Turner Valley Oil & Gas, Inc. (OTCPK:TVOG) signed a memorandum of agreement to acquire American Parking Control from William O’Connor for $2.5 million on February 13, 2019. As of September 25, 2019, a restructured acquisition agreement was executed. Turner Valley will issue preferred stock valued at $1.25 million for 50% and cash and debt assumed for 50% to American Parking. Turner Valley will pay in cash pay off approximately $0.5 million in American Parking debt or if assumed valuation adjusted for the same amount equal to 20% of the valuation. Turner Valley will pay $0.75 million in cash unless option is exercised in all or in part, to retain additional preferred stock at time of closing for face value of up to $0.75 million. American Parking Control will operate as a wholly owned subsidiary of Turner and under the current brand for a minimum period of one year. Turner Valley will change the Company name prior to filing Form 10 and S1 registration, which includes additional filings with the SEC. American Parking Control reported $3.1 million revenues for year 2018. Current management of American Parking Control will stay on to manage all day-to-day operations, including sales, marketing and administration. The staff of American Parking Control will also become part of Turner. The agreement is valid to be signed and approved by William O’Connor until February 15, 2019. If not approved by then, it will need to be revised by Turner Valley again. Following the announcement on September 25, 2019, subsequent events will include execution of a final binding agreement. The closing conditions include transfer of assets, release of escrowed funds, appointment of a new Board of Directors and management, an expansion of the Board of Directors and an updated corporate website.