3SOF

Press Release   Source: Puda Coal, Inc.

Puda Announces Fourth Quarter and 2006 Year End Results
Tuesday April 17, 8:33 am ET
Record Full Year Revenue Increases 166% Full Year Adjusted Net Income Climbs 123% to $12.5 Million

TAIYUAN, China, April 17 /Xinhua-PRNewswire-FirstCall/ -- Puda Coal, Inc. (OTC Bulletin Board: PUDC - News; "Puda" or "the Company"), a leading supplier of China's high grade metallurgical coking coal used to make coke for the purposes of steel manufacturing, today announced its financial results for the fourth quarter and year ended December 31, 2006.

   Fourth Quarter 2006 Highlights
    -- Fourth quarter revenue reached a record $ 43.4 million, up 110% from
       the fourth quarter of 2005
    -- Operating income totaled $7.1 million, up 78% increase from the
       fourth quarter of 2005
    -- Net income rose to $6.0 million, or $0.07 per fully diluted share
    -- Adjusted net income totaled $4.0 million, or $0.05 per diluted share,
       up 60% from adjusted net income of $2.5 million in the fourth quarter
       of 2005
    -- Sales of cleaned coal totaled 548,000 metric tons (MT), up 105%
       from the fourth quarter of 2005
    -- Average selling price of cleaned coal was $78 per ton, compared to
       $77 per ton in the fourth quarter of 2005

   2006 Full Year Highlights
    -- Revenue climbed to $137.8 million, up 166% from 2005
    -- Operating income rose to $22.8 million, up 148% from 2005
    -- Net income was $1.4 million, up 40% from 2005
    -- Adjusted net income totaled $12.5 million, or $0.16 per fully
       diluted share, up 123% from adjusted net income of $5.6 million, or
       $0.07 per diluted share, in 2005
    -- Sales of cleaned coal reached 1.8 million metric tons, up 165% from
       2005
    -- Average selling price of cleaned coal was $78 per ton, up from $77
       per ton in 2005
    -- Opened Zhong Yang coal washing plant, adding 1.2 million MT in total
       annual capacity
    -- Added Xuanhua Steel Group and Gengyang Coal as new customers

Fourth Quarter 2006 Results

"Our strong fourth quarter performance was driven by strong demand from new and existing customers. The addition of our new coal washing plant in Zhong Yang provided us the capacity to meet this demand," said Mr. Zhao Ming, Chairman and Chief Executive Officer of Puda Coal. "Our margins were impacted by slightly higher prices for raw coal, driven by strong industry demand for metallurgical quality coking coal. Competitive pressures have limited our ability to increase selling prices this year, and our current expectations are for margins to stabilize at current levels."

For the quarter ended December 31, 2006, total revenue was $43.4 million, up 110% from $20.7 million in the fourth quarter of 2005. This strong revenue growth was driven by larger customer order volume. Sales of cleaned coal were 548,000 MT in the fourth quarter of 2006, up from 267,000 MT in the same period last year.

Gross profit for the quarter was $8.9 million, up 88.7% from gross profit of $4.7 million in the fourth quarter of 2005. Gross margin was 20.6% in the quarter, down from 22.9% in the same period last year. This decline was primarily due to the higher prices of raw coal, as well as higher depreciation expenses associated with the new coal washing plant in Zhong Yang. The average selling price of cleaned coal was approximately $78 per ton in the fourth quarter of 2006, up from $77 per ton in the fourth quarter of 2005.

Operating expenses were $1.8 million, or 4.1% of revenue, up 149.9% from $720,000, or 3.5% of revenue, in the fourth quarter of 2005. This increase was primarily due to higher expenses from new business, including expanding the sales force to support increased capacity. In addition, the Company also incurred higher legal and professional fees as a result of being a public company.

Operating income was $7.1 million, or 16.4% of revenue, up 77.7% from $4.0 million, or 19.4% of revenue, in the fourth quarter of 2005.

Net income was $6.0 million, or $0.07 per fully diluted share, compared to a net loss of $2.2 million, or $0.03 per fully diluted share, in the fourth quarter of 2005. Adjusting net income to exclude non-cash debt financing and other expenses related to the Company's convertible debt and warrants, adjusted net income was $4.0 million, or $0.05 per fully diluted share, in the fourth quarter of 2006, up 60% from adjusted net income of $2.5 million, or $0.03 per diluted share in the fourth quarter of 2005.

