CAMARILLO, Calif., Jan. 21, 2004 (PRIMEZONE) -- Quintek Technologies, Inc. (OTCBB:QTEK), the only manufacturer of a chemical-free desktop microfilm solution, today announced its expansion into the service industry. Effective immediately the Company will begin accepting and bidding on jobs for the creation of aperture cards for third parties.
The Company made the decision to expand its offerings due in part to the news announced January 16, 2004 that Continental Graphics, a company owned by Boeing (NYSE:BA), would close their commercial operations.
Quintek will accept information from virtually all digital file formats. In addition, Quintek's patented solution and proprietary in-house knowledge base will allow it to provide a high-quality economical solution for customers who choose to outsource their aperture card production needs.
Robert Steele, Chairman and CEO stated, "Many of the customers that we have been calling on have expressed a strong desire to outsource aperture card production. With the recent exit of Continental, an opportunity has been created right in our own backyard." Steele added, "We are highly confident that this expansion into providing outsourced services will help us capture more business within our own customer base, improve margins and help us to recoup more of our cost of sales by increasing our sales closing ratio."
Andrew Haag, Quintek CFO commented, "The consistent cash flow provided by a recurring revenue stream of service work will help us to continue to add shareholder value to Quintek. The recent financing agreements and the improved financial condition of the Company provide the opportunity to further develop our relationships, expand the Company and explore new growth opportunities."
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 $2.4 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.