SHANGHAI, China, July 26 /Xinhua-PRNewswire-FirstCall/ -- T-Bay Holdings Inc. (OTC Bulletin Board: TBYH) today announced that for fiscal year 07-08, it expects the revenue growth in the range of 30%-40%, and net profit growth of 20-30%. The Company anticipates growth would be mainly attributed to additional design solutions it expects to introduce in the market, the continued strong performance of our existing customers and planned new projects including 3G products.
The Company plans to release more than 30 total design solutions based on 4 chipset platforms in fiscal year 07-08, compared to 21 solutions based on one platform in fiscal year 06-07. This represents an anticipated 42.9% growth, and should enable the company to provide solutions covering high-end, mid-end and low-end markets.
Mr. Xiaofeng Li, the CEO of T-Bay said, “Our partnership with MTK, VIA, ANYKA, INFINEON, SKYWORKS has broadened our product lines. For the last fiscal year, we have made considerable investment in upgrading our equipment to improve our R&D capacity. We intend to continuously introduce new solutions with the world’s most advanced technologies.”
“Another driver of revenue growth is from our existing customers. Currently, we have about 50 customers, most of whom performed well in the past few months. Based on the volume of purchase orders from our customers, we believe some of our big customers are gaining more market share,” Mr. Li added. “We have a diversified customer base which includes mobile handset manufacturers, brand name owners and distributors. We also expect to cooperate with telecom operators in the foreseeable future.”
“In addition, we expect new projects, including the RF design project, 3G extended products, as well as our new Fujian plant, will bring additional revenue from Q3 this year,” Mr. Li said. “We successfully achieved 38% growth in revenue with 21% growth in net profit for FY06-07, and we expect another good year with revenue growth of 30-40% and net profit growth of 20-30%.”
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 VIA, MTK, SKYWORKS, ANYKA, INFINEON. Historically, our customers included multinational brand names such as Motorola, NEC, Siemens, China Telecom, Panasonic and Alcatel. Our major customers in China include Feihu Commnunication, Shenzhen Henkai, Qiao Xing Famous Technology, Shenzhen LaiDi, Shenzhen Siecom and CECT.
Safe Harbor Statement Under The Private Securities Litigation Reform Act of 1995
The statements in this 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.
