/EINPresswire.com/ -- LAS VEGAS, NV--(Marketwired - Apr 27, 2017) - American Retail Group, Inc. (OTC PINK: ARGB) announced today that there has been a change in the control of the Company. Mr. Vassili Oxenuk acquired approximately 90% of the outstanding shares of the Company from Soledad Bayazit, the former CEO and President of the Company, in March 2017. Concurrent with the completion of the sale, Ms. Bayazit resigned from all of her positions with the Company and Mr. Oxenuk was appointed the Chairman of the Board, Chief Executive Officer and President of the Company. Mr. Oxenuk has over 20 years of entrepreneurial, venture capital and private equity experience, and has been involved in the management of various venture capital companies that have primarily focused on providing development capital to early stage, high technology companies in Eastern Europe, and has worked with companies from Russia, Kazakhstan, Ukraine and China seeking to have their securities publicly traded.

In April 2017 the Company appointed Mr. Pavel Pronin to its Board of Directors. Mr. Pronin currently serves as General Director of IPOS, LLC, a Russian company with which he has been affiliated since 1974. From November 2006 to December 2011, he was employed by Promtechnokom, in Moscow, initially as Business Development Manager and from January 2008 as Head of its Oil and Gas Equipment Sales Department.

The Company intends to seek, investigate and, if such investigation warrants, engage in a business combination which may take the form of a "reverse acquisition" with an operating business which desires to seek the perceived advantages of an Exchange Act registered corporation. The Company has not yet entered into any definitive agreement, nor does it have any binding commitment or understanding to enter into or become engaged in a transaction. There can be no certainty that a reverse acquisition will be consummated.

As part of its plan to engage in a business combination, the Company has filed a registration statement on Form 10 with the Securities and Exchange Commission to register its common stock under the Securities Exchange Act of 1934, as amended. The Company, currently a shell company with nominal operations and assets, will become a reporting company under the Exchange Act (the "Exchange Act") sixty days after the filing of its Form 10, subject to any action by the Securities Exchange Commission to delay such effectiveness.

Vassili Oxenuk served as a director of our company from March 2010 to June 24, 2011. Since 2009, Mr. Oxenuk has been the owner and Managing Member of Oxenuk Management, LLC, a registered investment advisor (RIA) headquartered in Las Vegas, Nevada. In addition, since 1996, Mr. Oxenuk has been the owner and Managing Member of Oxenuk Management Corp., which provides consulting and advisory services to companies located in Eastern Europe and the CIS. Mr. Oxenuk has over 20 years of entrepreneurial, venture capital and private equity experience, and has been involved in the management of various venture capital companies that have primarily focused on providing development capital to early stage, high technology companies in Eastern Europe, and has worked with companies from Russia, Kazakhstan, Ukraine and China seeking to have their securities publicly traded. He became a shareholder of a number of broker-dealers doing investment banking; was doing advisory services and created several Investment Funds. Mr. Oxenuk is currently a member of the Board of Directors of several private companies. Mr. Oxenuk graduated from the high school for talented students specialized in physics and mathematics sponsored by the Moscow State University. Mr. Oxenuk has a B.S. in Mathematics from the Mozhaisky Military Space Academy, St. Petersburg, Russia. He is the author of the book "Realization of Investment Management Functions" and numerous articles on strategic planning, economic development and leadership styles.

Pavel Pronin has been General Director of IPOS, LLC, a Russian company since March, 2014. From November 2006 to December 2011, he was employed by Promtechnokom, in Moscow, initially as Business Development Manager and from January 2008 as Head of its Oil and Gas Equipment Sales Department. From January 2005 to April 2006, Mr. Pronin was Dispatching Manager at Mosregiongaz, Gazprom, in Moscow. Mr. Pronin graduated from Gubkin Russian State Oil and Gas University (Moscow) in 2004, has a qualification of an Engineer, pipeline engineering, construction and operation. Mr. Pronin is a graduate of the Russian Presidential Academy of National Economy and Public Administration (Moscow), Graduate School of Corporate Management at Russian Academy of National Economy under the Government of the Russian Federation, and AFW (Academy of Management and Economics, Bad Harzburg, Germany), Euromanagement: business development management in 2008-2009. He graduated with an MBA degree from Graduate School of Corporate Management, Academy of National Economy and IEMI (International Business School, Paris, France) in 2009-2011.

ABOUT AMERICAN RETAIL GROUP

American Retail Group (ARGB) is a "shell company" as defined in Rule 12b-2 under the Exchange Act with no operating business and no or nominal assets.

Certain matters discussed in this press release are 'forward-looking statements' intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. In particular, the Company's statements regarding trends in the marketplace, future results and acquisitions, are examples of such forward-looking statements. The forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, timing and the inherent discrepancy in actual results from estimates, projections and forecasts made by management, regulatory delays, changes in government funding and budgets, and other factors, including general economic conditions, not within the Company's control. The factors discussed herein and expressed from time to time in the Company's filings with the Securities and Exchange Commission could cause actual results and developments to be materially different from those expressed in or implied by such statements. The forward-looking statements are made only as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.