Tree Top Industries, Inc. and Sky Corporation Have Entered Business Due Diligence Period After Completing Review of Financial St
March 08 2011 - 8:30AM
Tree Top Industries, Inc. ("Tree Top") (OTCQB:TTII) (OTCBB:TTII)
and Sky Corporation have been in further discussion regarding the
possible synergies and opportunities of a joint venture between the
two companies, and have begun due diligence.
Kathy Griffin, President of Tree Top, stated:
"Management has been in further discussion with Sky Corporation
regarding a possible joint venture or acquisition by Tree Top. We
have received and reviewed their internal financial disclosures and
are impressed with their solid performance over the last several
years, their asset and debt management, and their plans for future
growth. We are specifically impressed with the ARD
(Adriatic Region Distribution) division, which has posted an
impressive 300% growth rate over the last two years. According to
the President of the Company, Mr. Milenko Skaric, ARD is the
exclusive distributor for several of the top brands of
entertainment and music equipment in Eastern Europe. ARD has
long standing contracts and a stable network of dealers whose
mission is to expand the product line to include both the
well-known and newer brands and take advantage of those
synergies. Another positive performer has been the
rental side of the Sky Solutions division, which offers turn-key
rental solutions for media events, festivals and concerts, as well
as large corporate events. Sky Solutions recently completed a
corporate event, one of the largest in Eastern Europe, which had a
budget of over 500,000 Euros. Mr. Skaric has developed
divisions of the company that support each other, therefore
compounding the effect of positive moves, such as purchasing
property, equipment, and trucks. For instance, Sky Logistics,
which owns its own fleet of trucks, can facilitate the movement of
rental equipment for Sky Solutions as they work on different
corporate events. It's this kind of thinking and executing
that makes Sky Corporation of great interest to Tree Top's
management and Board of Directors."
About Sky Corporation: Sky
Corporation is headquartered in Belgrade, Serbia in a 1200 square
meter building that it owns. It is the largest distributor of
professional sound and light equipment and instruments in Serbia.
Started as a local guitar shop and demo studio in 1995, Sky
Corporation became a distributor for over 80 worldwide known brands
in the fields of music and light equipment.
According to the founder and President, Mr.
Milenko Skaric, there are six divisions of Sky Corporation, all
involved in the music or entertainment business in some form or
manner. Sky Solutions, which has an equipment rental business
and an event organizing business, is one of the largest
production companies in Eastern Europe. They provide high level
production for concerts, corporate events, festivals, etc. Sky
Solutions is a turnkey solution for all types of events, private
and corporate. They have promoted and fully organized concerts for
Santana, Lenny Kravitz, Rhianna, 50 Cent, The Pussycat Dolls, and
The Gypsy Kings, among others. Adriatic Region Distribution,
another division of Sky Corporation, is a regional distribution
company for musical and sound/light equipment. It is the exclusive
distributor in the region of ex-Yugoslavia and Albania for many top
industry brands, including Korg, Vox, Turbosound, and
Ultimate. Sky Corporation also has a division named Sky Music,
whose main activity is selling professional audio and light
equipment, as well as installing it in discotheques, clubs, public
institutions, venues, and concert halls. Sky Music has done
more than five hundred audio & light installations all over
Serbia. This division is also in retail sales, oriented to
selling musical instruments, studio and broadcast
equipment, as well as testing and demonstrating instruments,
and offering the service of consulting and equipment installation
in radio and TV stations, studios, conference rooms, rooms for
multimedia presentations, etc. Sky Communications is a
marketing division of Sky Corporation, servicing the entertainment
and music industry in Eastern Europe, and Sky Logistics is in the
business of moving and renting trucks and
equipment.(Source:http://www.skymusic.rs/corporate/index.html)
About Tree Top Industries, Inc.: Tree Top
is a development stage company, moving to acquire companies that
are in various stages of development. Tree Top uses several
different paradigms, including stock exchange, joint venture, cash,
and other partnership configurations. Tree Top is a publicly
listed, independently audited company that offers structure,
transparency, and growth potential through various business
paradigms. Tree Top can provide the means, through incubation,
for domestic, foreign and international private companies to become
part of a public entity in good standing, whose securities are
publicly traded. (www.ttiiob.com)
Safe Harbor Statement
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. These
forward-looking statements are based on the current plans and
expectations of management and are subject to a number of
uncertainties and risks that could significantly affect Tree Top's
current plans and expectations, as well as future results of
operations and financial condition. A more extensive listing of
risks and factors that may affect Tree Top's business prospects and
cause actual results to differ materially from those described in
the forward-looking statements can be found in the reports and
other documents filed by Tree Top with the Securities and Exchange
Commission. Tree Top undertakes no obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
CONTACT: Kathy Griffin
President
Tree Top Industries, Inc.
310-601-4757
Kathy@ttiiob.com
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