TBSS International, Inc. Announces Closing of Asset Purchase Agreement
TAMPA, Fla., Jan. 4, 2012 /PRNewswire/ — TBSS International, Inc. (OTCQB: TBSS.OB) (“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.
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.”
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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 http://www.tbssinternational.com
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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