TRENTON, N.J., March 24, 2005 (PRIMEZONE) -- Emtec Inc. (OTCBB:ETEC) today announced that it has sold it's 5.49 percent working interest in the Roosevelt Hot Spring geothermal power unit -- as well as some other minor oil and gas rights -- to Energy Minerals Inc., a Nevada corporation, for $150,000 in cash. The company expects this sale will result in a one-time gain on the sale of the geothermal investment of approximately $290,000 to be recorded in the quarter ending March 31, 2005.
"We have been working for some time to sell this non-core asset and are pleased to have reached agreement with Energy Minerals," said John Howlett, Emtec CEO. "These geothermal assets have comprised a relatively small amount of our overall business. This sale will permit us to focus 100 percent of our energies on our information technology business."
About Emtec, Inc.
Emtec Inc., established in 1981, is a systems integrator focused on providing technology solutions that enable its customers to effectively use and manage their data to grow their businesses. Emtec's areas of specialization in information technology ("IT") include communications (IP Telephony, wireless connectivity, cabling and network infrastructure), data availability (remote access, messaging and management), enterprise computing (enterprise architecture, high availability, server consolidation and data management) and managed services (network monitoring and help desk). Emtec's solutions are crafted to enable its customers to become more efficient and effective, thereby giving them a competitive advantage. A longtime provider of IT services to Fortune 1000 companies in New York, New Jersey, Connecticut, Pennsylvania, Delaware, Georgia and Florida, Emtec is also a leading source of technology solutions for government agencies and school districts in New Jersey.
NOTE: Certain statements in this document constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Emtec Inc. (the" Company"), or industry results, to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. The company's future operating results are dependent upon many factors, including but not limited to the company's ability to obtain sufficient capital or a strategic business arrangement to fund its plan of operations when needed and build the management and human resources and infrastructure necessary to support the growth of its business as well as competitive factors and developments beyond the company's control; and other risk factors discussed in the company's periodic filings with the Securities and Exchange Commission, which are available for review at www.sec.gov under "Search for Company Filings."
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