At year end, total annual production capacity was 2.7 million MT, up from 1.5 million MT at the end of 2005. This increase was due to the Company's new coal washing facility in Zhong Yang, which commenced operations in March 2006 and has annual production capacity of 1.2 million metric tons. The plant was operating at full capacity at the end of 2006.

Full Year 2006 Results

Net revenue was $137.8 million in the year ended December 31, 2006, up 166.4% from $51.7 million in the year ended December 31, 2005. Full-year sales of cleaned coal increased 165% to 1.8 million MT in the year ended December 31, 2006, compared to 680,000 MT in the year ended December 31, 2005. The average selling price of cleaned coal was $78 per ton, up from $77 per ton in 2005. Gross profit was $28.4 million, or 20.6% of revenue, up 143.4% from $11.7 million, or 22.6% of revenue, in 2005. Operating income was $22.8 million, or 16.5% of revenue, up 148.0% from $9.2 million, or 17.8% of revenue, in 2005. Net income was $1.4 million, or $0.02 per fully diluted share, up 40.3% from $1.0 million, or $0.01 per fully diluted share, in 2005. Adjusting net income to exclude non-cash debt financing and other expenses related to the Company's convertible debt and warrants, adjusted net income was $12.5 million, or $0.16 per fully diluted share in 2006, up 123% from $5.6 million, or $0.07 per fully diluted share, in 2005.

Financial Condition

As of December 31, 2006, Puda Coal had $24.9 million in cash and cash equivalents, $36.5 million in working capital and a current ratio 3.8:1. Puda Coal generated $11.3 million in cash flow from operations in 2006, compared to $1.6 million in 2005. Long-term debt totaled $13.5 million, and shareholders' equity stood at $23.0 million at year end.

Business Outlook

The Chinese steel industry continues to experience a strong outlook for growth. Several huge infrastructure projects and a prosperous real estate market are expected to drive demand for high grade metallurgic cleaned coking coal in the near term, while China's western development plan will drive demand in the long term. In order to take advantage of these significant growth opportunities, Puda Coal intends to increase its annual production capacity to 4.0 million MT by the end of 2007. This will allow the Company to fill larger orders from existing clients, and puts it in a better position to win new customers. The Company also plans to increase its sales force in its efforts to win additional new customers.

Puda expects that its revenues for the full year 2007 will be in the range of $210 to $220 million, and full year 2007 operating income between $34 million and $36 million.

"In 2007, we look forward to another year of strong revenue growth and profitability. We will concentrate on increasing capacity to meet demand, expanding our sales force and improving our operational efficiency by implementing our advanced mix control technology and management system at each of our coal washing facilities," said Mr. Zhao. "We believe we are well positioned relative to our competitors, and we expect to increase our market share as we continue to build our corporate and brand identity as the premier high grade metallurgical coking coal supplier in China."

Subsequent Events

On March 21, 2007, Puda Coal filed an amendment to its registration statement on form SB-2/A filed with the U.S. Securities and Exchange Commission related to the sale of up to 47,764,373 shares of its common stock by certain existing holders of its securities. Shares registered in the filing include 8,250,000 shares of common stock that that may become issuable upon conversion of principal on convertible promissory notes, related warrants to purchase 21,050,000 shares, warrants issued to the placement agent, its employees and other persons acting on behalf of the placement agent to purchase 135,085 shares, and 13,854,288 shares of Common Stock issued upon conversion of the notes and exercise of the warrants. The Company will respond diligently to any and all SEC comments as they are received, but can not give any estimate as to when it expects the registration statement to become effective.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Conference Call

The Company will host a conference call at 9:00 am EDT on Tuesday, April 17, 2007, to discuss results for the fourth quarter and year ended December 31, 2006. To participate in the conference call, please dial the following number five to ten minutes prior to the scheduled conference call time: (888) 481- 7939. International callers should dial (617) 847-8707. The passcode for the call is 69973993. If you are unable to participate in the call at this time, a replay will be available on Tuesday, April 17, at 11:00 am EDT, through, Tuesday, April 24 at 11:00 am EDT. To access the replay, dial (888) 286-8010. International callers should dial (617) 801-6888. The conference passcode is 60397597.

Use of Non-GAAP Financial Information

GAAP results for the fourth quarter and full years ended December 31, 2006 and December 31, 2005 include certain non-cash debt financing and other expenses related to the Company's convertible notes and warrants. To supplement the Company's condensed consolidated financial statements presented on a GAAP basis, the Company has provided non-GAAP financial information excluding the impact of these items in this release. The Company's management believes that these non-GAAP measures provide investors with a better understanding of how the results relate to the Company's historical performance. A reconciliation of adjustments to GAAP results appears below. This additional non-GAAP information is not meant to be considered in isolation or as a substitute for GAAP financials. The non-GAAP financial information that the Company provides also may differ from the non-GAAP information provided by other companies.

