Lighting Technology Acquisition Offers High Revenue Growth Potential – OTCBB- TBSS
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TBSS International, Inc. (OTCBB: TBSS) Press Release
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TBSS International, Inc. (OTCQB: TBSS) is a domestic and international service company with service contracts in several different sectors such as gold mining, oil drilling, water well drilling, trenching and construction. TBSS International has worked with a number of Fortune 500 companies requiring an emphasis on environmentally sound practices, in addition to smaller companies operating domestically and internationally. TBSS fulfilled a contract from Con Edison to reduce energy consumption by 30% throughout the Tristate area of New York, Connecticut and New Jersey. TBSS International`s network of industry professionals designed and implemented a more energy efficient florescent lighting system which surpassed expectations by reducing overall power consumption by 60%. Another client, Coca Cola and Company, used TBSS International to increase production at a bottling facility in Maspeth, New York (Queens). TBSS International coordinated and executed on a plant relocation plan as well as a complete redesign of the facility bottling system. Smaller construction projects include converting a building shell into a seventeen unit apartment building for Finkelstein & Morgan Real Estate. The company recently signed a Letter of Intent to acquire Velella International Lighting, Inc. Todd Spinelli, CEO of TBSS International, Inc., said, "We are very excited about our plans to acquire Velella International Lighting with their proprietary energy-efficient lighting systems. I do not need to say much about the size of the market for low operating cost; low maintenance lighting that helps solves our nation`s energy problems. We anticipate closing on the acquisition prior to the end of 2011 after conducting the requisite due diligence. After closing, we will announce more details on both the revenue projections and the business plan." All elements used in the lighting system are UL-rated for USL Low Voltage Landscape Luminaries Dock Piling Lights (DPL) and Landscape Systems (LS) for environmentally friendly (near loggerhead turtle nesting sites) and landscaping lighting. Florida and U.S. statutes protect sea turtle nesting sites requiring strict adherence to lighting limitations which distract and disorient the endangered species. These regulations mandate that land and dock owners, high-rise owners, municipalities and state governments comply with "turtle friendly lighting" and the patented lighting system, particularly the Velella lighting system, are the only type of light that turtles will barely see, allowing them to nest, thereby complying with Turtle Conservation Coastal Lighting Regulations. The Velella lighting system is non-Corrosive, unlike LED lights, and has an average life span of 28 years versus a maximum of limited warranties for identified competitive LED products, so customers will experience reduced labor costs required to maintain current lighting systems. TBSS International won a contract with Hydrasep, Inc. in November 2011, for trenching and installation of pipe valued at $400,000 with the revenue to be recognized in the current quarter. Hydrasep was founded in 1995 to develop an oil/water separator that meets EPA storm water run-off regulations. The contract is for the installation of approximately 7,500 feet of High Density Polyethylene (HDPE) pipe for the connection of an oil separation unit. Hydrasep separators are known in the industry for their ease of maintenance, durability, reliability and performance. There will be a number of additional contracts to be announced in the near future with revenue to be recognized in the current quarter and first quarter, 2012. TBSS International is a visionary development firm with a management team representing over 50 years of collective experience in winning competitive contracts on the strength of incorporating proprietary technologies from a network of venture partners. TBSS International`s mission is to educate and provide their clients with the most innovative technologies that reduces and minimizes their global carbon footprint while building shareholder value. TBSS International, Inc. is poised to become a significant player in the construction services industry!
Press Release
Source: TBSS International, Inc.
TBSS International, Inc. Announces Closing of Asset Purchase Agreement
Company Acquires Intellectual Property and Manufacturing Assets of Velella International Lighting, Inc.
TAMPA, Fla. , Dec.16, 2011 /PRNewswire/ — TBSS International, Inc. (OTCQB: TBSS) ("TBSS"), an international service company with service contracts in gold mining, oil drilling, water well drilling, trenching and construction, announced today that the company`s previously announced Letter of Intent to acquire Velella International Lighting, Inc. ("Velella") has changed to a purchase of certain corporate assets of Velella.
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Under the terms of the Asset Purchase Agreement, TBSS International has acquired LIFE OF PATENT rights to Velella`s energy-efficient neon lighting technology (patent # 6,471,369) and three facilities and inventory valued at $4 Million. The three locations include a warehouse facility in Ft. Lauderdale, Florida, a warehouse and research and development facility in St. Thomas, Virgin Islands and a manufacturing and warehouse location in Shanghai, China that will be relocated to the United States. An order back-log of $3.2 million is included with the manufacturing location in China. The company has used debt financing and no stock dilution for the purchase.
Todd Spinelli, CEO of TBSS International, Inc., said, "After more due diligence, it was determined by our advisers that our plans to acquire Velella in its entirety should be restructured as an Asset Purchase Agreement of certain specified assets to include patents, a manufacturing facility, warehouses and inventory of parts and completed lighting units."
Spinelli continued. "We are excited about adding this new technology to TBSS International`s IP portfolio. We feel with the right marketing this energy-efficient lighting could generate significant revenues for the company by helping public and private coastal property owners meet government mandates and the retrofitting of fluorescent lighting fixtures. We do not feel it overly optimistic to expect to see a number of large contracts in the very near future."
John Velella added "We feel that our technology has found a good home and, with Mr.Spinelli`s prior experience in fluorescent ballast technology, it was a natural fit. I have worked on developing this energy-efficient technology for the past decade and I am happy to finally see the technology be combined with the experience and resources to introduce to the marketplace-both private and governmental markets."
Investors and shareholders are invited to send their e-mails to IR@tbssinternational.com to be added to the company`s e-mail database for future press releases.
The Media is invited to send their e-mails to media@tbssinternational.com to be added to the company`s e-mail database for future media news and updates.
About TBSS International, Inc.
TBSS International is a domestic and international service company with service contracts in different sectors such as gold mining, oil drilling, water well drilling, trenching and construction. The management team of TBSS has been in the construction industry since 1950 with a strong reputation for completing contracts on time and within budgets. The strength of TBSS emanates from the company`s joint venture partners and their respective technological expertise. The corporate website is at www.tbssinternational.com .
Contact: TBSS International IR 855-OIL-GOLD (855-645-4653 Then press 1
TBSS International Media 855-OIL-GOLD (855-645-4653 Then press 2.
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Safe Harbor Act: This communication contains certain comments or "forward-looking statements" that fall within the meaning of the Private Securities Litigation Reform Act of 1995. Such comments and statements are based largely on the company`s current expectations and are subject to certain risks, trends and uncertainties. Words such as "anticipate", "estimate", "expects", "projects", "intends", "plans", "believes", and words and terms of similar substance used in connection with any discussion of future operating or financial performance identify such comments or forward-looking statements. Forward-looking statements are not statements of historical fact. They are management`s present expectations of future events, and include comments about the Company`s business strategies and objectives, the prospects for growth in the Company`s various business operations and the Company`s future financial performance. As with any projection or forecast, forward-looking statements are inherently susceptible to uncertainty and changes in circumstances that could cause actual results or events to differ materially from those anticipated in such statements.
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