Bridge Technology, Inc. Revenues Decline to $99 Million


GARDEN GROVE, Calif., Nov. 26, 2003 (PRIMEZONE) -- Bridge Technology, Inc., previously listed on the Nasdaq Small Cap Market under BRDG, today reported its results for the year ended December 31, 2002.

Bridge Technology, Inc. is a "time to market" distribution company whose products include digital recording, storage and communications components to long standing OEM customers in the United States and China.

Results for the year were materially affected by the loss operations of two subsidiaries, Autec Power Systems, Inc. and Bridge Technology Co., LTD. (Ningbo). These operations were held for sale as of 12/31/02 and considered discontinued operations.

Consolidated revenues from continuing operations for the three months ended December 31, 2002 were $20,205,000 down 36% and the Company incurred losses of $432,000 compared to a loss of $575,000 for the same three months of 2001. Lower revenues and losses for the fourth quarter, as compared to the fourth quarter in 2001 were attributed to weak fourth quarter results in our domestic manufacturing operations.

Consolidated revenues from continuing operations for the year ended December 31, 2002 were $99,359,000 down 26% as compared to 2001 resulting in a net loss of $480,159 or $0.05 per share compared to a net loss of $488,301 or $0.06 per share for the prior year. Lower revenues and losses for the year can be attributed to the slowdown in our domestic operations as well as decrease revenues in our China operations.

Losses from discontinued operations were $2,100,686 or $0.09 per share for the year ended December 31, 2002 compared to a loss of $1,900,097 or $0.17 per share for the prior year.

The year 2003 is a transition year for the Company as it gradually returns to profitability.

The Company was delisted from the Nasdaq Small Cap Market on August 4, 2003 which was affirmed by the Nasdaq Listing and Hearing Review Council on October 24, 2003 without the benefit of an additional hearing. The NASD Board of Governors declined to call this decision for review at its recent Board Meeting and the Company was notified on November 18, 2003 that pursuant to Nasdaq Marketplace Rule 4850 (d) the decision of the Listing Council represents final action of the NASD. The Company will appeal this decision by making a formal application under Rule 420 of the SEC Rules of Practice.

About Bridge Technology, Inc.

Bridge Technology, Inc. is a "time-to-market" Company that distributes digital recording, storage, and communication components and sub-assembly units, primarily to long standing OEM customers. The Company operates through subsidiaries in the United States, and Hong Kong. More information on Bridge Technology, Inc. may be obtained over the Internet at http://www.bridgeus.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this release, which are not historical facts, may be deemed to contain forward-looking statements including, but not limited to, deployment of new services, growth of the customer base, and growth of the service area, among other items. Actual results may differ materially from those anticipated in any forward-looking statement with regard to magnitude, timing, or other factors. Deviation may result from risk and uncertainties, including, without limitation, the Company's dependence on third parties, market conditions for the sale of services, technical factors affecting networks, availability of capital, and other risks and uncertainties. The Company disclaims any obligation to update information contained in any forward-looking statement.



            

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