CAMARILLO, Calif., April 26, 2004 (PRIMEZONE) -- Quintek Technologies, Inc. (OTCBB:QTEK) announced today that its QSI subsidiary signed an agreement with a leading provider of mortgage solutions to supply Business Process Outsourcing (BPO) services in the mortgage industry.
Data accessibility and storage is a challenging operation for today's mortgage firm to handle efficiently. Lenders spend billions of dollars a year on processing account data, evaluating valuable financial information, and storing data records. Quintek's response to this operations challenge is to provide BPO solutions to clients, accurately and economically.
Quintek's imaging and outsourcing methodology provides data entry, document scanning, mailing operations, and media to media conversions to financial institutions at a fraction of their current operating costs. By lowering the cost to process the average loan through QSI's services, millions could be saved annually by institutional lenders, thus increasing overall revenue.
Robert Steele, CEO of Quintek expressed his thoughts on this market stating that, "By addressing and penetrating the large amount of mortgage clients that need our outsourcing and imaging solutions, we should effectively ensure revenue growth and expand our client base in this multi-billion dollar market."
Quintek's marketing initiative targeting lending firms is another positive investment in the Company's strategic vision of providing precise, cost-effective BPO solutions to companies operating in many diverse industries.
About Quintek
Quintek Technologies, Inc. has been a manufacturer of hardware and software and a service provider to the corporate and public sector markets since 1991. The Company's new division, Quintek Services Inc. (QSI) delivers Business Process Outsourcing (BPO) services and Information Lifecycle Management (ILM) solutions to document intensive industries such as public utilities, healthcare, insurance, financial, legal, telecommunications and manufacturing.
The solutions and services the Company provides enable organizations to secure and manage their information and document business processes more efficiently. The Aberdeen Group, a provider of IT market intelligence, forecasts 13 percent annual growth for the BPO industry through 2005, when the market is projected to reach $248 billion.
"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.