HUNTINGTON BEACH, Calif., Oct. 5, 2004 (PRIMEZONE) -- Quintek Technologies, Inc. (OTCBB:QTEK) today released an update on business developments over the past six months, focusing on Business Process Outsourcing (BPO) services offered through its wholly-owned QSI subsidiary.
"The overall BPO space should produce significant growth for years to come," commented Robert Steele, CEO of Quintek. He added, "Forrester Research forecasts the BPO industry to grow from $19 billion in 2004 to $146 billion in 2008, a Compounded Annual Growth Rate of 66%. We estimate that Quintek's CAGR should outpace the overall industry over the next few years."
Since mid March Quintek has announced the following developments
-- Mar 16, 2004-Quintek Names Senior Sales Executive Bob Brownell as
President
-- Mar 30, 2004-Quintek Technologies Announces Expansion of Business
Development Team
-- Apr 21, 2004-Quintek Unveils New Website; New QSI Division
Launched to Address Multi-Billion Dollar Business Process
Outsourcing Market
-- Apr 26, 2004-QSI Signs Agreement with Leading Provider of
Mortgage Solutions
-- May 4, 2004-QSI Signs Agreement with Leading Provider of On-line
Document Archiving
-- May 11, 2004-QSI Forms Strategic Partnership With Hyland
Software, Inc., the Developer of OnBase(R) Enterprise Content
Management (ECM) Software
-- May 13, 2004-QSI Sales Pipeline Expands to Roughly $12 million
-- Jun 1, 2004-FedEx Kinko's Selects Quintek Services, Inc. (QSI)
as Western Region Document Scanning Partner of Choice
-- Jul 19, 2004-Quintek Opens Huntington Beach Facility
-- Jul 22, 2004-QSI Signs Agreement with GCAP Services
-- Aug 5, 2004-Quintek Enters Into Agreement With London Investment
Company for the Purchase of $2.38 million of Quintek Common Stock
-- Aug 10, 2004-Quintek Enters Into $3.3 Million Funding Agreement
with Golden Gate Investors
-- Aug 24, 2004-QSI Signs Agreement with HIPAA-Compliant Healthcare
Solutions Provider RecordSourceMD
-- Oct 1, 2004-QSI and Equinox to Provide U.S. and Indian Based
Business Process Outsourcing Solutions to Mortgage Industry
More information regarding the following headlines may be found at the Company's website www.quintek.com.
Bob Brownell, President of Quintek, who has been responsible for expanding Quintek's sales staff and assisting the Company in developing the BPO business stated, "This has been one of the fastest starts I have experienced in this industry." Brownell added, "The need for back-office outsourcing activities within the business community continues to explode, and QSI is well positioned to capitalize as a strategic service provider."
Steele added, "Revenue increases will be evident in our filing for the quarter ending December 31, 2004."
About QSI
QSI delivers Business Process Outsourcing (BPO) services and Information Lifecycle Management (ILM) solutions to document intensive industries such as government, 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, 2004 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.