posts: 2086 | From: Long Island New York | Registered: Aug 2004
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