ORLANDO, Fla., May 18, 2007 (PRIME NEWSWIRE) -- RedChip Visibility, a division of RedChip Companies, Inc. announced today that it has issued a research update on Edgewater Foods International, Inc. (OTCBB:EDWT).
Lisa Springer, MBA/CFA, RedChip Research Analyst, wrote in the report:
"During the first and second quarter of EDWT's 2007 fiscal year, the Company continued moving the 2006 scallop crop from the onshore ponds at its harvest facility into grow-out nets at its tenure sites. The Company anticipates that of over 350 million larvae that were spawned during the 2006 spawning season, at least 5 to 10 million scallops could reach full maturity and thus be harvested.
The Company could be producing revenues exceeding $52 million and meaningful operating profits within five years.
We initiated coverage of Edgewater Foods International in October 2006 with a Speculative Buy rating and a one-year $4.25 price target, based on a deeply discounted multiple of estimated future earnings. If Edgewater succeeds in increasing its scallop production to targeted levels, the Company could be producing revenues exceeding $52 million and meaningful operating profits within five years."
To receive a complimentary copy of the RedChip Visibility research update for EDWT, please visit: http://www.redchip.com/visibility/about.asp?page=requestEDWT_Q2_2007.
About RedChip Companies, Inc.
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RedChip Visibility Research Disclosure
Edgewater Foods International, Inc. is a client of the Aurelius Consulting Group, Inc. and of RedChip Visibility, a division of RedChip Companies. EDWT paid RedChip Visibility $28,800 for the RedChip Visibility Research Program, which includes this report. In the purview of Section 17(b) of the Securities Act of 1933 and in the interest of full disclosure, we call the reader's attention to the fact that the Aurelius Consulting Group is an investor relations firm hired by the Company and receives 25,000 shares of Rule 144 stock per quarter for investor relations services.