NEW YORK and BELGRADE, Serbia, March 8, 2011 (GLOBE NEWSWIRE) -- Tree Top Industries, Inc. ("Tree Top") (OTCQB:TTII) (OTCBB:TTII) and Sky Corporation have been in further discussion regarding the possible synergies and opportunities of a joint venture between the two companies, and have begun due diligence.
Kathy Griffin, President of Tree Top, stated: "Management has been in further discussion with Sky Corporation regarding a possible joint venture or acquisition by Tree Top. We have received and reviewed their internal financial disclosures and are impressed with their solid performance over the last several years, their asset and debt management, and their plans for future growth. We are specifically impressed with the ARD (Adriatic Region Distribution) division, which has posted an impressive 300% growth rate over the last two years. According to the President of the Company, Mr. Milenko Skaric, ARD is the exclusive distributor for several of the top brands of entertainment and music equipment in Eastern Europe. ARD has long standing contracts and a stable network of dealers whose mission is to expand the product line to include both the well-known and newer brands and take advantage of those synergies. Another positive performer has been the rental side of the Sky Solutions division, which offers turn-key rental solutions for media events, festivals and concerts, as well as large corporate events. Sky Solutions recently completed a corporate event, one of the largest in Eastern Europe, which had a budget of over 500,000 Euros. Mr. Skaric has developed divisions of the company that support each other, therefore compounding the effect of positive moves, such as purchasing property, equipment, and trucks. For instance, Sky Logistics, which owns its own fleet of trucks, can facilitate the movement of rental equipment for Sky Solutions as they work on different corporate events. It's this kind of thinking and executing that makes Sky Corporation of great interest to Tree Top's management and Board of Directors."
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 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. 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: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.