Hi Score Subsidiary Receives another Commitment for Energy Saving Lighting Purchases
MIAMI, Nov, 19, 2012 /PRNewswire/ -- Hi Score Corporation (PINKSHEETS: HSCO) announced today that its subsidiary Green LED Technology has received yet another Commitment for Energy Saving Lighting from DMD Lighting.
DMD Lighting which used to be a Hi Score subsidiary was sold off earlier this year. However as part of the sales agreement Hi Score retains a sizable portion of DMD's net earnings. Additionally DMD has been purchasing Energy Saving Lighting from Green LED Technology for its various jobs over the past several months. Earlier today DMD notified that it had just received yet another six figure contract and that it will contract with Green LED Technology for the Energy Saving Lighting portion of the Contract.
Hi Score and Green LED President, Michael Zoyes said today that "the sale of DMD at the time was a difficult decision ...it was generating revenue... but it is paying off. We still receive net earnings, we got rid of 150K of high interest debt and we still get lighting business from them. The Energy Saving Lighting Business has been and remains our core business.
"However in an effort to increase shareholder value, we are actively working toward acquisition of a few privately held companies. Diversifying our portfolio of companies puts the company in a position to earn profits from more than one sector. We are very close to closing a few of the deals...we are very excited about these opportunities. The key is to bring competent, cost effective management on board with each acquisition."
It has been a long couple of years although the company continues to be more optimistic than ever 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. In October of 2012 the company expanded its exploration horizons to include opportunities with companies in any space provided the deal makes fiscal sense and shows potential of growth.
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.
CONTACT: Hi Score Corporation Michael Zoyes President (954) 990-6827 www.hiscorecorporation.com
SOURCE Hi Score Corporation