About Puda Coal, Inc.

Puda Coal, through its affiliates and controlled entities, supplies premium grade coking coal to the steel making industry for use in making coke. The Company currently possesses 2.7 million metric tons of annual coking coal cleaning capacity, and management believes it is the largest coking coal cleaning Company in terms of capacity in Shanxi Province, China. hanxi Province provides 20-25% of China's coal output and supplies nearly 50% of China's coke.

FORWARD-LOOKING STATEMENTS

The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward- looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. The safe harbor for forward-looking statements contained in the Securities Litigation Reform Act of 1995 protects companies from liability for their forward-looking statements if they comply with the requirements of the Act.

                         - FINANCIAL TABLES FOLLOW-



                              PUDA COAL, INC.
                   CONSOLIDATED STATEMENTS OF OPERATIONS
       (In thousand of United States dollars, except per share data)


                                For the three months   For the years ended
                                       ended                December 31,
                                    December 31,
                                     2006      2005        2006        2005
                              (unaudited)(unaudited)   (audited)   (audited)

   Net revenue                     43,407     20,654     137,771     51,710
   Cost of revenue                (34,482)   (15,924)   (109,381)   (40,047)
   Gross profit                     8,925      4,730      28,390     11,663

   Operating expenses
   Selling expenses                 1,039        236       3,231        791
   General and administrative
    expenses                          760        484       2,387        789
   Other operating expenses            --         --          --        902

   Total operating expenses         1,799        720       5,618      2,482

   Income from operations           7,126      4,010      22,772      9,181

   Gain on short-term investments      --         --          --          6

   Interest income                     21          9          59         12

   Interest expense                (2,085)      (531)     (4,441)      (531)

   Debt financing costs            (1,156)    (4,964)    (10,669)    (4,964)

   Derivative unrealized fair
    value gain                      4,564        700       1,237        700

   Income before income taxes       8,470       (776)      8,958      4,404

   Income taxes                    (2,474)    (1,396)     (7,604)    (3,439)

   Net income                       5,996     (2,172)      1,354        965

   Other comprehensive income
   Foreign currency translation
    adjustment                        437         18         985        154

   Comprehensive income             6,433     (2,154)      2,339      1,119



   Earnings per share
   -Basic                           $0.07     ($0.03)      $0.02      $0.01
   -Diluted                         $0.07     ($0.03)      $0.02      $0.01
   Weighted average shares
    outstanding
   -Basic                      86,821,002 74,544,565  80,167,110 73,950,274
   -Diluted                    86,830,685 78,170,327  80,176,793 77,576,036

   Net income                       5,996     (2,172)      1,354        965

   Less: Option holder
    preference dividend                                              (2,717)

   Undistributed Earnings           5,996     (2,172)      1,354     (1,752)



                              PUDA COAL, INC.
                 RECONCILIATION OF NON-GAAP FINANCIAL DATA


   Adjusted Net income                 Q4 2006         Q4 2005
   ($ in thousands except per share
    data)
                                     Net    Diluted  Net      Diluted
   Net Income (Loss) Diluted EPS    Income    EPS   Income      EPS
   Adjusted Amount                   3,957    0.05   2,509       0.03
   Adjustments
      Non cash debt financing
       costs (1)                       773    0.01   4,964       0.06
      Unrealized derivative fair
       value gain/Loss (2)          (4,565)  (0.05)   (700)     (0.01)
      Discount on converted shares
       and exercised warrants(3)     1,753    0.02     417       0.01
   Amount per consolidated
    statement of operations          5,996    0.07  (2,172)     (0.03)

   (1) Non cash debt financing costs for Q4 2006 includes amortization of
       debt issue costs of $17,000, amortization of discount on convertible
       notes and warrants of $756,000, Non cash debt financing costs for Q4
       2005 includes amortization of debt issue costs of $739,000,
       amortization of discount on convertible notes and warrants of
       $4,225,000
   (2) Derivative unrealized fair value gain for Q4 2006 was 4,564,000,
       Derivative unrealized fair value gain for Q4 2005 was 700,000
   (3) Discount on converted shares and exercised warrants for Q4 2006 was
       1,753,000, Discount on converted shares and exercised warrants for Q4
       2005 was 417,000

