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– Net Revenue Up 29.6%; Net profit Up 19.3% –
SHANGHAI, China, July 15 /Xinhua-PRNewswire-FirstCall/ — T-Bay Holdings, Inc. (BULLETIN BOARD: TBYH) , today announced its financial results for the fiscal year ended March 31, 2008. Full details of the Company’s year-end financial results are available in the Company’s Form 10-K at .
Full Year 2008 Financial Highlights:
– Revenue for the year ended March 31, 2008 totaled $45,681,000, a 29.6% increase from revenue of $35,236,000 for the year ended March 31, 2007.
– Gross profit totaled $22,142,000 in fiscal 2008, an increase of 25.6% over gross profit of $17,630,000 in fiscal 2007. The gross profit margin for fiscal year of 2008 decreased to 48.5%, from 50.0% for fiscal year of 2007.
– Net income totaled $14,554,000 in fiscal 2008, increasing 19.3% from net income of $12,203,000 in fiscal 2007. The Company reported earnings per share of $0.48 for fiscal 2008, increased by $0.07 as compared with fiscal 2007.
– As of March 31, 2008, cash and equivalents totaled $23,355,000 and shareholders’ equity totaled $49,689,000.
Financial Performance:
Revenues in fiscal 2008 recorded growth of 29.6% to $45,681,000, versus revenues of $35,236,000 in fiscal 2007. The revenue from sales of components increased by 44.2% whereas revenue from design services increased by 17.9%.
The growth was principally attributed to more design kick-offs and diversified market stratagem. During the year, T-Bay has introduced 31 design solutions based on three chipset platforms which made its product lines covering different market segments.
T-Bay has also developed feature phones for specific targeted markets. The world’s first phone solution with ECG (Electrocardiogram) monitor was developed for healthcare institutions; the phone solution with push-to-talk was developed for hotel and convention center employees; the phone solution with PHS (Personal Handy-phone System) was targeted to customers in remote areas in China and the phones have been used for rescue in the Sichuan Earth Quake two months ago; Dual-SIM card solutions were targeted to frequent business travelers. The diversified market stratagem demonstrates T-Bay’s competitive strength among other design houses in China and will bring higher profit margin than common solutions.
Net income rose 19.2% in fiscal 2008 to $14,554,000 from $12,203,000 in fiscal 2007, driven primarily by the increase income form design services, and it was the highest record in five years’ operation history.
“In addition to feature phones and 3G phone developed, we were involved in components design in automobile wireless technology and railway wireless communication system” said Jie Shi, T-Bay’s chief executive officer, “we are now working with technology partners to develop TPMS (Tire Pressure Monitoring System) sensors for local car manufacturers. It is the first step to enter in the automobile design industry. The application of wireless technology in automobile is another exciting market for us as wireless expert in China.”
Concerning the late filing, Mr. Jie Shi explained, “we apologize for the late filing of the Form 10-K because it’s the first time we file 10-K instead of 10KSB. We will enhance operation efficiency to prevent late filing from happening again.”
The company also disclosed in its 10K that it is in process of applying for AMEX listing.
COMPARATIVE RESULTS

For Fiscal Year Ended
3/31/08 3/31/07

Revenue $45,681,000 $35,236,000
Gross Profit 22,142,000 17,630,000
Gross profit margin (%) 48.5% 50.0%
Net Income 14,554,000 12,203,000
Comprehensive income 17,443,000 13,751,000
Earnings per share 0.48 0.41

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 130, 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 in fiscal year ended March 31, 2008 were Shenzhen Naide Technology Co., Ltd., Shenzhen Henkai Co. Ltd., Shenzhen Xuanhua Electronic Technology Co. Ltd., Beijing Hocom Co., Ltd. and Shenzhen Noato Technology Co., Ltd.
T-Bay Holdings Inc.

ESPOO, Finland, May 22 /PRNewswire-FirstCall/ — Nokia today announced that its highly anticipated update for Nokia Maps has left beta stage and is now ready for consumers to download.
Downloaded over 240,000 times since announced in February, Nokia Maps 2.0 has improved its optional car Navigation, enhanced its pedestrian navigation, added multimedia city guides, now offers satellite images, and is sporting a redesigned user interface. Nokia’s mapping and navigation solutions give people navigation features, local content and world maps directly on their mobile device, in a way that only connected devices can.
A partial list of the updated features in Nokia Maps 2.0 includes:

DRIVE:

- Improved optional car Navigation equals PND-level car navigation
experience with faster routing.

- Easy-to-use, updated User Interface features including a new navigation
carousel with pre-defined navigation views - i.e. navigation, arrow,
bird-eye.

- Top-of-the-line navigation features: signposts, multi-stop route
planner

WALK:

- Optional pedestrian navigation efficiently walks you from A to B with
visual guidance. It helps you to locate yourself by giving information
about the surrounding buildings, streets and parks and, if the device
supports it, notifies the direction you are walking.

- Nokia Maps 2.0 includes public transportation information (station
entrances) data in 17 cities with localized icons for stops.

- Advanced multi-sensor positioning using A-GPS, and pedestrian
orientation using the compass feature (Nokia 6210 Navigator needed for
built-in compass usage)

DISCOVER:

- Satellite images with hybrid rendering overlays for selected cities
worldwide provide real aerial views on your mobile.

