Quintek to Deliver Services Nationally to Major Biotechnology Company With Annual Sales of $12 Billion 1/10/2006
HUNTINGTON BEACH, CA, Jan 10, 2006 (MARKET WIRE via COMTEX) -- Quintek Technologies, Inc. (OTC BB: QTEK), a global provider of Business Process Outsourcing (BPO) and best-of-breed technology consulting services, today announced that it has received a signed agreement to deliver services nationally to a major biotechnology company.
This agreement represents additional business resulting from Quintek's previously disclosed relationship with a $29 billion international transportation, e-commerce and business solutions provider. The end user of the services is a biotechnology company generating roughly $12 billion a year in revenues, engaged in the discovery, development, manufacture, and marketing of human therapeutics based on advances in cellular and molecular biology. Quintek received the additional business after providing services to this company for over six months.
Effective immediately, Quintek will expand from 1 to 4 sites, providing services throughout the US for this customer. Quintek estimates that billings should increase significantly from this newly executed agreement. "The additional business should increase revenues from this account by over 100%. The annual estimated run rate of $216,000 should grow to roughly $504,000," commented Andrew Haag, CFO of Quintek. "This additional business, from an existing customer, is a strong vote of confidence."
Robert Steele, CEO of Quintek stated, "This is a solid agreement, with fixed monthly minimum billings." He added, "We are currently delivering services for several multi-billion dollar customers that are leaders in their industry; we plan to grow the business around this model."
About Quintek Technologies, Inc.
Quintek Technologies, Inc. (OTC BB: QTEK), through its wholly owned subsidiaries Quintek Services, Inc. (QSI), and Sapphire Consulting Services, Inc., provides 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 As a next-generation technology company, Quintek is unhindered by outdated information technology systems, and thus is able to deploy best-of-breed solutions in all aspects of BPO.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. Sapphire 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%.
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, 2005 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, inability to timely develop of products or services, inability to deliver products or services when ordered, inability of potential customers to pay for ordered products or services, and political and economic risks inherent in domestic and international trade.
Looking at it's financials, this company seems to have been sticking it's neck out in the past year getting new business. I think this stock has moved on news before.
Volume and PPS has been increasing lately. This news out after yesterdays closing bell.
-figure this company is making a turnaround and going up?
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