   Adjusted Net income                 FY 2006          FY 2005
   ($ in thousands except per share
    data)
                                     Net    Diluted  Net      Diluted
   Net Income (Loss) Diluted EPS    Income    EPS   Income      EPS
   Adjusted Amount                  12,480    0.16   5,646       0.07
   Adjustments
      Non cash debt financing
       costs (1)                     9,465    0.12   4,964       0.06
      Unrealized derivative fair
       value gain/Loss (2)          (1,237)  (0.02)   (700)     (0.01)
      Discount on converted shares
       and exercised warrants(3)     2,898    0.04     417       0.01
   Amount per consolidated
    statement of operations          1,354    0.02     965       0.01

   (1) Non cash debt financing costs for FY 2006 includes amortization of
       debt issue costs of $838,000, amortization of discount on convertible
       notes and warrants of $8,627,000, Non cash debt financing costs for FY
       2005 includes amortization of debt issue costs of $739,000,
       amortization of discount on convertible notes and warrants of
       $4,225,000
   (2) Derivative unrealized fair value gain for FY 2006 was 1,237,000,
       Derivative unrealized fair value gain for FY 2005 was 700,000
   (3) Discount on converted shares and exercised warrants for FY 2006 was
       2,898,000, Discount on converted shares and exercised warrants for
       FY 2005 was 417,000



                              PUDA COAL, INC.
                         CONSOLIDATED BALANCE SHEET
                   (In thousand of United States dollars)


                                                December 31,     December 31,
                                                      2006             2005
   ASSETS
   CURRENT ASSETS
   Cash and cash equivalents                        24,943           12,067
   Restricted cash                                     233              615
   Accounts receivable, net                          7,186            4,224
   Other receivables
     - Related parties                                   9               17
   -  Third parties                                     40               36
   Advances to suppliers
     - Related parties                                 602            2,959
     - Third parties                                   538
   Deferred charges                                    171            4,594
   Inventories                                      15,663            7,559

   Total current assets                             49,385           32,071

   PROPERTY, PLANT AND EQUIPMENT, NET                9,870           10,823

   INTANGIBLE ASSETS, NET                            3,729            3,807

   TOTAL ASSETS                                     62,984           46,701

   LIABILITIES AND STOCKHOLDERS'
   EQUITY
   CURRENT LIABILITIES
   Current portion of long-term debt
     - Related party                                 1,300            1,300
   Accounts payable
     - Related party                                   221              154
     - Third parties                                 2,531            1,172
   Other payables
     - Related party                                   901              874
     - Third parties                                 2,113              708
   Accrued expenses                                    951              363
   Income taxes payable                              2,485            1,397
   VAT payable                                       1,204              317
   Distribution payable                              1,026              992
   Penalty payable                                     204               --

   Total current liabilities                        12,936            7,277

   LONG-TERM LIABILITIES
   Long-term debt
     - Related party                                10,400           11,700
   Convertible notes                                 3,108            1,917
   Derivative conversion feature                     2,406            5,720
   Derivative warrants                               8,380           11,288

   Total long-term liabilities                      24,294           30,625

   TEMPORARY EQUITY
   Option to buy-out Shanxi Coal                     2,717            2,717

   STOCKHOLDERS' EQUITY
   Preferred stock, authorized 5,000,000
    shares, par value $0.01, issued and
    outstanding Nil                                     --               --
   Common stock, authorized 150,000,000
    shares, par value $0.001, issued and
    outstanding 92,881,301                              93               75
   Paid-in capital                                  16,506            4,625
   Statutory surplus reserve fund                    1,366            1,366
   Retained earnings                                 3,933            2,579
   Accumulated other comprehensive income            1,139              154
   Total stockholders' equity                       23,037            6,082

   TOTAL LIABILITIES AND STOCKHOLDERS'
        EQUITY                                     $62,984          $46,701



                              PUDA COAL, INC.
                   CONSOLIDATED STATEMENTS OF CASH FLOWS
               For the years ended December 31, 2006 and 2005
                   (In thousand of United States dollars)


