IBIZ Technology Corp (fka IBZT)

[LBro]

NEWS - IBIZ iBIZ Issues Corporate Update

http://money.iwon.com/jsp/nw/nwdt_ge.jsp?news_id=cmt-025p0669&feed=cmt&date=20050125

PHOENIX, Jan 25, 2005 /PRNewswire-FirstCall via COMTEX/ -- iBIZ Technology Corp. (OTC Bulletin Board: IBZT), an innovative manufacturer and distributor of accessories for personal digital assistants (PDAs) and other handheld devices, issues a corporate update.

"The last twelve months has presented new obstacles and challenges," commented Ken Schilling, iBIZ President and CEO. "We are diligently working to overcome these issues and are in the process of restructuring iBIZ in an effort to reposition the company for profitability. iBIZ is exploring options to create growth in revenue this year, which has been and continues to remain our number one priority. As part of our plan, thus far we have successfully implemented various positive changes resulting in the elimination of all of our outstanding convertible debt and in the reduction of the company's overhead by laying-off all non-essential personnel, delaying officer's salaries, and temporarily delaying all cost intensive projects which include, The Bluedock by Synosphere and the virtual keyboard by VDI."



Mr. Schilling continued, "Anticipated changes shall encompass our board of directors, our executive team, as well as our sales and marketing initiatives. To date, we have doubled our product offering, created a new partner program for resellers, we have changed our website for easier navigation and have revised our pricing structure for our partners. Our staff is highly focused on revenue oriented growth and we look forward to the changes that will take place in the coming months. We are enthusiastic about our strategic growth plans and further announcements shall be released as they become available."