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TEDG ---> (read this report....hot!)

Ludlow Capital Issues $1.31 Price Target on TEDG on 'Bird Flu' Vaccine Acquisition
Research Staff
Last Update: May 19, 2006 - 7:45am EST

NEW YORK--May 19, 2006--Ludlow Capital establishes research coverage of TechEdge (OTC:TEDG), and their acquisition of China BioPharma Ltd., one of China's largest non-governmental vaccine production companies.

CHINA BIOPHARMA

China BioPharma, which owns majority rights to Tianyuan Bio-pharmaceutical Co., Ltd., established in 1989, is one of China's largest non-governmental owned vaccine research manufacturers and is the first in China confirmed to GMP standard. The company's current products consist of vaccines for epidemic hemorrhagic fever (Ebola), Influenza with high reputation, and other contagious diseases. For more information on Tianyuan Bio-pharmaceuticals visit www.ty-pharm.com


VACCINE PRODUCTION

China BioPharma's recently completed production facility is the largest and best human-vaccine production facility in China, and is also the nation's main vaccine production base whenever there is an epidemic disease outbreak within the region. Basicly, if there is an outbreak of general Influenza or the deadly Avian H5N1 Influenza (bird flu) virus, China BioPharma's vaccine production facility will be a key player in producing and distributing vaccines out to the Chinese government. The facility currently has around 140 employees. (see photo)


AVIAN H5N1 RESEARCH

China BioPharma's main focus is on vaccines for highly virulant and contagious diseases such as Ebola, SARS, and Influenza. To that effect, TEDG will be a major player in creating and mass producing a vaccine for any potential Avian Bird Flu outbreak if the need should arise in China. The company specializes in vaccines for highly contagious diseases.


PRICE TARGET OF $1.31

TEDG reported around $9 million in sales for fiscal year 2005, along with $1.5 million in net income profit. Based on other biotech 'bird flu' plays within the sector, and only 82 million shares issued and outstanding we feel TEDG should have a fair market cap value of at least $108 million. This valuation would still only give TEDG a price/sales ratio of 12 as compared to others in the sector ranging from 12 to 653 times sales.

$9 million (revenue) x 12 (price to sales) = $108 million market cap

($108 million market cap / 82 million shares outstanding = $1.31 a share)

http://www.theasianinvestor.com/reports/tedg.htm