SOURCE: Amazing Technologies Corp.

June 27, 2005 17:16 ET

Amazing Technologies Corp. Builds Acquisition Momentum in Australia

NEWPORT BEACH, CA -- (MARKET WIRE) -- June 27, 2005 -- Amazing Technologies Corp. (OTC: AZTN) is pleased to announce it has acquired all the outstanding shares of CServ, a leading enterprise resource planning software integrator based in Brisbane, Australia.

The purchase is the first of several anticipated deals which will see Amazing acquire the IP and assets of promising Australian companies.

A privately owned business with no debt, Cserv has 17 years' experience and a core business providing low total cost of ownership manufacturing and distribution solutions for customers across Australia & New Zealand.

J. Bradley Hall, CEO of Amazing, said that the acquisition represents a validation of the company's business model, which aims to build value through acquisitions and corporate finance initiatives.

"Our aim is to marry a high margin developer and licensor of IP with a leading lower margin integrator," Mr. Hall said. "The prospect for margin expansion is stunning. We are executing on our plan to ramp to $100 million in revenue and $44 million in EBITDA over the next 24-36 months, and these deals are another solid step in that direction."

Amazing President and Chief Operating Officer Simon Arkell, an Australian expatriate and former Olympian, has assisted several Australian technology companies with their US market entry strategies over the past four years, as a partner with a successful US boutique investment banking firm.

"Deal flow is not an issue for us," Mr. Arkell said. "Our strong and deep networks give us global reach, and our business model is clearly defined. If a company does not fit with our criteria we do not change our model to suit them, we quickly move on."

Founded in 2004, Amazing Technologies Corp. aims to be a leading supplier and integrator of real-time solutions and web services that can be dynamically identified, located, accessed, compiled and assembled in pre-specified configurations. The company has been launched to roll-up orphaned software and service providers that help transform organizations into real-time enterprises that are connected, integrated and always on.

Amazing is a trademark of Amazing Technologies Corp. and may be registered in certain jurisdictions. This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21B of the Securities Exchange Act of 1934. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward-looking statements in this action may be identified through the use of words such as "expects," "will," "anticipates," "estimates," "believes" or statements indicating certain actions "may," "could" or "might" occur.

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