Contact Information: Contact: NewMarket Technology, Inc. Investor Relations 214-722-3065 ir@newmarkettechnology.com
NewMarket Technology, Inc. Announces Contract to Eliminate $1.5 Million Debt in Management Buyback
Company Schedules Webcast for Wednesday, March 18th to Issue Details of Contract
| Source: NewMarket Technology, Inc.
DALLAS, TX--(Marketwire - March 16, 2009) - NewMarket Technology, Inc. (PINKSHEETS : NMKT )
today announced a contract with the Company's senior lender to eliminate
$1.5 million in debt as part of an overall management buyback strategy. On
Friday, March 13th, a third party sponsoring management's buyback strategy
executed a contract with NewMarket's senior lender to purchase a portion of
a NewMarket $4 million term note obligation. The third party intends to
subsequently enter into an agreement with NewMarket's founding management
team. As a result of the agreement announced today, and the pending
execution of the third party agreement with the founding management team,
the Company's debt is anticipated to be reduced by $1.5 million.
The Company has scheduled a Webcast for Wednesday, March 18th, to provide
further details on the contract announced today and the subsequent
agreement anticipated with the founding management team.
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About NewMarket Technology, Inc. (www.newmarkettechnology.com)
NewMarket helps clients maintain the delicate balance between maintaining
legacy systems and gaining a competitive edge from the latest technology
innovations. NewMarket provides certified systems integration and
maintenance services to support the prevailing industry standard solutions
from companies such as Microsoft, Oracle, Infor, Cisco Systems, SAP, Siebel
and Sun Microsystems. Concurrently, NewMarket continuously seeks to acquire
emerging technology assets to incorporate into an overall product portfolio
carefully packaged to complement the prevailing industry standard
solutions.
NewMarket delivers its portfolio of products and services through its
network of Solution Integration subsidiaries in North America and the
leading emerging markets around the world to include Latin America, China
and Singapore.
NewMarket ranked Number One in Texas, Number Three in the United States and
Number Five in North America on Deloitte's 2006 Technology Fast 500, a
ranking of the 500 fastest growing technology, media, telecommunications
and life sciences companies in North America. Rankings are based on
percentage revenue growth over five years, from 2001-2005. The Company grew
from less than $1 million in revenue in 2001 to over $50 million in
profitable revenue in 2005.
The company has continued its rapid growth, reporting $77.6 million in
revenue with a net income of $5.8 million in 2006 and most recently $93.1
million in revenue with a net income of $7.3 million in 2007.
"SAFE HARBOR STATEMENT" UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT
OF 1995
This press release contains forward-looking statements that involve risks
and uncertainties. The statements in this release are forward-looking
statements that are made pursuant to safe harbor provision of the Private
Securities Litigation Reform Act of 1995. Actual results, events and
performance could vary materially from those contemplated by these
forward-looking statements. These statements involve known and unknown
risks and uncertainties, which may cause NewMarket's actual results in
future periods to differ materially from results expressed or implied by
forward-looking statements. These risks and uncertainties include, among
other things, product demand and market competition. You should
independently investigate and fully understand all risks before making
investment decisions.