Fraudulent Action Against Transnational Automotive Group taken by Joseph Arcaro
LOS ANGELES, California, January 19, 2012 /Newswire – Transnational Automotive Group, Inc. (OTC: TAMGD) http://transnationalautomotive.com announced today that its board of directors has conducted an investigation into the attempted takeover of the company by Joseph Arcaro, which has revealed that Mr. Arcaro has fraudulently and without notice attempted to exercise corporate action on behalf of the company which action was not authorized by the board of directors.
The results of the investigation show that Joseph Arcaro has filed a custodianship action against the company in Clark County Nevada, Case No. A-11-641072-P and has had a petition granted appointing himself custodian without giving notice to the company. Mr. Arcaro has filed an officers list with the Nevada Secretary of State showing himself as the sole officer and director, and has taken action to reverse split the common stock of the company. None of these actions were taken with the authority of the company’s active board of directors, consisting of Henry Huber and Dr. Philip Dutoit.
The company is proceeding with a motion to set aside the appointment of Mr. Arcaro, and has contacted Joseph Wassgren of Fox Rothschild, LLP, Mr. Arcaro’s attorney of record, whose address Arcaro is using as the company’s address. The company has corrected its information with the Secretary of State and is updating its company information on the OTC Markets, Inc. web site. The board urges anyone who has any information regarding Mr. Arcaro’s actions to contact company counsel, Kenneth Eade, at 323-782-8802 or by email at: firstname.lastname@example.org.
Transnational Automotive Group, Inc.
Henry Huber, President and Director