TORONTO, March 21, 2003 (PRIMEZONE) -- EdgeTech Services, Inc., (OTCBB:EDGH) is pleased to announce that revenue in the quarter ending January 31, 2003 continues to grow as expected.
Revenue for the nine months ending January 31, 2003 was US$1,000,392, or 27% higher than during the same period one year earlier. For the three month period ending January 31, 2002, revenue was $343,257, an increase of 26% from the same period one year earlier. A loss of $0.01 per share for the three month period; and $0.02 per share for the nine month period, is also well within management expectations.
"We are very pleased with our achievements this year," said Mr. Sang Ho Kim, President of the Company. "We have expanded the breadth of our services and solutions which are now offered to a larger number of clients than ever before."
Mr. Tae Ho Kim, CEO of Edgetech Services Inc, said, "Edgetech is on-track to deliver record high revenue this year. We are building a foundation for even stronger growth expected next year. Even now in our final fiscal quarter of this year, we are approaching profitable levels of activity which is exactly as per our expectations. Edgetech is now known as a leading security company offering security and IT solutions and we are very proud of our ability to continue to grow at a time when some competitors have scaled back operations."
Edgetech Services Inc. is benefiting from strong demand for outsourced IT and security services. Current trends related to security infrastructure development are expected to continue to drive growth.
The Company further reports that, as a normal course of business, it is engaged in discussions with certain parties related to the possibility of merger and acquisition discussions. As there can be no certainty of the outcome of those discussions management can offer no additional information at this time.
About EdgeTech Services
Edgetech's primary business is IT Consulting covering 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. Some of these clients include: IBM, Falconbridge, Bell Nexxia, Rogers Telecom and Province of Ontario. The Edgetech website is www.edgetechservices.com.
Press Contacts: For more information contact Tae Ho Kim, CEO 204-943-0803, or tkim@edgetechservices.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.