                                                    Years ended December 31,
                                                           2006        2005
   CASH FLOWS FROM OPERATING ACTIVITIES:
   Net income                                             1,354         965
   Adjustments to reconcile net income to  net cash
    provided by operating activities

      operating activities
   Amortization of land-use rights                           78           9
   Depreciation                                             953         183
   Provision for doubtful debts                              10           5
   Amortization of debt issue costs                         838         739
   Amortization of discount on convertible notes and
    warrants                                              8,627       4,225
   Derivative unrealized fair value gain                 (1,237)       (700)
   Discount on converted shares and exercised
    warrants                                              2,898         417
   Issue of common stock for services                        21          --
   Issue of common stock for penalty                      1,000          --
   Changes in operating assets and liabilities:
     Decrease in short-term investments                      --         117
     Increase in accounts receivable                     (2,972)     (1,507)
     Decrease in notes receivable                            --         638
     Decrease in other receivables                            4       2,251
     Decrease/(increase) in advances to suppliers         1,819      (2,430)
     Increase in inventories                             (8,104)     (3,994)
     Increase in accounts payable                         1,426         610
     Increase in accrued expenses                           588         115
     Increase in other payables                           1,432       1,094
     Increase/(decrease) in income tax payable            1,088        (611)
     Increase in VAT payable                                887          66
     Increase in penalty payable                            204          --
     Decrease/(increase) in restricted cash                 382        (615)

   Net cash provided by operating activities             11,296       1,577

   CASH FLOWS FROM FINANCING ACTIVITIES:
   Exercise of warrants                                   1,860          --
   Repayment of long-term debt                           (1,300)         --

   Issue of convertible notes                                --      12,500
   Debt issue costs                                          --      (1,583)
   Shareholder contribution                                  --          50
   Distribution paid to owners of a subsidiary               --        (947)

   Net cash provided by financing activities                560      10,020

   Effect of exchange rate changes on cash                1,020         157

   Net increase in cash and cash equivalents             12,876      11,754
   Cash and cash equivalents at beginning of year        12,067         313

   Cash and cash equivalents at end of year             $24,943     $12,067


   For more information, please contact:

   Investor Relations Contact:
    Crocker Coulson, President
    CCG Elite
    Tel:   +1-646-213-1915
    Email: [email protected]

   Company Contact:
    Wenwei Tian, Director of Investor Relations
    Puda Coal, Inc.
    Tel:   +86-351-228-1302
    Email: [email protected]


Source: Puda Coal, Inc.

nice development.....

Press Release   Source: Sitestar Corporation

Sitestar Acquires Assets of OneWest.net
Thursday March 1, 5:00 am ET

Acquisition Fortifies Company's Foothold in the Northwestern United States

LYNCHBURG, VA--(MARKET WIRE)--Mar 1, 2007 -- Sitestar Corporation (OTC BB:SYTE.OB - News), a provider of residential and business Internet access, web hosting and value-added products and services, announced today that it has purchased the customers and assets of OneWest.net, an Internet Service Provider (ISP) having customers in Idaho, Wyoming and Montana. The acquisition will appreciably increase the company's revenue and it significantly adds to Sitestar's customer base within the Northwestern United States where Sitestar acquired many subscribers of Idacomm Corporation's Velocitus Internet Services division in 2005.

As one of the largest privately-held ISPs in the region, OneWest.net provides dial-up and broadband Internet access and email services, web hosting and domain name registration to both consumers and businesses across Idaho, Wyoming and Montana. Sitestar plans to support the OneWest.net customers by purchasing network services from Contact Communications and by utilizing its own customer provisioning and billing platform and existing call center personnel to maximize profit margins. The company also expects to increase the customer base by leveraging the strong OneWest.net brand to attract new customers.

"Our acquisition methodology targets ISP's that have successfully developed strong brand awareness and deep customer loyalty which are paramount to achieve sustainable income," said Frank R. Erhartic, Jr., CEO for Sitestar. "OneWest.net considerably boosts our subscriber count, generates steady and predictable revenue and supports our strategy to expand our broadband customer base. Plus, this deal strengthens our foothold within the region where we expect to continue to grow through new customer sign-ups and additional acquisitions."

Sitestar anticipates the migration of the OneWest.net customer base to its own infrastructure to be seamless and smooth. "We're delighted to welcome the new OneWest.net customers to Sitestar and pledge to deliver exceptional service and support," said Mr. Erhartic.

Safe Harbor for Forward-Looking Statements

This press release contains forward-looking statements that are based on management's expectations, estimates, projections and assumptions. The Company assumes no obligation except as required by law to update the forward-looking statements contained in this press release as a result of new information or future events or developments. These forward-looking statements generally can be identified by words such as "believes," "expects," "projects," "anticipates," "foresees," "forecasts," "estimates," "should" or other words or phrases of similar import. Forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Therefore, actual future results and trends may differ materially from what is forecast in forward-looking statements due to a variety of factors, including and without limitation, as found in the Company's reports filed with the Securities and Exchange Commission.

