Pegasus Wireless Corp., formerly known as Blue Industries, Inc., incorporated on April 5, 2000, was involved in software development. During the year ended December 31, 2001, the Company discontinued its software development operations and became inactive, until December 18, 2001, when it acquired all the issued and outstanding shares of Technocall S.A. (Technocall), a Swiss company. As of December 31, 2004, the Company's principal business activity was to seek a suitable reverse acquisition candidate through acquisition, merger or other suitable business combination method. Technocall, a micro-calculator and electronic management system that regulates and controls the water treatment process, had been inactive until September 2001, at which time it acquired all the assets comprising the Blue Industries water treatment process In March 2003, the Company formed Blue Industries, Inc., a subsidiary. During the year ended December 31, 2003, the Company elected to liquidate its foreign operating subsidiaries and reverted to an inactive status again.

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