CAMARILLO, Calif., March 26, 2004 (PRIMEZONE) -- Quintek Technologies, Inc. (OTCBB:QTEK) announced today that it has retained Kabani & Co. as its new corporate auditors.
Quintek was notified by its' previous auditor, Heard McElroy & Vestal, LLP of Louisiana, that the firm was reducing its exposure to public company clients as a result of the changes occurring with Sarbanes-Oxley and was resigning it's position as the Company's auditor. The letter stated, "We have had no disagreements with management over accounting principles or other matters."
Kabani & Company, Inc. is a public accounting and consulting firm based in Orange County, California. They have built a solid reputation for providing quality service and expertise to all sizes of public and private companies in a variety of industries, including high-tech, manufacturing, service, financial, hospitality and entertainment. Kabani serves clients which are based in North America, Europe & Asia.
Kabani's principal, Hamid Kabani, is a Certified Public Accountant as well as a Chartered Accountant with over 24 years of audit and accounting experience. Kabani has acted as an engagement partner, technical partner, quality control specialist and managed several public (including IPOs) and private clients at the domestic and international level. Kabani & Company's clientele includes public and private companies, ranging from start-up to companies with revenue over $600 million dollars. Kabani was part of a high-tech audit group of Deloitte & Touche, LLP, a big five accounting firm, in a senior management role. Kabani was a member of the National Manufacturing Industry practice sub committee on International Interface at Deloitte & Touche, with the idea of interfacing the information disseminated by the US Industry practice and other International offices around the world.
Kabani & Co. are located on the web at: http://www.kabanico.com.
Andrew Haag, Quintek's CFO commented, "With the hiring of our new President, we intend to accelerate the Company's growth. Kabani & Co.'s experience with a major accounting firm, working with high-tech, growth-oriented companies and investment professionals, was a driving factor in this decision. Furthermore, Kabani's geographical proximity to the Company's headquarters will facilitate a stronger working relationship. He added, "Kabani will play a central role in helping us to stay compliant within the changing regulatory environment and meet the necessary filing requirements in a timely manner."
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 $24 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, 2002 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.