HUNTINGTON BEACH, Calif., Feb. 2, 2005 (PRIMEZONE) -- Quintek Technologies, Inc. (OTCBB:QTEK) announced today that its QSI division, a North American provider of Business Process Outsourcing (BPO) services, intends to market an automated accounts payable solution to Fortune 500 and Russell 2000 companies.
The process is focused on increasing the speed and accuracy of corporate reporting for accounts payable information. Data is extracted from scanned documents and uploaded into global, enterprise-wide databases to support decision making such as paying or declining an invoice. These "rules based" decisions are accomplished utilizing very sophisticated workflow solutions. Customers outsource the scanning, capturing and loading process to QSI who in turn performs the upload procedure directly to the end-users systems. This service can provide cost savings and increased efficiencies to clients in many industries, giving QSI a broad based program for growth in 2005.
This new capability is a response to the growing necessity to increase efficiencies and reporting standards that are a direct result of the Sarbanes-Oxley ACT of 2002. Implementing imaging and workflow solutions can greatly improve corporate reporting, providing cost containment and compliance with Sarbanes-Oxley.
Bob Brownell, President of QSI stated, "This solution can be implemented within any corporation in the U.S. Broad based applications like this are the launch pad for sustainable growth within QSI. Our end to end program positions QSI with our clients as the 'Single Source Partner' and eliminates the need to contract with multiple vendors."
About QSI
QSI delivers Business Process Outsourcing (BPO) services and Information Lifecycle Management (ILM) solutions to document intensive industries such as government, public utilities, healthcare, insurance, financial, legal, telecommunications and manufacturing. The solutions and services the Company provides enable organizations to secure and manage their information and document business processes more efficiently. The Aberdeen Group, a provider of IT market intelligence, forecasts 13 percent annual growth for the BPO industry through 2005, when the market is projected to reach $248 billion.
"Safe-Harbor" Statement Under the Private Securities Litigation Reform Act of 1995
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, 2004 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, timely development of products, inability to deliver products when ordered, inability of potential customers to pay for ordered products, and political and economic risks inherent in international trade.