HUNTINGTON BEACH, Calif., June 8, 2005 (PRIMEZONE) -- Quintek Technologies, Inc. (OTCBB:QTEK), a global provider of Business Process Outsourcing (BPO) and best-of-breed technology consulting services, announced today that it should significantly surpass previously disclosed revenue projections for fiscal year ending June 30, 2005.
In July of last year the company released projections for the year ending June 30, 2005 of $887,705. Quintek recently disclosed revenues of over $844,762 in the first nine months of FY 2005. For the fiscal year ending June 30, 2005 Quintek anticipates revenues of at least $1,242,787, representing an increase of over 300% versus the prior fiscal year. The revised projections represent a guidance increase of over 40% above the original forecast.
The company attributes the increase in revenues to a number of factors. "We have experienced better than anticipated demand for the services offered by our QSI unit, and have seen immediate performance from the newly formed Sapphire Consulting Services unit," stated Andrew Haag, CFO of Quintek. He added, "These events, coupled with strong partners and customers, have created the scenario for increasing financial performance."
Robert Steele, CEO of Quintek commented, "Our financial performance represents further validation of the company's business plan. We have solidified relationships with key customers and partners, which positions us to expand our scope of services with them and continue growing our revenues." He added, "After we report our results for the year we plan to revise the previously disclosed forward looking estimates for fiscal year 2006 and fiscal year 2007."
Haag added, "We have positioned Quintek for optimal growth while conserving resources and expending capital where we will realize the greatest return. The prospect for continued growth in this large expanding market is strong."
About Quintek Technologies, Inc.
Quintek Technologies, Inc. (OTCBB:QTEK), through its wholly owned subsidiaries Quintek Services, Inc. (QSI), and Sapphire Consulting Services, Inc. provide services to enable Fortune 500 and Global 2000 corporations to reduce costs and maximize revenues.
QSI delivers Business Process Outsourcing (BPO) services and solutions that enable companies 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 As a next-generation technology company, Quintek is unhindered by outdated information technology systems, and thus is able to deploy best-of-breed solutions in all aspects of BPO. 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.
Sapphire Consulting Services, Inc. offers a broad range of supply chain management consulting services. Saphire assists organizations to create a higher level of customer satisfaction, enhance supply chain capability and achieve consistent competitive advantage through reduced product cost, reduced inventory investment and improved supply chain security. A study by IDC found the SCM services market will expand from $26.1 billion in 2002 to $40.5 billion in 2007, representing a five-year compound annual growth rate (CAGR) of 9.2%
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.