News released on 01/19/2007 (from OTCBB.COM):
TelcoBlue, Inc. Posts 2005 Audited Financials
Company Increases Net Income $779,745 for 2005
TelcoBlue, Inc. (PINKSHEETS: TBLU) is pleased to announce that the Company has posted their 2005 audited financials. The Company showed a net income of $246,382 for 2005, whereas in 2004 the Company lost over $1 Million. In addition, the Company was able to eliminate their outstanding debt of $536,264 in 2005 and is now debt free.
During 2005, the Company entered into settlement agreements with various vendors that resulted in the reduction of its outstanding debt of $536,264. This forgiveness of debt has been included as other income in the statement of operations. TelcoBlue, Inc. reduced their general and administrative operating expenses by $695,594 from $985,476 in 2004 to $289.882 for 2005.
"The Company is very pleased to provide the financial community with the audited financials for 2005. We are working towards having our audited financials current and plan on having the quarterly financials for 2006 available soon," stated Jim Turek, President and CEO of TelcoBlue, Inc."