TORONTO, Feb. 20, 2003 (PRIMEZONE) -- Edgetech Services, Inc. (OTCBB:EDGH), a total business solutions provider specializing in IT Security and outsourced services, today announced that several new sales contracts have been signed during recent weeks. Together, these new contracts support a record-high sales pace.
The new outsourcing agreements signed in January and early February are expected to yield sales revenue of US$800,000 according to the terms of the respective contracts.
In comparison, Edgetech earlier announced actual revenue in the six months ending Oct 31, 2002, of US$656,830, which was itself an increase of 27% from the year-earlier period.
"Edgetech continues to enjoy record-high levels of activity in all our lines of business," says Mr. Tae Kim, CEO. "Edgetech is a leading supplier of IT and Security Services and is experiencing unprecedented demand. These new sales will enable our firm to turn the corner towards profitability for the current quarter and build the foundation for strong and profitable growth for our next fiscal year. We are looking forward to the most successful year in our company's history."
Edgetech's fiscal year ends April 30. Edgetech expects to reach its projected record-high revenue targets for the fiscal year 2003-2004.
Recent well publicized hacker attacks that obtained personal information from millions of credit card owners only reinforce the need for secure operations systems. This, and the "Slammer" computer virus that shut down over 100,000 computer systems last month, illustrate the continual need by businesses large and small to protect both their IT operations and the privacy of their customers.
Edgetech believes that its revenue growth outlook remains strong due to continual high demand from a large number of existing and new clients. The identity of the clients and size of the individual contracts is not being released, for reasons of security and competition.
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.
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.