CAMARILLO, Calif., June 15, 2004 (PRIMEZONE) -- Quintek Technologies, Inc. (OTCBB:QTEK) is pleased to report that it has completed measures to be removed from the Berlin-Bremen Stock Exchange.
Since a new rule took effect April 1, 2004, which was designed to stop "naked short selling" in U.S. markets, it appears that hundreds of OTCBB companies had been listed on the Berlin-Bremen Stock Exchange (BBSE). According to industry analysts, more than 200 U.S. companies have been added to the BBSE without their knowledge or consent. Several companies, mostly small ones that trade on the U.S. Over-The-Counter Bulletin Board (OTCBB), have reported that the BBSE trading practices may have led to turbulent swings in their stock prices.
After careful review and consideration, prompted by the concerns expressed by a number of shareholder and corporate consultants, the company believed it to be in the best interest of its shareholders and market makers to de-list its shares from the BBSE, as it has seen no tangible benefit from the listing.
Robert Steele, Chairman and CEO of Quintek Technologies, Inc. stated, "We have contacted the proper personnel at the BBSE and have been told that Quintek's shares would be de-listed from the exchange immediately." He added, "We want to let every investor know that Quintek will take every reasonable action to protect their investment."
The company recommends to any potential investors planning to purchase shares of Quintek Technologies, Inc. that they complete any transaction of shares via the Nasdaq Over-the-Counter Bulletin Board Exchange (OTCBB) under the symbol QTEK. Shares traded on the Berlin-Bremen Stock Exchange or any other foreign exchange are not currently recognized or authorized by Quintek Technologies, Inc.
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.