CORTE MADERA, Calif., Nov. 16, 2005 (PRIMEZONE) -- Smart-tek Solutions, Inc. (OTCBB:STTK) announced today that it will cancel a total of 33,000,000 shares of common stock currently issued and outstanding.
The Business Advisory contract the Company entered into with Palm Coast Funding LLP has been voided at the request of Palm Coast Funding LLP. Under the terms of the contract, the Company issued 23,000,000 restricted shares of its common stock as payment for services. Palm Coast Funding LLP has returned the shares to the Company and the Company will proceed, as requested by Palm Coast Funding LLP, with the cancellation of the share certificate.
Furthermore, the Company announced last week that it received and accepted the resignation of its former Chief Financial Officer. Under the terms of the resignation, the share certificate representing 10,000,000 restricted shares of common stock issued to the former CFO has been returned to the Company and the Company will proceed, as requested by its former CFO, with the cancellation of the share certificate.
About Smart-tek Solutions Inc.
Smart-tek Solutions Inc. is a technology holding company in the security and surveillance sector providing turnkey, state-of-the-art systems design and installation through its wholly owned subsidiary, Smart-tek Communications, Inc. Smart-tek Communications, Inc. is the Company's initial acquisition in this sector and is appropriately positioned to pursue additional acquisitions in order to restore and enhance shareholder value.
Smart-tek Communications Inc. (SCI) is a market leader in integrated security, voice and data communication systems. Located in Richmond, British Columbia, SCI specializes in the design, sale, installation and service of the latest in security technology with proven electronic hardware and software products. SCI has positioned itself as a security systems leader in the greater Vancouver area, supplying over 45 percent of new downtown core construction projects. Valued customers include major developers, general and electrical contractors, hospitals, Crown Corporations, law enforcement agencies and retail facilities. Projects range from high-end residential and commercial developments to system upgrades and monitoring contracts. SCI's continued growth and success is a direct result of providing a consistently superior product at competitive pricing to both new and existing clients. SCI's stellar client retention is itself a testimonial to the overall excellence of the product designed and installed.
More information about Smart-tek Solutions Inc. can be found at http://www.smart-teksolutions.com.
More information about SCI can be found at http://www.smart-tek.com.
Notice Regarding Forward Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements regarding the Company's business which are not historical facts are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from the potential results discussed in the forward-looking statements. Readers are directed to the Smart-tek Solutions reports as filed with the U.S. Securities and Exchange Commission from time to time, including but not limited to its most recent annual report on Form 10-KSB for the year ended June 30, 2005, for further information and factors that may affect Smart-tek Solutions business and results of operations. Smart-tek Solutions Inc. undertakes no obligations to publicly update any forward-looking statements to reflect future events or circumstances.