SOURCE: Amazing Technologies Corp.

May 11, 2005 09:16 ET

Amazing Technologies Corp. (AZTN) Announces Agreement to Acquire Leading Australian Software Company

NEWPORT BEACH, CA -- (MARKET WIRE) -- May 11, 2005 -- Amazing Technologies Corp. (OTC: AZTN) is pleased to announce that the company has executed a Letter of Intent to acquire all the outstanding shares of Clear Objective Pty. Ltd., a leading enterprise resource planning software company based in Brisbane, Australia.

J. Bradley Hall, CEO of Amazing, commented, "The company has been on a bit of a tear lately and we are excited to announce that we have agreed to acquire our next company, Clear Objective, which is an established leader in the ERP space in Australia."

Brad added, "This is one of those hidden gems that our team has proven to be quite adept at uncovering. The team in Australia has quietly built a comprehensive platform with over 100 fully functional and distinct modules. The company has revenue and earnings in Australia and is now poised for a global launch. The distribution channel in North America is in complete chaos and we can immediately step into the vacuum created by the consolidation of JD Edwards and PeopleSoft by Oracle, and Great Plains and Navison by Microsoft."

"This agreement evidences the momentum that Amazing continues to build as the Company announces acquisitions and the successful completion of corporate finance initiatives. We are executing an ambitious plan to ramp to $100 million in revenue and $44 million in EBITDA over the next 24-36 months and today is another solid step in that direction."

Amazing Technologies Corp. is a start-up company that aims to be the leading supplier and integrator of Real-Time Solutions or Web-Based 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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