NEW YORK and BELGRADE, Serbia, Feb. 18, 2011 (GLOBE NEWSWIRE) -- Tree Top Industries, Inc. ("Tree Top") (OTCQB:TTII) (OTCBB:TTII) and Sky Corporation have signed a Letter of Intent to explore the possible synergies and opportunities of a joint venture between the two companies.
Kathy Griffin, President of Tree Top, stated: "Tree Top intends to form a new subsidiary, yet to be named, for the purpose of finding active international businesses, specifically in Eastern Europe and Asia. The Chairman of the Board and I have been actively seeking partners with revenue, cash flow, and dynamic business plans to maximize the synergies that working within a publicly traded entity may produce. For this reason, we are thrilled at the prospect of working with Sky Corporation, a mini-conglomerate based in Belgrade that has six active divisions. It is our understanding, through discussion with Sky Corporation, that it has been in business since 1995, and has exhibited positive growth since then. They have begun reaching into international markets throughout Eastern Europe, distributing musical equipment in five (5) retail locations, renting out stage and sound equipment to entertainment venues for special musical and corporate events, and working as event coordinators, installing light and audio equipment all over Serbia and other European countries."
Milenko Skaric, President of Sky Corporation, stated: "We are thrilled at the prospect of becoming part of a publicly traded American company, which could provide a vehicle for the necessary capital to expand our business 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."
About Sky Corporation: Sky Corporation is headquartered in Belgrade, Serbia. 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, the company became a distributor for over 80 worldwide known brands in the fields of music and light equipment. According to the founder and President, Milenko Skaric, there are six divisions of Sky Corporation, all involved in the music or entertainment business in some form or manner. Sky Solutions 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. ARD (Adriatic Region Distribution) is a regional distribution company for musical and sound/light equipment. They are the exclusive distributor in the region of ex-Yugoslavia and Albania for many top industry brands, including Korg, Vox, Turbosound, and Ultimate. Sky Music's 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 also is in direct 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 agency, servicing the entertainment and music industry in Eastern Europe. There are two other active divisions. (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.