HUNTINGTON BEACH, Calif., March 22, 2005 (PRIMEZONE) -- Quintek Technologies, Inc. (OTCBB:QTEK), a provider of 21st-century Business Process Outsourcing (BPO) and document-management services that raise efficiency and lower costs for data-intensive industries, announced today that it has been approved for an additional $500,000 leasing facility through its leasing partner VenCore Solutions LLC. Quintek will use the lease facility to purchase equipment to be used for servicing its QSI subsidiary's service agreements.
"VenCore has been a great partner for Quintek, and we value the additional vote of confidence demonstrated by this expanded financing facility," said Robert Steele, CEO of Quintek. "VenCore has funded a number of companies that have either been taken over by larger entities or grown into successful enterprises. VenCore has been a continuing source of support to Quintek as we have steadily executed our strategy to increase our Company's customer base, our range of expertise, and our revenues."
VenCore, a venture leasing company, has helped finance more than 400 growth-stage companies as they develop their business models and revenues. Highlights of VenCore's many financing relationships include:
-- Netchannel: acquired by AOL -- WEBTV: acquired by Microsoft -- Earthlink -- GeoCities: acquired by Yahoo -- Printpaks: acquired by Hewlett Packard -- Chorus Systems: acquired by Sun Microsystems -- Elseware: acquired by Hewlett Packard -- iCAT: acquired by Intel
"Quintek is growing very nicely, and has demonstrated solid performance to date," said Len Ludwig, CEO of VenCore. "We value this relationship and think highly of their proven business model and of their seasoned management team."
Quintek recently reported revenues for the quarter ended Dec. 31, 2004, rose to $322,000, representing an increase of 314% over the same quarter of 2003. The Company said the growth has resulted from recent sales and billings for a number of newly-signed major contracts for its business process outsourcing (BPO) services and electronic document management integration projects. The Company has said it expects continued quarter-on-quarter growth going forward through calendar year 2005 as it ramps up its national sales presence targeting a range of Fortune 1000 customers.
About VenCore Solutions LLC
VenCore is a venture leasing company that provides lines of credit that are used for equipment acquisition by emerging growth companies; entrepreneurial, early-stage companies. VenCore is a full-service venture leasing company. VenCore was founded by entrepreneurs that have been serving the emerging growth company market since 1985. VenCore's management and professional sales force have extensive experience in venture leasing and knowledge of emerging growth companies. VenCore operates nationally and has regional offices in California, Colorado, Illinois, Oregon, Washington and Massachusetts.
About Quintek Technologies Inc.
Quintek Technologies, through its wholly owned subsidiary Quintek Services, Inc. (QSI), delivers 21st-century Business Process Outsourcing (BPO) services and solutions that enable organizations of any size to secure and manage their key data processing demands with optimal efficiency and minimal costs. As a next-generation technology company, Quintek is unhindered by outdated information technology systems, and thus is able to deploy best-of-breed solutions in all aspects of BPO computer applications and Information Lifecycle Management (ILM). Quintek provides a range of mission-critical information and document-management solutions to organizations in document-intensive industries, including government, public utilities, healthcare, insurance, financial, legal, telecommunications and manufacturing. The Company has built steady growth on a strategy of providing superior services and solutions, and continues to exploit the steadily increasing growth in BPO and ILM marketplaces; the Aberdeen Group, a provider of IT market intelligence, forecasts 13% annual growth for the BPO industry through 2005, when the market is projected to reach $248 billion. For more information, visit http://www.quintek.com. For more investor-specific information, including daily and historical Company stock quote data and recent news releases, please visit http://www.trilogy-capital.com/tcp/quintek. To read or download the Company's Investor Fact Sheet, visit http://www.trilogy-capital.com/tcp/quintek/factsheet.html.
Safe Harbor Statement
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, 2004 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.