TORONTO, Sept. 17, 2002 (PRIMEZONE) -- Secure Enterprise Solutions Inc. (OTCBB:SETP) (the "Company" or "SETP") is very pleased to announce that its subsidiary Edgetech Services Inc. (Edgetech) has achieved a 47% increase in operating revenue in the quarter ending July 31, 2002, as compared to the quarter ending July 31, 2001.
Total revenue for the three months ending July 31, 2002 -- Edgetech's first quarter of fiscal 2002 -- was U.S. $357,422 (CDN$ 562,904), as compared to $249,277 (CDN$ 381,735) during the first quarter of 2001.
This strong increase in revenue was enjoyed despite overall weakness in the Information Technology economy throughout North America and comes from all of the company's core operations. Additional new revenue streams from the security sector are expected to begin materializing in the 2nd and 3rd fiscal quarters and should help the company maintain its strong revenue growth.
The overall loss for the quarter was $148,245 as compared to $36,280 one year earlier and was in large part related to one-time events including the merger between Edgetech Services Inc and Secure Enterprise Solutions Inc. The Edgetech operating loss for the quarter was just $43,900.
The Company is outperforming the overall IT sector by recording strong revenue growth that is expected to continue. It is the Company's goal to be profitable by the final quarter of fiscal 2002.
"Our growing revenues and strong market position is clear evidence of our successful business model. Our market presence is also growing rapidly and our solid foundation is expected to continue to exceed general market conditions," said Tae Ho Kim, CEO of the Company.
The Company's quarterly report 10QSB can be reviewed at the SEC EDGAR website.
Edgetech's primary business is IT Consulting covering the following areas: IT Security, Biometrics, Business Solutions, Systems Engineering, Software Development and Project management.
Edgetech offers expertise in project management, IT professionals and custom technology solutions. Edgetech is a Business Partner to Microsoft, IBM and others. Edgetech's clients include major government and private sector clients in Canada and the United States. Some of these clients include: IBM, Falconbridge, Bell Nexxia, Rogers Telecom and Province of Ontario. The Edgetech website is www.edgetechservices.com
For more information contact Tae Ho Kim, CEO 204-943-0803, or tkim@edgetechservices.com or examine the website at www.weprovidesecurity.com
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.