CAMARILLO, Calif., May 13, 2004 (PRIMEZONE) -- Quintek Technologies, Inc. (OTCBB:QTEK) announced today that the sales pipeline for Quintek Services, Inc. (QSI) has expanded to $11,962,000. The total amount is broken down into 3 categories, identified by their estimated closing potential as a percentage, and are arranged as follows: 11% in the 90-100 percent category, 22% in the 50- 90 percent category and 67% in the 10-50 percent category. The sales pipeline is comprised of bids entered with customers; 20% are responses to Requests For Proposals (RFP) and 80% are derived from direct sales activities.
In the six weeks since Quintek began hiring personnel to staff QSI, the new subsidiary has signed partnership deals with a number of companies in the finance, online document storage and software development industries. Quintek also unveiled its new website highlighting its QSI subsidiary, focused on the multi billion dollar Business Process Outsourcing (BPO) services industry. Quintek also announced its intentions to expand to over 35 sales reps in the next 24 months to handle the potential growth the Company expects from QSI.
In January 2004 Quintek announced its plans to expand and focus on the services industry. Shortly thereafter, in February, the Company disclosed plans to develop a 'cradle to grave' Information Lifecycle Management (ILM) solution. Then, in late March 2004, the Company brought on board a seasoned sales executive, experienced operational personnel and a new President to grow and develop QSI.
Robert Steele, CEO of Quintek Technologies commented, "We have developed and laid out a concise and detailed strategy to expand this Company. We are executing an expansion that is not only synergistic with Quintek's core business, but also presents a much larger financial opportunity for the Company." He added, "Thus far we are pleased with the progress from QSI. As the pipeline continues to grow, we are optimistic that the sales team will begin converting the pipeline into revenues."
CFO of Quintek Technologies, Andrew Haag added, "Due to billing and closing cycles, results of our sales team's efforts are not expected to be evident until the Company's first quarter numbers, expected out this fall. He added, "Quintek currently operates on a June 30 fiscal year."
About Quintek
Quintek Technologies, Inc. has been a manufacturer of hardware and software and a service provider to the corporate and public sector markets since 1991. The Company's new division, Quintek Services Inc. (QSI) delivers Business Process Outsourcing (BPO) services and Information Lifecycle Management (ILM) solutions to document intensive industries such as 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.
More information is available at www.quintek.com.
"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.