TACOMA, Wash., Nov. 8, 2004 (PRIMEZONE) -- InsynQ, Inc., (OTCBB:INSN) a premier provider of business application hosting and IT management services for accountants and financial service professionals, announced that is has improved its balance sheet by paying off past tax obligations of $429,000.
"We are very pleased to announce to our shareholders that InsynQ has recently paid off its past tax liability of $429,000 to the IRS. This action will significantly enhance the Company's fundamental value providing us the ability to move forward with our strategic business initiatives," said Chairman and CEO John P. Gorst. "We are also in the process of entering into a long-term agreement to make payments on the remaining balance comprised of back interest."
InsynQ, Inc., located in Tacoma, WA, is an application service provider (ASP) that delivers outsourced software application hosting and managed information technology services. Established in 1997, The Company has developed the business model, the technology delivery, and the application environment that addresses the specific needs of the Accounting and Telecommunications industries. Its e-Accounting software package includes a complete set of technology solutions from virtual desktops, hosted applications, document management, and outsource services to managed IT services. The Company allows business customers to turn on, or access, their software applications and data instantly through any Web-enabled computer, regardless of operating system.
Forward-Looking Statements
Statements made in this press release that state the Company or management's intentions, beliefs, expectations, or predictions for the future are forward-looking statements. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the Company's actual results to differ materially from those projected in such forward-looking statements. These risks, assumptions and uncertainties include: the ability to complete systems within currently estimated time frames and budgets; the ability to compete effectively in a rapidly evolving and price competitive marketplace; changes in the nature of telecommunications regulation in the United States and other countries; changes in business strategy; the successful integration of newly-acquired businesses; the impact of technological change; and other risks referenced from time to time in the Company's filings with the Securities and Exchange Commission.