CAMARILLO, Calif., June 5, 2003 (PRIMEZONE) -- Quintek Technologies, Inc. (OTCBB:QTEK) recently released the contents of a letter to its shareholders from Mr. Robert Steele, Chairman and CEO of Quintek.
In the letter Quintek's new management disclosed the Company's primary objectives, which are to reduce debt and grow sales. Management's forecasts are projecting sales of 17 desktop microfilm printer units in the 12-month period ending February 2004, growing to 136 units in the 12-month period ending February 2006.
Andrew Haag, Quintek's CFO, commented, "Reducing our outstanding debt is a key factor in creating a stronger financial foundation for Quintek." Haag continued, "By accomplishing this we hope to establish a solid high-growth environment which will result in Quintek being recognized by the investment community."
Robert Steele, Quintek's Chairman and CEO, stated, "Rapidly growing Quintek's sales to unprecedented levels is our goal. Achievement of this will require effective policies and coordinated marketing efforts." Steele added, "We are very pleased with the progress we've made to date. Now that we have a few months under our belt, we are comfortable releasing our forecasts and outlining our plans."
About Quintek
Quintek is the only manufacturer of a desktop microfilm printer. 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 $50,000. 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.