CAMARILLO, Calif., Dec. 02, 2003 (PRIMEZONE) -- Quintek Technologies, Inc. (OTCBB:QTEK) announced today that it has closed on a $500,000 financing from KMVI, LLC, a management company operating businesses that generate over $150 million per year in revenues.
The financing comes in the form of a loan that may become convertible into stock in the future. The conversion price on the loan has been fixed at the time of investment.
Robert Steele, President and CEO of Quintek commented, "This is yet another huge vote of confidence in Quintek from KMVI. This financing will allow us to aggressively expand our sales and marketing initiatives and develop new streams of revenue." Steele added, "We are highly confident that we have put in place the needed ingredients to succeed in this industry."
Andrew Haag, CFO of Quintek added, "Our efforts to date restructuring this Company have made us a more attractive candidate for investors, which is evidenced by our ability to secure this round of financing." Haag continued, "What management has accomplished over the last 9 months has set the stage for a sustainable growth phase. As we enter this phase we believe that we will continue to become an even more attractive investment for individuals and institutions alike." He further stated, "We feel strongly that Quintek will emerge as a leader in its industry and continue to attract new partners."
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.