TBSS International, Inc. Announces Letter of Intent to Acquire Velella Lighting International, Inc.
TAMPA, Fla., Dec. 5, 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 has signed a Letter of Intent to acquire Velella International Lighting, Inc. (“Velella”). Velella is a company with proprietary energy-efficient lighting technology with additional patents being prepared for filing with the US Patent Office.
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.”
John Velella, President and CEO of Velella, added, “We look forward to closing on TBSS’s acquisition of Velella and working together on introducing our energy efficient lighting systems. In the past, whether it is LED lighting, compact fluorescent lighting or daylight harvesting ballasts, there have always been significant drawbacks. Competitive technologies have either had too high an initial cost, high operating costs, and/or disposal challenges. Velella’s lighting system addresses not one, but all, of these concerns.”
Velella’s technology is a proprietary energy-efficient lighting system for the residential and commercial lighting industry. Velella has a research and warehouse facility in Ft. Lauderdale, Florida and warehouse and a research and development facility in St. Thomas, The Virgin Islands. The Company has an inventory controlled back-log of $3.2 million of strip and dock piling lights with transformers in the pipe on the production line from the Velella Lighting manufacturing facility (ZZW Precision Tool Supply, Shanghai Co. LTD, Pugong, China). Velella has already installed a number of residential and commercial pilot sites to validate utility cost savings of up to 85%.
The Velella Lighting system is a light powered by a DC electrical system. It is a ‘cool ‘ light system that has no external heat with no ‘greenhouse’ gas emissions offering power savings of 85%. All elements used in the “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 Retro Fit is designed to replace all fluorescent fixtures by utilizing an oblong u-shape bulb fastened in the housing with a reflective acrylic backing – lamination provided by five (5) adjacent oblong matching panels. Enhanced lighting comes from the reflective acrylic magnification lens using varying formulas to bring the desired wattage.
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. Significantly, Velella lights radiate no heat compared to LED’s inherent heat production. Without the need for heat mitigation, cooling costs are reduced.
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.
About Velella Lighting systems.
For more information about this amazing new technology you can reach Velella international lighting at 855-778-8785 for any questions.
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
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SOURCE TBSS International, Inc.