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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, Inc. Completes Acquisition
SALT LAKE CITY, Sept. 9 /PRNewswire-FirstCall/ -- T-BAY Holdings, Inc. (OTC Bulletin Board: TBYH - News) is pleased to announce that it has completed a merger by reverse acquisition with Wise Target International Limited and Amber Link International Limited, which altogether hold 95% shareholding in Shanghai Sunplus Communication Technology Co., LTD., ("Sunplus") a leading telecommunication devices design company specializing in products in the cellular phone, MP3 players, PDA's and other hand-held electronic products. In the year ended March 31, 2005, Sunplus earned $33.86 million in revenue with $5.98 million in net income.
Mr. Xiaofeng Li, Chief Executive Officer of Sunplus stated, "This merger is a significant step by Sunplus to move the Company into the international marketplace by taking on the responsibilities of a U.S. public company. It is also a beginning for Sunplus with the goal of moving to the American Stock Exchange or NASDAQ as soon as it is appropriate."
Mr. Tianpei Li, former President of T-BAY Holdings, Inc., noted, "We have been looking for the right partner for T-BAY with the revenues, income, business acumen and experience to maximize the opportunity for T-BAY shareholders. We feel that Sunplus is exactly the right partner. As a design company, Sunplus' products in 2004/2005 sold for more than a quarter of a billion dollars in the fastest growing market in the world. We expect them to continue this phenomenal growth into the future."
Mr. Xiaofeng Li added that "the Company anticipates steady growth in the mobile phone market of China. Based on government and industry statistics, the number of mobile phone users has increased to 368 million by end of July, 2005, and expected a growth of more than 50 million users a year -- approximately half of them from domestic brand names. We have strong technical capability to offer high-end sophisticated products and have acute market sense to help our clients satisfy their customers' needs. These have been vindicated by our strong growth and excellent profit margins."
About Sunplus
Established in October 2002, Shanghai Sunplus Communication Technology Co., Ltd. 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 includes product overall design, mechanical design, module architecture design, software design, prototype production, product testing, manufacturing and after-sale technical support. The Company currently has 160 staff, mostly engineers and software programmers.
Sunplus develops its mobile phone modules mainly based on the chipset platform provided by Skyworks. The first module developed by Sunplus was used by Panda Electronics for making 150,000 units of their mobile phones. 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 investment companies specializing in telecommunication business and 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
Email: zeng888888@hotmail.com
Philip Wang
Tel:(86) 021 2402 8587
Email: philipw@sunpluschina.com.cn
Justin Eastland at: 208-342-6000
URL: www.sunpluschina.com.cn
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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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