NEW YORK, Nov. 9, 2010 (GLOBE NEWSWIRE) -- Tree Top Industries, Inc. ("Tree Top") (OTCBB:TTII) and Jewelry Repair Enterprises, Inc., ("JRE") have signed a Letter of Intent regarding the possible acquisition by Tree Top Industries, Inc. of 50% of the issued and outstanding capital stock of JRE. JRE currently does business as FAST-FIX JEWELRY AND WATCH REPAIRS® ("FAST-FIX")
Kathy Griffin, President of Tree Top, stated: "Tree Top has been actively seeking partners with revenue, cash flow, and a dynamic business plan, to maximize the synergies that working together within a publicly traded entity may produce. We believe that Jewelry Repair Enterprises, Inc., which recently ranked number 17 in the 2010 List of the Top Fifty Mid-size Franchises, according to Franchise Business Review, (), is such a partner. It is our understanding, through discussion with JRE, that the company has been in business for 27 years and has exhibited positive growth every year for the past 26 years. They have begun reaching into international markets, with recent franchise openings in Canada, the UK and Ireland. Plans for 2011 include possible franchise openings in Malaysia, Singapore and India. Their business model is proven, with its primary revenue and growth coming from mall-based, high margin franchises that are relatively uncomplicated to start-up and straightforward to maintain."
Marvin Biltis, CEO of JRE, stated: "We are thrilled at the prospect of becoming part of a publicly traded company, which could provide a vehicle for the necessary capital to expand the franchise more assertively into the global market, as well as to allow for the extension of current services, and the addition of new services as we continue to identify new business opportunities."
FAST-FIX JEWELRY AND WATCH REPAIRS®, headquartered in Delray Beach, Florida, is the world's largest franchiser of jewelry and watch repair services () with 157 franchised locations. Established in 1984, FAST-FIX has perfected a system for delivering fast, efficient, professional repair work on jewelry and watches for men and women.
FAST-FIX stores are located primarily in inline stores, as well as visible kiosks in regional shopping malls across North America, Canada, the UK, and Ireland. FAST-FIX offers a wide range of repairs such as: watch repairs, jewelry repairs, chain soldering, remounting, ring sizing, eyeglass repairs and engraving, in addition to replacing watch, mobile phone, and PDA batteries. The company also is able to service PDA's for simple repairs, such as replacing screens. A typical franchised center also sells jewelry cleaners, watchbands, mountings, loose stones and engravable giftware.
Tree Top Industries, Inc.'s subsidiaries and affiliates include clean-tech energy, bio-energy, and green energy solutions and health care companies. Tree Top is an early stage company that is animating its subsidiaries and affiliates concurrently, as it simultaneously moves to acquire companies that are in various stages of development. 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 Enterprises 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 the company'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 the company'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 the company with the Securities and Enterprises Commission. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT: Tree Top Industries, Inc. Kathy Griffin, President 310-601-4757 Kathy@ttiiob.com