HUNTINGTON BEACH, Calif., Oct. 1, 2004 (PRIMEZONE) -- QSI, a wholly owned subsidiary of Quintek Technologies, Inc. (OTCBB:QTEK) announced today that they have signed a teaming agreement with Equinox Partners, a leading provider of Business Process Outsourcing Solutions to the financial market space with an offshore operations center in near New Delhi in Gurgaon, India.
The partnership allows QSI and Equinox to provide end-to-end outsourcing that enables mortgage companies to outsource back-office processes. Remote offshore processing capabilities depend on a company's ability to make imaged loan documents available to the remote work force via a centralized document image repository. QSI provides on-site and off-site service to rapidly scan loan documents into its state-of-the art U.S. based image repository that is securely connected to the offshore processing center of Equinox.
Accessing QSI's image repository remotely, Equinox provides mortgage back-office processing services such as 1003 processing, loan doc preparation, pre-underwriting review, HUD1 preparation, post fund audit, trailing documents retrieval, HMDA audit, Loan Boarding in Servicing System, pay-off processing and foreclosure processing.
Bob Brownell, President of QSI commented, "Integrated service capabilities brought to the market jointly by QSI and Equinox will allow mortgage companies to outsource processes rapidly without having to incur any upfront investment in technology, equipment or infrastructure. Moreover, due to utilization of offshore resources the cost of such processing is typically 30 to 50% lower than the in-house cost." He added, "According to the Mortgage Bankers Association (MBA), mortgage originators funded $3.8 trillion in loans in 2003. Together with our partners, we have identified roughly $70 million in potential business from this industry in the Southern California market alone."
QSI's partner provides both mortgage originators and lenders with expertise and non-biased data on mortgage solutions and vendors, which assists their clients in making informed business decisions. They provide over 50 years of combined industry experience with a rigorous due diligence program, giving their clients keen insights on what vendors, platforms, applications and solutions will allow them to achieve their specific goals.
About Equinox
Equinox provides cost-effective, high quality customer acquisition and business process outsourcing (BPO) services for mortgage loan originators and services worldwide. Some of the key solutions from Equinox include Smart Acquisition (tm) and Stop Runoff (tm). The management brings on board a rich experience of working with large financial institutions such as Merrill Lynch, Sun America, H&R Block, Chase, Cendnant Mortgage, Lending Tree, Option One and Onyx Acceptance Corporation. Key members of the Equinox team are Six Sigma experienced and certified individuals who come from the leaders in the offshore BPO space such as GE Capital, Citi Group and American Express.
Equinox is a member of The Chatterjee Group (TCG) family of companies, a leading IT, e-business, and telecom services company. The Chatterjee Group (TCG) is a global investor with a long-term investment horizon and a commitment to provide sustained strategic assistance to its portfolio companies. With approximately US$1 billion in capital under management, The Chatterjee Group's primary investment focus is in technology, communications and information technology services.
For more information, visit the company's Web site at www.equinoxco.com.
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.