- Signature “one-box search” allows you to search through places,
addresses, restaurants, nightlife, outdoor, accommodation.

- New premium multi-media city guides including features photos, video,
audio streams.

Nokia Maps 2.0 uses vector maps provided by Navteq and TeleAtlas, Nokia Maps now has maps covering over 200 countries, with over 70 of them navigable. Maps can be downloaded over the air directly to selected devices or by using the Nokia Map Loader on a PC. A new beta version of the Nokia Map Loader is available on the Nokia Betalabs web site.
Nokia Maps 2.0 and the current commercial version of the Nokia Maps Loader is freely* available for selected devices. For download and more information, please visit
*Subject to terms and conditions. Data transfer costs may apply
About Nokia

Nokia is the world leader in mobility, driving the transformation and growth of the converging Internet and communications industries. Nokia makes a wide range of mobile devices and provides people with experiences in music, navigation, video, television, imaging, games and business mobility through these devices. Nokia also provides equipment, solutions and services for communications networks.

Nokia Corporation

DEARBORN, Mich., May 1 /PRNewswire-FirstCall/ — SAP AG announced today that it has been selected by the Auto Club Group (ACG), the largest affiliation of AAA clubs in the Midwestern United States, to provide the group’s new claims management system. With the SAP(R) Claims Management software, part of the SAP(R) for Insurance solution portfolio, ACG will be able to manage the automobile insurance claims processes more quickly for its 4.1 million members across eight states with one integrated core insurance platform.
(Logo: )
Auto Club Group belongs to the national AAA federation, a not-for-profit organization with more than 50 million members throughout the United States and Canada. The six clubs that comprise the ACG are Chicago, Michigan, Minnesota/Iowa, Nebraska, North Dakota and Wisconsin. With the SAP Claims Management software, the Auto Club Group can benefit from more efficient automobile insurance claims processing. As each claim is handled consistently, ACG can lower loss costs while increasing claim handler productivity and providing a consistent customer experience. The integrated claims management system can also help facilitate routine tasks and assist in managing the surplus of automobile insurance claims activities that occur during the adjudication process.
“This new best-in-class technology will help us to deliver fast, fair and easy claim service to our policyholders,” said Fausto Martin, vice president and chief claims officer for ACG. “With one system, we will be able to reduce the time it takes to handle a claim using a centralized electronic filing system to streamline the entire claims process — from a member’s initial call through final claim resolution and payment.”
The Auto Club Group selected SAP after a rigorous review process that highlighted the functionality of SAP Claims Management, as well as the technology fit and the holistic implementation strategy that the world’s leading provider of business software offers. Industry recognition that SAP provides a world-class integrated platform was a key factor in the decision as well.
“With the speed of change in today’s insurance market, companies need to continually improve effectiveness to remain competitive,” said Bill McDermott, president and CEO, SAP Americas and Asia Pacific Japan. “In basing their core business of operations on SAP solutions, the Auto Club Group is developing a best-run strategy that will increase customer responsiveness, create better efficiencies and increase profitability — positioning AAA ACG as a solid market player in the United States.”
Next Major Events:
SAPPHIRE(R) 2008 Orlando and SAPPHIRE(R) 2008 Berlin

More than 15,000 customers, partners and technical experts are convening at SAPPHIRE 2008 to discover how SAP and its thriving partner ecosystem are delivering IT solutions that create value beyond the four walls of the enterprise, to create “business beyond boundaries.” SAP’s premier educational and networking event, SAPPHIRE is the one occasion where senior executives, business managers, and decision-makers can come together every year to explore how innovative business solutions foster long-term, profitable growth. SAPPHIRE(R) 2008 is being held in Orlando, Florida, May 4-7, and in Berlin, Germany, May 19-21, 2008. For more information, please visit .
About The Auto Club Group (ACG)
The Auto Club Group (ACG) is the largest affiliation of AAA clubs in the Midwest, with approximately 4.1 million members in eight states. ACG belongs to the national AAA federation, a not-for-profit organization with more than 50 million members in the United States and Canada. ACG’s member clubs offer automotive, travel, insurance and financial services.
About SAP(R) for Insurance
SAP(R) for Insurance is an industry-tailored set of solutions designed to help insurance companies control costs and seize new opportunities while strengthening customer loyalty with applications that can be implemented in stages according to the company’s strategic business goals, priorities and available resources. Serving approximately 560 customers in 60 countries, SAP for Insurance seamlessly links core insurance processes with customer-facing functions and back-office operations-from first customer contact through policy and product management, collections, disbursement, and claims management. (Additional information at )
About SAP
SAP is the world’s leading provider of business software(*), offering applications and services that enable companies of all sizes and in more than 25 industries to become best-run businesses. With more than 47,800 customers in over 120 countries, the company is listed on several exchanges, including the Frankfurt stock exchange and NYSE, under the symbol “SAP.” (For more information, visit )
(*) SAP defines business software as comprising enterprise resource
planning and related applications.

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United States Only: 1 (800) 872-1SAP (1-800-872-1727)

For more information, press only:
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SAP Press Office, 49 (6227) 7-46315, CET; 1 (610) 661-3200, EDT;

Anthony Suarez, Burson-Marsteller, 1 (212) 614-4331,
, EDT

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