CAMARILLO, Calif., Feb. 10, 2004 (PRIMEZONE) -- In a presentation to professional investors at the Southern California Investors Association Capital Conference on Saturday, February 7, 2004, in Irvine, California, management of Quintek Technologies, Inc. (OTCBB:QTEK) disclosed that the Company has recently developed a plan to position Quintek as a mass storage vendor with a true archival solution.
The Company's plan is to acquire an experienced mass storage sales force, integrate its product line, and form partnerships with content and document management companies as well as enterprise mass storage vendors. Quintek also disclosed its intentions to acquire service bureau operations with experience and focus on micrographics. The company is currently seeking financing partners and acquisition candidates in mass storage and document service bureaus.
The Company's goal is to provide complete mass storage solutions for customers. By integrating digital mass storage products with Quintek's patented Chemical Free Microfilm (CFM) technology the Company believes that it can advance film-based imaging into a modern IT solution. Quintek plans to develop new hardware products covering all formats of microfilm. Quintek will also look to develop new software such as the "DataFilm" project previously announced, extended features and applications for the workplace, and connectors to most major document management software products used in the workplace.
Mass storage partners which Quintek is looking to develop relationships with should have adequate expertise in SAN, NAS, DAS, Tape Backup and RAID technologies. Service Bureau entities should have a focus in engineering documentation. Financing candidates should have an interest in Information Lifecycle Management (ILM) solutions.
Robert Steele, Quintek Chairman and CEO, commented on this strategy stating that, "There are many high quality mass storage vendors competing in this marketplace. Last year EMC alone generated $6.4 billion in revenues with a 15% growth rate." Steele continued, "We believe that by providing complete information lifecycle management solution that handles a companies document storage needs from cradle to grave will put us at the forefront of this industry." Steele concluded, "The competitive solution we plan to offer should allow us to capture a significant percentage of business in this highly active multi-billion dollar space."
Andrew Haag, Quintek CFO, stated, "As our financial strength continues to improve the interest of financial institutions will increase and investors should begin to realize the potential of this Company." Haag continued, "The recent interest generated from professional investors at the SCIA conference this weekend should prove to be very valuable as we move Quintek forward and execute our growth strategy."
About Quintek
Quintek is the only manufacturer of a chemical-free desktop microfilm solution. The company currently sells hardware, software and services for printing large format drawings such as blueprints and CAD files (Computer Aided Design), directly to microfilm. Quintek does business in the content and document management services market, forecast by IDC Research to grow to $2.4 billion by 2006 at a combined annual growth rate of 44%. Quintek targets the aerospace, defense and AEC (Architecture, Engineering and Construction) industries.
Quintek's printers are patented, modern, chemical-free, desktop-sized units with an average sale price of over $65,000. Competitive products for direct output of computer files to microfilm are more expensive, large, specialized devices that require constant replenishment and disposal of hazardous chemicals.
"Safe-Harbor" Statement Under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including statements regarding potential sales, the success of the company's business, as well as statements that include the word "believe" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Quintek to differ materially from those implied or expressed by such forward-looking statements. Such factors include, among others, the risk factors included in Quintek's Annual Report on Form 10-KSB for the fiscal year ended June 30, 2003 and any subsequent reports filed with the SEC under the Exchange Act. This press release speaks as of the date first set forth above and Quintek assumes no responsibility to update the information included herein for events occurring after the date hereof. Actual results could differ materially from those anticipated due to factors such as the lack of capital, timely development of products, inability to deliver products when ordered, inability of potential customers to pay for ordered products, and political and economic risks inherent in international trade.