Techedge Inc. Issues Corporate Update
Techedge, Inc. (OTCBB:TEDG) Chairman and CEO Peter Wang today issued the following corporate update:
"We are pleased to provide our shareholders with the following corporate update:
"Techedge is repositioning itself for the fast growing bio-pharmaceutical sector in China. With its recently signed Letter of Intent with China BioPharma Limited, Techedge plans to quickly enter into this market with a major interest holding in one of the fast growing bio-pharmaceutical companies in China. Techedge is in the process of preparing the legal document and expect to close this deal in Q2, 2006. After closing this deal, Techedge expects to consolidate its annual sales at about $10 million and net income about $1.5 million. The Bio-pharmaceutical sector is one of the fastest growing sectors in China at about 25% annual growth. Current demand for vaccines of epidemic diseases such as SARS and Avian Bird Flu is growing rapidly. With the relationship and working experience through strategic partners and various government agencies in China, Techedge plans to team up and invest in other profitable and well-managed bio-pharmaceutical companies in China.
"Additionally, Techedge has terminated its long distant calling business in the beginning of this year. It will significantly cut its operational losses and improve its short-term financial conditions. Techedge is looking for strategic partners to carry out the commercialization of its unique and high potential Mobile Voice over IP solutions.
"As always, I appreciate your ongoing support and look forward to a successful 2006."
About Techedge, Inc.
Techedge Inc. (OTCBB:TEDG) is a leading developer of mobile VoIP and wireless broadband solution provider. The Company provides disruptive and low cost communications solutions combining matured radio with VoIP technologies for emerging service providers. The Company has recently repositioned itself to focus at opportunities in the fast growing bio-pharmaceutical sector in China. For more information, please visit its website at www.techedgeinc.net.
FORWARD-LOOKING STATEMENT DISCLAIMER
Some of the statements made in this press release discuss future events and developments, including our future business strategy and our ability to generate revenue, income and cash flow, and should be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These "forward-looking" statements can generally be identified by words such as "expect," "anticipate," "believe," "estimate," "intend," "plan," and similar expressions. These statements involve a high degree of risk and uncertainty that exists in the Company's operations and business environment and are subject to change based on various factors that could cause actual Company results, performance, plans, goals and objectives to differ materially from those contemplated or implied in these forward-looking statements. Actual results may be different from anticipated results for a number of reasons, including the Company's new and uncertain business model, uncertainty regarding acceptance of the Company's products and services and the Company's limited operating history.
Techedge Inc.
Tony Tsai, 732-632-9896, ext. 115
Fax: 732-452-9726
ir@techedgeinc.net
