SOURCE: TidalWave Holdings, Inc.

January 31, 2008 09:20 ET

TidalWave Holdings, Inc. Provides Update on Share Consolidation

TALLAHASSEE, FL--(Marketwire - January 31, 2008) - TidalWave Holdings, Inc. (PINKSHEETS: TDWV) today provided an update on its previously announced share consolidation, reduction of common authorized shares, and preferred share dividend issuance.

Through the normal course of filing this corporate action, the company has been advised by NASDAQ Corporate Data Operations that there are items that need to be resolved prior to the share consolidation being effective in the marketplace. NASDAQ has informed the company that the items relate to the previous ownership and previous corporate actions of the Company. Specifically, the items include questions about the previous management changes, name changes, and state filings executed by then-majority holder Belmont Partners, LLC.

The Company has been in active communication with Belmont Partners, LLC to retrieve documentation and provide explanation of the previous corporate actions that transpired prior to the involvement of current TidalWave management. The Company is working to resolve these items and will consider further action if management deems necessary. Investors are apprised that these items were not known until the current management filed the appropriate paperwork in connection with the consolidation.

Effectively, this administrative matter will delay, to an unknown degree, the proposed share consolidation. Because the proposed reduction in the common authorized shares and preferred share dividend would be contingent upon first completing a share consolidation, these initiatives have also been delayed accordingly. The Company is unable to predict a later date when NASDAQ Corporate Data Operations will effectuate these actions, but will apprise shareholders of any developments as they become available.

Safe Harbor for Forward-Looking Statements

Except for historical information contained herein, the statements in this news release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the company's actual results in the future periods to differ materially from forecasted results.

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