About Sitestar

Sitestar (www.sitestar.com) is an Internet and computer solutions provider that offers narrow-band (dial-up) services and broadband Internet access services (ISDN, DSL, satellite, cable and wireless), Web hosting and design, and other value-added services including web acceleration, spam and virus filtering as well as spyware protection. Headquartered in Lynchburg, Virginia, Sitestar maintains multiple sites of operation and provides services to customers throughout the U.S. and Canada, with concentrations of customers in the Mid-Atlantic and Rocky Mountain regions in the U.S. and in Ontario, Canada. With a focus on competitive pricing, reliability, service and speed, Sitestar delivers customer value.

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Contact:

     Contact:
     Frank R. Erhartic, Jr.
     434-239-4272
     Email Contact
     

Source: Sitestar Corporation

In my opinion it is one of the cheapest value pennies. There is steady growth and the last days have shown that there myght be a breakthrough soon....

Please watch the last developments:

Press Release   Source: Sitestar Corporation

Sitestar Acquires Assets of Magnolia Internet Services
Monday January 29, 5:00 am ET

Acquisition Establishes Company's Presence in Arkansas

LYNCHBURG, VA--(MARKET WIRE)--Jan 29, 2007 -- Sitestar Corporation (OTC BB:SYTE.OB - News), a provider of residential and business Internet access, web hosting and value-added products and services, announced today that it has purchased the customers and assets of Magnolia Internet Services, an Arkansas-based Internet Service Provider (ISP). The deal represents Sitestar's continued commitment to disciplined growth through strategic acquisitions in target markets and the company's focus on increasing shareholder value.

Located in South Arkansas and founded in 1997, Magnolia Internet has grown its base of dial-up, Digital Subscriber Line (DSL) and web hosting customers to include both residential and business accounts. Sitestar has begun migrating the Magnolia Internet customers to its own reliable network and highly efficient customer infrastructure. The company will leverage its economies of scale business model to achieve robust profit margins and expects to increase customer retention by delivering higher levels of service and customer support.

"The Magnolia Internet deal neatly dovetails with our strategy to acquire the assets or customers of the seller and transition them to the Sitestar platform," said Frank R. Erhartic, Jr., CEO for Sitestar. "Given our size and business processes, we're able to realize greater cost savings than most ISPs, so we can generate a faster and stronger return on investment. We have established a repeatable process whereby we are identifying, qualifying and negotiating deals to grow our customer base and revenues. Most importantly, we're looking out for our shareholders by staying disciplined and buying smart."

Magnolia Internet customers will benefit from extended customer support hours and have access to value-added products and services. "On behalf of everyone at Sitestar, we welcome the new Magnolia Internet customers," said Mr. Erhartic.

Safe Harbor for Forward-Looking Statements

This press release contains forward-looking statements that are based on management's expectations, estimates, projections and assumptions. The Company assumes no obligation except as required by law to update the forward-looking statements contained in this press release as a result of new information or future events or developments. These forward-looking statements generally can be identified by words such as "believes," "expects," "projects," "anticipates," "foresees," "forecasts," "estimates," "should" or other words or phrases of similar import. Forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Therefore, actual future results and trends may differ materially from what is forecast in forward-looking statements due to a variety of factors, including and without limitation, as found in the Company's reports filed with the Securities and Exchange Commission.

About Sitestar

Sitestar (www.sitestar.com) is an Internet and computer solutions provider that offers narrow-band (dial-up) services and broadband Internet access services (ISDN, DSL, satellite, cable and wireless), Web hosting and design, and other value-added services including web acceleration, spam and virus filtering as well as spyware protection. Headquartered in Lynchburg, Virginia, Sitestar maintains multiple sites of operation and provides services to customers throughout the U.S. and Canada, with concentrations of customers in the Mid-Atlantic and Rocky Mountain regions in the U.S. and in Ontario, Canada. With a focus on competitive pricing, reliability, service and speed, Sitestar delivers customer value.


Contact:

     Contact:
     Frank R. Erhartic, Jr.
     434-239-4272
     Email Contact
     

Source: Sitestar Corporation

Nevertheless please do your own due diligence.

As far as I know the company has the option to effectuate a reverse stock split  >:(of Edgetech´s common stock at a ratio within the range from one-for-five to one-for-two hundred at any time prior to april 1, 2007

There has been a lot of insider buying the last days.....

The company will be renamed soon and business is changing too. Please read the following press release:

Form 8-K for EDGETECH SERVICES INC


--------------------------------------------------------------------------------

11-Dec-2006

Change in Directors or Principal Officers, Financial Statements and Exhibit



Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.
Mr Jeffrey Mandelbaum has been elected to the Board of Directors of Edgetech Services, Inc. to serve as an independent director.

