Tonga board nominee Guggenheim now has 9.99% stake in company

By Lisa Kerner

Charlotte, N.C., March 9 - Don Guggenheim acquired 500,000 shares of Tonga Capital Corp. stock from Charles T. Phillips, giving the investor a 9.99% stake in the company.

Tonga's board of directors nominated Guggenheim, along with Richard Cilento, Barent W. Cater and Rich A. Roberts as directors, according to a schedule 13D filing with the Securities and Exchange Commission.

Tonga, based in League City, Texas, operates as an alternative fuel processing company through its wholly owned subsidiary, Momentum Biofuels, Inc.

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