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Newsroom - Clients - TBYH
The following news and investment research items reflect some of the recent business activity for selected clients of Empire Relations Group, Inc. Additional information for investment research can be found in the featured clients section. News and investment research are for informational purposes only.
T-BAY Holdings, Inc.
T-Bay Holdings Projects EBITDA of $10.5 Million for Fiscal Year 2005
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NEW YORK, NY--(MARKET WIRE)--Jan 9, 2006 -- T-Bay Holdings, Inc. (OTC BB:TBYH.OB - News) today announced that EBITDA is projected to be about USD$10.5 million for fiscal year 2005. The 80 percent increase in EBITDA is attributed to the company's transition of revenue from product sales to the much more profitable design services.
Mr. Xiaofeng Li, Chief Executive Officer of T-Bay Holdings, said that projected earnings growth reflects the strong demand for the company's design services throughout China. The significant increase in EBITDA validates the company's decision to focus more resources in the huge design services opportunity that continues to develop in The Peoples' Republic of China. The Company also commented on the opportunity it expects from the 3G opportunity in mainland China.
"We expect our customer base will more than double in fiscal year 2006 compared to the previous year. We also project a strong increase in revenues and profits which is mainly attributed to the overwhelming demand for our design services," Li said. "Our designs have won competitions and they have given us the recognition in the international marketplace to secure new contracts. As the multinational firms enter into mainland China, they are looking to companies such as Sunplus for our knowledge of the desires of consumers in this area of the world."
Li also said, "The Company expects a significant business opportunity from the demand for 3G services in the near future. Few Chinese phone manufacturers even have 3G design capabilities, so we expect not only a major opportunity from local companies but also from the multinational manufacturers."
Fiscal year 2006 projections are contingent upon the company securing favorable financing to meet the significant demand for its products and services in China.
The information contained in this press release should be read only in connection with the company's Quarterly Report filed on Form 10-QSB for the quarter ended September 30, 2005. All financial results reported in this press release and the 10-QSB are unaudited.
About T-Bay Holdings, Inc.
T-Bay conducts its mobile phone design business through its 95% owned subsidiary, Shanghai Sunplus Communication Technology Co., Ltd. ("Sunplus"). Established in October 2002, Sunplus is a Sino-foreign joint venture providing total solution and full-range design services to leading mobile handset brand owners in China. The broad spectrum of services that Sunplus provides include overall product design, mechanical design, module architecture design, software design, prototype production, product testing, manufacturing and after-sale technical support. The Company currently has a staff of 160, comprised mostly of engineers and software programmers.
Sunplus develops its mobile phone modules based mainly on the chipset platform provided by Skyworks. Currently, major customers of Sunplus include CECT, Panda Electronics and Siemens Mobile.
Sunplus was jointly formed by Wise Target International Limited, Amber Link International Limited and Shanghai Fanna Industrial Product Design Co., Ltd. Wise Target and Amber Link are 100% subsidiaries of T-Bay Holdings, Inc. and they altogether hold 95% shareholding in Sunplus.
Safe Harbor Statement Under The Private Securities Litigation Reform Act of 1995: The statements in the press release that relate to the company's expectations with regard to the future impact on the company's results from new products in development are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The results anticipated by any or all of these forward-looking statements may not occur.
Jack Zeng
Tel:(86) 135 0228 9836
Philip Wang
Tel:(86) 021 2402 8587
Kenneth Maciora
(516) 750-9719
URL: http://www.empirerelations.com
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About T-BAY Holdings
T-BAY Holdings, Inc. owns 95% of Shanghai Sunplus Communication Technology Co., LTD. (“Sunplus”). Sunplus is a leading telecommunications device design company specializing in products in the cellular phone, MP3 players, PDA's and other hand-held electronic products.
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