Published:
EdgeTech Provides Status Report
For the First Time Since Inception, EdgeTech's IT Business Shows a Profit
EdgeTech Services, Inc. (OTC BB: EDGH)
announced the following update today:
EdgeTech has undergone a dramatic restructuring with new management and the
recent acquisition of Web's Biggest.
The company now consists of two entities: Web's Biggest and EdgeTech
Canada. Web's Biggest is and has been a profitable entity. EdgeTech Canada
was never profitable since inception.
The new management actions resulted in EdgeTech Canada's dramatic quick
turnaround contributing to profit in June and July. This is the first time
that EdgeTech Canada has shown any profit since inception. This is expected
to continue and the combined units should yield profits for the next fiscal
year.
"The future of the combined companies is now more stable. Web's Biggest
will continue to focus on growing its search engine and online advertising
solutions through organic growth and possibly through acquisitions that
yields high profits while the IT business will focus on growing profitably
its consulting business," says Xavier Roy, Chairman and CEO of EdgeTech.
EdgeTech has just released its first quarter results that came above its
expectations.
As part of its organic growth, Web's Biggest recently launched
SponsorAnything that has already attracted well-known organizations seeking
sponsors such as Nascar Nextel Racing teams.
"These are exciting times for the company as there are several other
initiatives in development that may propel the company forward on many
fronts," says Xavier Roy.
Share price may be undervalued based on the present fundamentals of the
company. With that in mind, management has been purchasing stock on the
open market and EdgeTech has started to implement its Share Buyback Plan.
About EdgeTech
EdgeTech's primary business is IT consulting and Internet Search Engine
Company, Web's Biggest, (www.websbiggest.com).
The IT Consulting business covers the following areas: IT Security,
Biometrics, Business Solutions, Systems Engineering, Software Development
and Project management. EdgeTech is a Business Partner to Microsoft, IBM,
Symantec, Counterpane and many others. EdgeTech's clients include major
government and private sector clients in Canada and the United States.
Web's Biggest is the world's largest "wiki" based search engine. Its
Editors Choice directory is localized for 230 countries in 70 different
languages.
Web's Biggest has licensed the entire Whois database of more than 40
million domain names, enabling them to search almost every website in the
world. Other search engines rely on hyperlinks and manual submissions to
find websites. In a recent study done by the company, other search engines
missed a third to more than half the websites in Web's Biggest search
results.
This press release includes forward-looking statements. These statements
are made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Inherent risks and uncertainties could cause
actual results to differ materially from the forward-looking statements.
Such risks and uncertainties are described in the periodic reports the
Company files with the Securities and Exchange Commission. The Company
undertakes no obligation to update these statements for revisions or
changes after the date of this release.
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Tags: ,Computers and Software:Software, ,CA,SANTA MONICA, CA