MIAMI, Oct. 3, 2012 /PRNewswire/ -- Hi Score Corporation (PINKSHEETS: HSCO) announced today that its subsidiary Green LED Technology is continuing to receive sales orders for Energy Saving Lighting as a result of its wholesale agreement with DMD Lighting. DMD was sold off by Hi Score earlier this year in a transaction that resulted in Hi Score receiving 20% of DMD's net profits. Another result of the deal is that DMD will purchase LED Lighting from Hi Score subsidiary Green LED Technology. DMD reports that it has continued to write sales orders from its existing customer base and is developing relationships with new customers as well. All of this means that Green LED Tech has been receiving and should continue to receive lighting orders from DMD.
"The divestiture of DMD appears to be continuing to work out well for Hi Score," said Hi Score CEO Michael Zoyes. "The deal leaves us with a steady income from DMD as well as an annual profit check and it has freed us from a tremendous amount of debt. More importantly it frees us up to explore acquisitions of profitable private companies that can benefit from becoming part of a publicly traded company."
The company announced earlier this year that the Board of Directors had approved a plan to engage in acquisition talks with private companies in the Energy Saving Lighting, Medical Solutions and Energy Drinks industries. Since that announcement the company has been receiving phone calls from companies in various industries. "Each of the calls is unique," said Mr. Zoyes. "A few of them sound promising… I have been discussing with the Board…the idea to open up our acquisition plans to include considering private companies from other spaces as well as the ones we originally agreed upon. There appears to be a lot of opportunities…just last week I had a long telephone call with an internet gaming company that is predicting a mega future. They would like to position themselves as part of a public company so as to be prepared for its growth. Now, we have not done a lick of due diligence yet but on its face the deal looks like it could have a huge potential. I am saying huge with a B. It is a very exciting time here at Hi Score." The company continues to be very optimistic about the future.
About Hi Score
Hi Score Corporation is a supplier of eco-friendly lighting products in the Western Hemisphere. It offers its customers the fiscal and ecological practicality of utilizing safe, efficient, solid state green lighting rather than conventional fluorescent and incandescent bulbs. The Company offers the widest selection of high quality, long lasting LED lighting products that that can replace existing incandescent, fluorescent and halogen bulbs as well as compact fluorescent lights. Additionally the Company offers Compact Fluorescent and Halogen Lighting under its EcoGreenBulb and REPCO Labels, respectively. The Company sells its products directly to distributors, consumers, businesses as well as to municipalities. In August of 2012 the Company resolved to explore acquisition of other profitable private companies in the Energy Saving Lighting as well as in the Medical Solutions and Energy Drinks Industries.
Safe Harbor Statement: This release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934 that are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including statements as to the future performance of the company and the risks and uncertainties detailed from time to time in reports filed by the company with the Securities and Exchange Commission. Although the company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Factors that could cause results to differ include, but are not limited to, the company's ability to raise necessary financing, retention of key personnel, timely delivery of inventory from the company's contract manufacturers, timely product development, product acceptance, and the impact of competitive services and products, in addition to general economic risks and uncertainties.
Hi Score Corporation
SOURCE Hi Score Corporation