HOUSTON, April 15, 2004 (PRIMEZONE) -- The Project Group, Inc. (OTCBB:PJTG), a leader in business intelligence solutions, announced today that its revenues for 2003, previously estimated at $1,940,000, actually came in at $1,962,182. These results are an increase of more than 23% as compared to revenue in 2002 of $1,588,562. The total net loss in 2003 of $1,411,612 includes $469,400 in non-cash charges. These amounts are consistent with the anticipated cost of building PJTG's capabilities and presence in the marketplace.
The Company indicated further that its first quarter 2004 sales and revenues continue to grow at a faster rate than the 23% growth in 2003 over 2002. We believe that this growth, combined with our recent $1,700,000 financing commitment and partial funding, provides re-assurance that PJTG is on track for our planned $6,000,000 in revenue in 2004, and expected profitability in early third quarter 2004.
The Project Group provides its expertise to the Fortune 1000, including Waste Management (WMI), Microsoft (MSFT) and Southwest Airlines (LUV). PJTG, headquartered in Houston, was founded in 2001 by senior managers with broad Fortune 1000 project experience. PJTG focuses on providing enterprise-based business intelligence solutions and improving performance for its customers throughout the United States and world. Its clients include many of the largest and most prestigious corporations in the world, including Wal-Mart, Microsoft Corporation, Halliburton, Southwest Airlines, Waste Management, and Lukoil.
About The Project Group
The Project Group Inc., a Microsoft Gold Certified Partner and Premier Project Partner, is an emerging growth information technology company specializing in business intelligence advisory services, implementation services, configuration, custom programming and other related products and services using its proprietary methods.
Visit our web site at: (www.projectgroup.com) to learn more about our services and solutions.
Forward-Looking Statements:
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Investors are cautioned that these forward-looking statements involve uncertainties and risks that could cause actual performance and results of operations to differ materially from those anticipated by these statements. These risks and uncertainties include issues related to the ability to: obtain sufficient funding to continue operations, maintain adequate cash flow, profitably exploit new opportunities, and the unpredictable nature of business risks; as well as other factors set forth in the Company's most recently filed SEC reports. The forward-looking statements contained herein represent the Company's judgment as of the date of this release and it cautions readers not to place undue reliance on such statements. The Company assumes no obligation to update the statements contained in this release.