Jeff was with Sybase, Inc. (NYSE: SY) from 1986-1996. As a member of the initial management team, he held a variety of positions in sales and executive management. In his most recent position at Sybase as CEO and President of Sybase Financial Services, Inc., he was responsible for worldwide customer and partner financing. Under Jeff's leadership, Sybase Financial Services, Inc. closed over $900,000,000 in financing transactions between 1990 and 1996.

From 1996-1998, Jeff was Vice President of worldwide sales at Commerce One (NASDAQ: CMRC), a global leader in business-to-business electronic procurement solutions. At Commerce One Jeff played a key role as a member of the initial management team where he built the worldwide sales organization and established the initial customer agreements.

From 1998-2000, Jeff was Vice President of Media Systems Sales for Real Networks (NASDAQ: RNWK), where he had line responsibilities for the Americas regions and drove strategic opportunities worldwide. Jeff consistently exceeded revenue and margin objectives while developing a top performing and increasing efficient sales and professional services organization.

Mr. Mandelbaum was Chairman and CEO of Global Media. He joined Global Media as President in January 2000, was promoted to CEO in May 2000 after gaining approval for NASDAQ National Market listing, and was later elected Chairman in October 2000. During his tenure, the company closed four financing and M&A transactions. Streaming Magazine named Jeff as one of the industry's 25 most influential executives.

Jeff founded Software Growth Services in 2001 to leverage his experience and network to maximize value creation in high potential enterprise software, Internet, and new media businesses. Jeff has provided advisory services focused on strategy, sales and marketing, business development, and corporate finance services for leading private equity investors and their portfolio companies including Warburg Pincus, Kleiner Perkins Caufield & Byers, Sigma Partners, Jefferson Partners, Baker Capital, and Draper Atlantic.





Item 7 - Financial Statements and Exhibits
Press release dated December 8, 2006

Jeff Mandelbaum joins Edgetech

December 8, 2006 (PRWEB) - The Edgetech Services Inc. stock symbol OTCBB: EDGH) has elected Jeffrey Mandelbaum to its Board of Directors to serve as an independent director effective December 8, 2006.

Jeff was with Sybase, Inc. (NYSE: SY) from 1986-1996. In his most recent position at Sybase as CEO and President of Sybase Financial Services, Inc., he was responsible for worldwide customer and partner financing. Under Jeff's leadership, Sybase Financial Services, Inc. closed over $900,000,000 in financing transactions between 1990 and 1996.

From 1996-1998, Jeff was Vice President of worldwide sales at Commerce One (NASDAQ: CMRC), a global leader in business-to-business electronic procurement solutions.

From 1998-2000, Jeff was Vice President of Media Systems Sales for Real Networks (NASDAQ: RNWK), where he had line responsibilities for the Americas regions and drove strategic opportunities worldwide.

Jeff joined Global Media as President in January 2000, was promoted to CEO in May 2000 after gaining approval for NASDAQ National Market listing, and was later elected Chairman in October 2000. During his tenure, the company closed four financing and M&A transactions. Streaming Magazine named Jeff as one of the industry's 25 most influential executives.

"We're very fortunate to have someone with Jeff's experience and capability join our board", said Adam Radly, CEO of Edgetech.

"I'm very pleased to be joining the board. I'm excited about Edgetech's potential especially in light of numerous business opportunities for the future", said

Edgetech recently announced the sale of its Internet businesses (WebsBiggest.com) and the acquisition of systems integrator Data Management. This has enabled Edgetech to become a more focused organization.

Edgetech also confirmed that it is focused on pursuing additional acquisitions of IT companies and is favoring those that own their own intellectual property. Mr. Radly also said that the Company has plans to develop its own proprietary products in the area of IT security and RFID.

Edgetech also announced that it will be changing its name from Edgetech Services, Inc. to Inova Technology, Inc.

About Edgetech



--------------------------------------------------------------------------------

Edgetech has two business units. The storage business (Data Management) sells data management and storage products and services to large corporate and government customers. Customers include the Federal Communications Commission, Securities and Exchange Commission, Department of Justice, US Air Force, US Dept of Defense, Boeing Information Services, Northrop Grumman. The services business (Edgetech Services) provides consulting services to IBM and LGS.

