TBSS International, Inc. Files 10-Q Financial Report

TAMPA, Fla., Feb. 22, 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 and energy efficient lighting,  announced the filing of its 10-Q for the period ending Dec. 31, 2011.  The 10-Q filing in its entirety is accessible at http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=8426442

The company's first filing after its reorganization and adoption of the new business plan initiated October 12, 2011 showed revenues of $350,000 from a trenching contract with a gross profit of $22,223. For the three months ended December 31, 2011, the company booked a net loss of $118,420.  

On November 16, 2011 the President and CEO loaned the Company $100,000.  On December 13, 2011 the President and CEO loaned the Company $3,900,000 for a total of $4,000,000.   On December 16, 2011 the President and CEO of the Company entered into an agreement on behalf of the Company, with a third party, to purchase inventory valued at $3,192,730 and a patent of $807,270 for a total of $4,000,000.  The patent, originally filed in May 2001, has nine years and three months left before expiring.  The President and CEO assigned the assets to the Company. On January 12, 2012 the President and CEO loaned the Company $3,186,000.  The loan has interest of 3% and has no specific due date.  The total principal loaned by the President and CEO to the Company through the date of this report is $7,186,000.

Todd Spinelli, President and CEO, said, "An unfortunate, yet necessary, requirement in a financial filing for what is basically a newly public company like TBSS International, Inc. is the inclusion of historical financial information from a previous company which, in our case, was Avenue South, Ltd.  Although the financials for this company reflects a totally different business plan and led by a totally different management team from TBSS International, Inc., the financial data is included.  So we encourage our shareholders to please focus on the numbers associated with our operations as TBSS International since October of 2011."

Spinelli noted, "Our previously announced trenching contract for $400,000 ended up being valued at $415,000 with $350,000 booked by Dec. 31, 2011 and the remaining $65,000 being received in January, 2012. For accounting purposes, the net profit was only $22,233 by the end of 2011, but all of the $65,000 in January will be recognized as profit this quarter."

Mr. Spinelli continued, "We are excited about what we are working on for building value in TBSS International. As previously announced, we are currently filling a $3.2 Million backlog order for our proprietary neon lighting which will be recognized as revenue upon our clients' receipt of the shipped order and TBSS receiving payment. We also are working on a number of oil contracts that we anticipate will dramatically build our revenue base and bottom line."

Spinelli concluded, "My confidence in the future in TBSS is perhaps best demonstrated by my loans of $7.186 Million to the company at a modest interest rate of 3%.  I feel that there is no better way to meld my financial success with that of our shareholders than to raise capital through this non-convertible debt. We look forward to building a company based on rapid revenue growth with net profitability.  This filing is just the first of an expected series of quarter to quarter growth."

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 and recently entered the energy efficient lighting market. 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.  TBSS's competitive advantage stems from the company's joint venture partners, their respective technological expertise and proprietary technology and the company's own intellectual property. 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.

Contact:

TBSS International  
855-OIL-GOLD
855-645-4653 Press 1 for Investor Relations
855-645-4653 Press 2 for Media Relations

SOURCE TBSS International, Inc.