TACOMA, Wash., Jan. 8, 2004 (PRIMEZONE) -- InsynQ, Inc. (OTCBB:ISYN), a premier provider of Internet-delivered online accounting solutions announced today that the company's unaudited second quarter revenue for the six months ended November 30, 2003 increased by 21% to $589,838 from $486,104 for the corresponding period in 2002. Revenues for the three months ended November 30, 2003 increased 15% to $289,131 from $251,942 for the corresponding period in 2002.
According to John P. Gorst, Chairman of InsynQ, "We are very pleased to announce the continued growth in our revenues. The last two years have been devoted to raising the awareness levels of the financial and accounting communities to the ASP computing model. We have accomplished this largely through the development of our e-Accounting division with its hosted software solutions. We are seeing the results of these efforts as our revenues have increased 21% over the same period a year ago, and our user base has increased a dramatic 46%. We believe we are on the path to success.
"According to Dun and Bradstreet, this e-Accounting vertical generates over $76 billion in annual revenue of which we are looking to capture 5% of the total provider market over the next 3 years. As the adoption rate accelerates with over 122,000 CPA's, bookkeepers and other financial related services providers here in the US market, we believe we can achieve our projections for revenue growth. We are on the "seminar trail" delivering the "anytime, anywhere" message to these services providers. In addition, we fit very well into back office outsourcing services, and it is our combined message that has been reaching this market segment."
About InsynQ
InsynQ has been delivering outsourced software application hosting and managed IT services since 1997. InsynQ allows business customers to "turn on" their software applications and workstations instantly through any web enabled computer, regardless of operating system. What's more, InsynQ subscribers can freely access their software and data from any computer, anywhere in the world. The company also offers IT and network integration consulting, multimedia development, a broad range of business application services, and infrastructure management services. For more information, visit us at www.insynq.com or call us at 253-284-2000.
Forward Looking Statements
Statements made in this press release that state the Company or management's intentions, beliefs, expectations, or predictions for the future are forward-looking statements. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the Company's actual results to differ materially from those projected in such forward-looking statements. These risks, assumptions and uncertainties include: the ability to complete systems within currently estimated time frames and budgets; the ability to compete effectively in a rapidly evolving and price competitive marketplace; changes in the nature of telecommunications regulation in the United States and other countries; changes in business strategy; the successful integration of newly-acquired businesses; the impact of technological change; and other risks referenced from time to time in the Company's filings with the Securities and Exchange Commission.