NEW YORK, Feb. 9, 2011 (GLOBE NEWSWIRE) -- The management of Tree Top Industries, Inc. (OTCBB:TTII) (OTCQB:TTII) has recently received approval from and authorization by the Board of Directors to take the appropriate steps to spin-off the NetThruster subsidiary to the Tree Top shareholders. Tree Top and NetThruster entered into a definitive Distribution Agreement today governing the terms and conditions of the Spin-Off. The Spin-Off will be accomplished by the distribution by Tree Top Industries, Inc. of all shares of NetThruster owned by it, among the shareholders of Tree Top Industries, Inc. on a pro rata basis. Each shareholder of Tree Top Industries, Inc. of record on February 14, 2011, the Distribution Record Date, will be distributed one share of NetThruster common stock for each share of Tree Top Industries, Inc. stock owned by them. NetThruster, which was originally known as Ludicrous, Inc., was acquired by TreeTop Industries, Inc, through a stock exchange agreement in October, 2007. In recent months, Tree Top has focused its attention and resources on two of its other subsidiaries - BioEnergy Applied Technologies, Inc. ("BAT") and GoHealthMD - and has also taken steps to pursue possible acquisition candidates that have revenue and cash flow.
Kathy Griffin, President of Tree Top, stated: "We have made the decision, with the guidance and approval of our Board members to remain focused on the BAT and GoHealthMD subsidiaries. Consequently, we will take the necessary steps in the immediate future to spin off NetThruster to our shareholders. As part of the transaction, all Tree Top shareholders will be issued a private dividend in the form of shares of the common stock of NetThruster. The dividend will correspond to the number of shares owned by each Tree Top shareholder. The specific mechanism needed for the shareholder to receive the dividend certificate can be obtained by contacting the broker, dealer, or bank that holds their specific stock certificates and asking them for the private dividend certificate, as described in our recent Report on Form 8–K.
Tree Top Industries, Inc.'ssubsidiaries 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: Kathy Griffin, President Tree Top Industries, Inc. 310-601-4757 Kathy@ttiiob.com