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EdgeTech Acquires 'Web's Biggest' Search Engine
EdgeTech Services Inc. Has Signed a Definitive Agreement to Acquire Internet
Search Engine Web's Biggest Inc.
SANTA MONICA, Calif., June 2 /PRNewswire-FirstCall/ -- EdgeTech Services Inc.
(http://www.edgetechservices.com/) (OTC:EDGH) (BULLETIN BOARD: EDGH) has
signed a definitive agreement to acquire Internet search engine Web's Biggest
Inc. EdgeTech has also setup a share buyback plan to purchase up to 20 Million
common shares.
EdgeTech will acquire Web's Biggest using Convertible Preferred Shares. As part
of the agreement the company will receive a cash injection of $250,000 from
Web's Biggest.
Web's Biggest (http://www.websbiggest.com/) had net income of more than $1.5
million for the twelve months ending March 2005. Profits have grown more than
50% compared to the previous year with most revenue automatically recurring.
Net margins are also more than 50%.
The high profit margins are due to its highly automated and scaleable IT
infrastructure. This allows the company to grow rapidly without needing
significant additional capital.
Web's Biggest is the world's largest "wiki" based search engine. Its Editors
Choice directory is localized for 230 countries in 70 different languages.
Web's Biggest has licensed the entire Whois database of more than 40 million
domain names, enabling them to search almost every website in the world. Other
search engines rely on hyperlinks and manual submissions to find websites. In a
recent study done by the company, other search engines missed a third to more
than half the Web sites in Web's Biggest search results.
"This is a dramatic change in our company's direction that firmly places
EdgeTech in one of the hottest sectors in Information Technology. The potential
value of this transaction is tremendous for our shareholders," says Tae Ho Kim,
CEO of EdgeTech.
"Web's Biggest's popularity worldwide, its high margin business model, high
growth rate and its strong management team were factors that sealed our
decision to move forward," said Kim.
"This deal will make EdgeTech highly profitable. Entering the internet search
and directory space with Web's Biggest proprietary technology will provide our
shareholders with dramatic upside," said Kim.
This will be an all-stock transaction result in a change in control. Additional
details are available in EdgeTech's 8K filing on Edgar. EdgeTech will file
Web's Biggest 8KA financial statement within 71 days.
EdgeTech plans to replace three directors with two new ones. Xavier Roy and
Adam Radly from Web's Biggest will join the company's management.
Xavier Roy will be Chairman and CEO of EdgeTech. Roy has 20 years experience
managing technology and consulting companies. He has had leading roles in
Litton industries, Thomson Group, Cap Gemini Ernst & Young, Cinebase, Veon, and
Etensity where he developed and implemented new strategies that resulted in a
growth of sales and profits of more than 100%.
Adam Radly was founder and CEO of publicly traded ISIS. He helped raise almost
A $100 million for the company. The company then merged with AAV
(http://www.aav.com.au/) to form Australia's largest media services company.
Radly is also cofounder of XSIQ Pty Ltd (http://www.xsiq.com/), a leading
educational software company.
About EdgeTech
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.
Press Contact:
Adam Radly, , Phone 310-857-6666
Tae Ho Kim, , Phone 416-441-4046
This press release distributed by PRWEB ( http://www.prwebdirect.com/ ), a
service of eMediawire.
DATASOURCE: EdgeTech Services Inc.
CONTACT: Adam Radly of Web's Biggest Inc., , or
+1-310-857-6666; or Tae Ho Kim of EdgeTech Services Inc.,
, +1-416-441-4046
Web site: http://www.edgetechservices.com/
Web site: http://www.websbiggest.com/