MIAMI, FL — (Marketwire) — 05/18/12 — Hi Score Corporation (PINKSHEETS: HSCO) announced today that it has executed a transaction where Hi Score subsidiary DMD Lighting and Energy Control Systems has been sold to an unnamed private interest. The terms of the transaction, which occurred in the first quarter of 2012, prohibited the public announcement until the second quarter of 2012. The deal allows Hi Score to retain 25% of the profits from DMD over the next three years while losing all liability for continued operating expenses. “We shed over 200 thousand dollars in debt as well as at least a quarter million dollars in annual operating expenses… This is cash that we do not have to spend… The deal is great for our balance sheet and allows us to continue to receive a healthy amount of the profit without being responsible for the day to day,” said Hi Score CEO Michael Zoyes.
The move frees up Hi Score to pursue acquisitions of profitable companies… not only in the energy space but also other sectors… the real qualifier is that the acquisition target is profitable or is a new venture with a very high probability for profitability. The move also keeps Dominick Falso on as COO. “I am very excited about our opportunities,” said Dominick, “especially in the Energy Saving Lighting end of the business… which typically has greater margins than the traditional lighting business… The future looks very bright.” Dominick Falso was appointed as Hi Score–s Chief Operating Officer in January of 2011.
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.
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