PALM BEACH, Fla. and HIGHTSTOWN, N.J., Nov. 5, 2003 (PRIMEZONE) -- WindsorTech, Inc, (OTCBB:WSRT) a Data Security and Environmental Compliance service company, announced today that it has establishment of the Charitable Technology Exchange and its pilot 501 (c)(3) charitable organization partner, the Children's Place at Home Safe. Under the program, corporate donors may make "in-kind" donations of excess and end-of-life IT equipment to Home Safe and receive favorable tax treatment of those donations. WindsorTech, Inc. will then audit the machine, sanitize the hard drives to remove sensitive data, and prepare an audit report to insure that the donor remains in compliance with any and all data security and/or environmental regulations and requirements. WindsorTech then remarkets the equipment and returns the proceeds from the sale, less a handling and audit fee, to Home Safe.
"More and more, charitable organizations are being approached with large quantities of excess and end-of-life IT equipment," stated Marc Sherman, President and CEO of WindsorTech, Inc. "While the donor's intentions are good, the outcome is not always as planned. Corporate donors are beginning to recognize that simply receiving a receipt for the donation may not satisfy their obligations under applicable environmental and data security regulations. Moreover, charitable organizations can only use just so many computers before they, themselves, are faced with a disposal problem. In the case of Home Safe, as with most 501 (c) (3) charitable organizations, the dollar value of the "in-kind" donation is far more advantageous to their cause. Under the Charitable Technology Exchange, corporations can continue to give back to their communities, confident in the knowledge that their data security and environmental obligations are satisfied, and charitable organizations can get the funding that they require. We intend to use this pilot program with Home Safe as the model for the Charitable Technology Exchange's rollout nationwide."
"We are very excited about the potential for this program," commented Howard Olshansky, CEO of the Children's Place at Home Safe. "Our donors are associated with some of South Florida's largest corporations and organizations. Our joint marketing of this program could result in an entirely new donor base."
About Home Safe
The Children's Place at Home Safe is a safe haven for the care and treatment of children and families impacted by child abuse and neglect, domestic violence, AIDS and substance abuse. As one of the largest Child Welfare organizations in Palm Beach County, The Children's Place at Home Safe has been providing residential shelter and community-based services for almost 25 years. With locations in West Palm Beach, Lake Worth and Boca Raton, The Children's Place at Home Safe cares for 48 children in shelter and serves more than 2,000 children and families every year.
About WindsorTech, Inc.
WindsorTech, Inc. is a Data Security and Environmental Compliance Service company offering data security/erasure, environmental compliance, IT asset management consulting, and remarketing services to corporate, public and academic customers. The company is a Specialized Charter Member of IAITAM (International Association of IT Asset Managers) and holds a seat on their panel of Expert Speakers. For more information, visit our website at www.windsortechinc.com.
Statements about WTI's future expectations, including future revenues and earnings, and all other statements in this press release other than historical facts are 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. WTI intends that such forward-looking statements involve risks and uncertainties and are subject to change at any time, and WTI's actual results could differ materially from expected results. WTI undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances.