MISSION VIEJO, Calif., April 9, 2014 (GLOBE NEWSWIRE) -- FITT Highway Products, Inc. (OTCQB:FHWY) (the "Company") announces it has entered into an LOI with Greenome Development Group Inc., ("Greenome") outlining the terms of a transaction by which Greenome will acquire 80% of the Company's issued and outstanding shares. The transaction is subject to (i) debt mitigation by the Company, (ii) Greenome's ability to acquire 80% of the Company's outstanding shares prior to the transaction's close, and (iii) the Company staying current in its SEC filings. Greenome requires the Company to mitigate the majority of its debt in order for the transaction to be completed and keep its existing outstanding shares to approximately 38,000,000 shares. Greenome will appoint its own board and management once the transaction is completed.
Greenome is currently undergoing independent public audits and expects to complete the transaction in the third or fourth quarter of 2014. Greenome has invested $6,000,000 to plant 6,000,000 trees in Anhui Province, China, which are available for harvest and replanting in September 2014 at a substantial profit. The trees are a new type of hybrid, a cross between bamboo and willow. These new hybrid trees grow extremely fast and are very resilient. The trees are being purchased by the local government to improve air quality, smog and other environmental issues.
FITT Highway (FITT) has been in the energy shot business since late 2008. The Company currently provides three energy shots to the retail market, which are F.I.T.T. Energy For Life, F.I.T.T. Extreme Energy For Life, and F.I.T.T. RX For Life. Greenome will continue to market the FITT product line under strategic market alliances especially in foreign markets.
Information about Forward-Looking Statements
This release contains "forward-looking statements" that include information relating to future events and future financial and operating performance. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management's good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause these differences include, but are not limited to: fluctuations in demand for FITT 's products, the introduction of new products, the Company's ability to maintain customer and strategic business relationships, the impact of competitive products and pricing, growth in targeted markets, the adequacy of the Company's liquidity and financial strength to support its growth, and other information that may be detailed from time-to-time in FITT Highway Products' Inc, filings with the United States Securities and Exchange Commission. For a more detailed description of the risk factors and uncertainties affecting FITT Highway Products, Inc please refer to the Company's recent Securities and Exchange Commission filings, which are available at www.sec.gov. FITT Highway Products Inc., undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT: Michael R Dunn FITT Highway Products Inc. firstname.lastname@example.org (949)-582-5933
Source:FITT Highway Products Inc.