NEW YORK and ATLANTA, July 15, 2010 (GLOBE NEWSWIRE) -- Tree Top Industries, Inc. (OTCBB:TTII) and Greenparts International, Inc. (Pink Sheets:GNPT) have signed a Letter of Intent for the purpose of evaluating synergies and cooperative opportunities.
Kathy Griffin, President of Tree Top, stated, "We believe a partnership of this kind, in whatever form it takes, will strengthen Tree Top's mission of finding and working with emerging and operating companies in the green sector. Greenparts International, Inc. has been in green recycling for over ten years and they have a proven business model. Their green approach for total recycling is not only good for the environment, but offers financial potential as well. They salvage automobile parts, appliances and other equipment and utilize state of the art recycling equipment to generate raw materials for future manufacturing. In addition, they are expanding into the building demolition and hazardous waste sectors."
Paul Pelosi, Chair of the Universal Energy and Services Group Advisory Board, stated, "Today, Tree Top's announcement of a potential partnership with Greenparts International has reaffirmed its commitment to supply businesses and communities with environmentally sustainable solutions to waste disposal. Greenparts' management has demonstrated its ability to effectively recycle and refurbish car parts. Working together, the two companies can expand into additional verticals, and could become a larger participant in the global market for salvaged steel, aluminum and copper. Greenparts, along with BioEnergy Applied Technologies, (BAT) will enable customers to more effectively protect the environment by managing and reducing landfill dependence."
Greenparts International, Inc. is a green recycler of automobiles, appliances and buildings, providing raw materials for manufacturers in the United States, China, India, Korea and around the globe. The company is located in Atlanta, GA and has been in business since 1999, had revenues of $5.57 million in 2009 and has grown 30% year over year in the first half of 2010. www.greenparts.com
Tree Top Industries' 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 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 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 Exchange 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.