TORONTO, Feb. 4, 2004 (PRIMEZONE) -- Edgetech Services Inc. (OTCBB:EDGH), a specialist in global enterprise security solutions, announced today that under SEC Regulation "D" Rule 506, it has closed a private equity placement of US$500,040. These funds will provide a foundation for the company's newly expanded sales and marketing efforts. The private placement -- which sold 3,704,000 shares at $0.135 -- is provided by friendly capital.
"This placement is a testament to the continued confidence that investors have in our business," said Sang Ho Kim, President of Edgetech Services Inc. "Edgetech has experienced significant growth in recent years, including a new branch opening in Montreal, and these funds will play an instrumental role in helping us build on that momentum for the future." He added that the company plans to aggressively market its innovative enterprise security solutions to global customers in Edgetech's key markets, which include financial, government, telecommunications, and pharmaceutical, among others.
About Edgetech Services
Edgetech provides enterprise security solutions that range from I.T. security and biometrics to project management. The company is a business partner to Microsoft, IBM, Symantec, Counterpane and number of other top providers of security products. Edgetech supports the enterprise security needs of major government and private sector clients across North America, including IBM, Bell Canada, Rogers Communications and the Province of Ontario. For additional information, visit www.edgetechservices.com
This press release includes forward-looking statements. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Inherent risks and uncertainties could cause actual results to differ materially from the forward-looking statements. Such risks and uncertainties are described in the periodic reports the Company files with the Securities and Exchange Commission. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release.