MISSION VIEJO, Calif., May 12, 2014 (GLOBE NEWSWIRE) -- FITT Highway Products, Inc. (OTCQB:FHWY) (the "Company") is pleased to announce that it has entered into a Share Exchange Agreement ("Agreement") with Greenome Development Group Inc., ("Greenome"). Upon the transaction's close, Greenome will acquire 80% of the Company's issued and outstanding shares in exchange for $400,000, which will be paid as the Company meets certain requirements, and 100% of Greenome's outstanding shares. The closing of the share exchange is subject to both parties satisfying a variety of enumerated conditions. For example, the Company must mitigate certain debt to Greenome's satisfaction and restructure notes payable so that the interest rates are no more that 10% per annum and maturity dates are extended to August 1, 2015. Greenome must produce audited financial statements and other necessary SEC filings prior to the closing. Upon closing, Greenome will appoint its own Board of Directors and management. Both parties anticipate that the transaction will be finalized before the end of the year. Please review the Company's current report filed on Form 8-K with the SEC and the Agreement attached to the same for a more detailed description of the transaction.
Greenome has informed the Company that its current business, which is approximately one year old, consists of planting and harvesting a hybrid variety of trees in Anhui Province, China under a government program aimed at improving air quality. The trees, which are a cross between bamboo and willow, are designed to be fast-growing and extremely resilient. Greenome has already planted approximately six million trees and expects to harvest about three million trees between September 2014 and November 2014.
The Company has been in the energy shot business since late 2008 and 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 in China and South America.
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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.