NEW YORK and BELGRADE, Serbia, March 9, 2011 (GLOBE NEWSWIRE) -- Tree Top Industries, Inc. ("Tree Top") (OTCQB:TTII) (OTCBB:TTII) and Sky Corporation have been in further discussion regarding a possible acquisition, and have accelerated the due diligence period.
Kathy Griffin, President of Tree Top, stated: "Management is planning a trip to Serbia within the next two weeks, as we grow confident that the acquisition of Sky Corporation can be completed in the near future. Their financial statements indicate substantial revenue and income, with a growth rate that is exceptional in two of the divisions and solid throughout the rest of the company. They have indicated a strong interest in becoming part of an American publicly traded company. As we work through the details, we will continue to keep our investors up to date."
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 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: )
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. ()
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