Press Contact:

Adam Radly, [email protected], Phone (310) 857-6666


It´s only a question of time. Maybe we will see a great year 2007 concerning this stock

Merry Christmas

 

Press Release   Source: Shearson Home Loans

Shearson Home Loans Moves Pipeline to $213 Million
Wednesday October 11, 12:30 pm ET

LAS VEGAS, NV--(MARKET WIRE)--Oct 11, 2006 -- Shearson Home Loans, a fast-growing mortgage banker/broker, has announced today its mortgage loan pipeline has risen in excess of $150 million. Typically, the Company will close 50% of its open pipeline in any 30-day period. The increase in the pipeline has been due to increased branch recruitment over the last six months and recent acquisitions. The Company typically earns revenue between 3% to 5% on loans it closes from its pipeline.

Chairman & CEO Michael A. Barron said, "Despite the increase in mortgage rates, our company is experiencing significant growth in loan originations which is the fuel gauge for revenue in our industry. We think this is because the Shearson Home Loans network of services offers superior capability to independent mortgage brokerages and they seek to affiliate with our program."

About Shearson Home Loans

Shearson Home Loans is a fast-growing provider of residential mortgages. It employs over 500 people in the residential mortgage division. Shearson operates 54,000 sq. ft. of branch office space with 37 locations in 47 states. The company is a consolidator of independent mortgage brokerages and has grown rapidly during the last three years through acquisition and consolidation. The company currently is seeking new branches for its growing network. For more information, please visit the company's website at www.shearsonhomeloans.com


Contact:

     Contacts:
     Michael Barron
     Shearson Home Loans
     702-868-7900
     

Source: Shearson Home Loans

last quarter results are very promising.....



Press Release Source: Shearson Home Loans

Shearson Financial Network Posts Profit for First Half of 2006
Tuesday August 22, 11:03 am ET


LAS VEGAS, NV--(MARKET WIRE)--Aug 22, 2006 -- Shearson Financial Network, Inc (OTC BB:SFNN.OB - News) announced today that it posted a profit for the first six months of 2006 of $1,977,262 on revenues of $4,273,860. The performance figures represent an increase of over 140% growth in revenue over last year and over 300% growth in profitability over the same period.
"We are pleased that our mortgage group has continued to grow during this period when many mortgage companies are finding it difficult to make a profit," states Michael Barron, CEO of Shearson Financial Network. "Our management team here has undertaken an aggressive growth plan and we are seeing great results. We now have positive confirmation that our strategy of acquisition and integration of independent mortgage brokerages is clearly working."

The Company released its Pro forma consolidated statements as well which place the mortgage consolidator at a $21 million dollar revenue run rate for the first six months and Pro forma profitability for the same period of $4.5 million.

About Shearson Financial Network, Inc.

Shearson Financial Network Inc. (OTC BB:SFNN.OB - News) is the parent to two primary operating divisions, Shearson Home Loans and Real Property Technologies (RPT). Shearson Home Loans (SHL) is a direct-to-consumer mortgage broker and banker with revenues derived primarily from origination commissions and resale of whole loans earned on the closing of first and second mortgages on single-family residences. SHL currently employs over 500 people which are residential mortgage and/or real estate brokerage professionals. The Company is a consolidator of mortgage brokerages and integrates the brokerage companies into the Shearson Home Loans network and then banks the mortgages through its mortgage banking unit. The Company plans to continue its growth strategy through the acquisition and affiliation of mortgage brokerage firms who do not currently bank their own production.

RPT is a leading real estate information company with headquarters in New York. RPT operates within the Shearson Financial Network as a separate data network. RPT provides a steady revenue stream and profitability with which the company looks to mitigate the effects of interest rate fluctuations in the mortgage lending market. The company serves over one thousand customers in the real estate, title, and mortgage industries.

Statements in this press release other than statements of historical fact, including statements regarding the company's plans, beliefs, and estimates as to projected results and market size are "forward-looking statements." Such statements are subject to certain risks and uncertainties, including factors listed from time to time in the company's SEC filings, and actual results could differ materially. These forward-looking statements represent the company's judgment as of the date of this release. The company disclaims, however, any intent of obligation to update these forward-looking statements.



Contact:
     CONTACT:
     Shearson Financial Network, Inc.
     Andrew Austin
     619-334-5644
     


--------------------------------------------------------------------------------
Source: Shearson Home Loans

Hello,
does anybody understand this undervaluation ? There are 70,3 million shares outstanding per 1st of December 2005.

Figures:

31-Jan-06: $185.000 net income
31-Oct-05: $284.000 net income
31-Jul-05:  $376.000 net income

In June 2005 they acquired the Internet Search machine "Web´s Biggest". Since then they have been profitable. But stock price has been dumped to 1,1 cent.

I think there will be an reaction soon. Last Friday they gained 42 %

Greetings, Feng