HUNTINGTON BEACH, Calif., March 28, 2005 (PRIMEZONE) -- Quintek Technologies, Inc. (OTCBB:QTEK), a provider of 21st-century Business Process Outsourcing (BPO) and document-management services that raise efficiency and lower costs for data-intensive industries, announced today that it has begun providing its next-generation accounts payable solutions for a global industrial organization reporting more than $3 billion in annual revenues. The contract underscores the continued success of Quintek's strategy to provide fully-scalable mission-critical BPO services for a range of client companies.
The value of the contract is estimated to provide Quintek approximately $1.2 million over the next three years. Quintek will provide its advanced Accounts Payable solutions streamlining the customers operations and increasing efficiencies. This customer reported in excess of $3 billion in revenues in 2004.
The contract calls for Quintek to process the customer's accounts payable information received from vendors worldwide. Because it uses the most advanced solutions available, Quintek is able to make this accounts payable information available to the customer in record time, significantly increasing the client's reporting standards and efficiencies.
"Demand for solutions such as this are on the rise due to recent changes in corporate reporting requirements as a result of the Sarbanes-Oxley Act of 2002, which legislated extensive new financial disclosure compliance demands for public companies," commented Robert Steele, CEO of Quintek Technologies. "Our compelling solution can assist many companies in meeting these stringent demands. Some of the benefits to the customer are increased efficiencies resulting in better reporting, compliance and cost savings. We are extremely excited and optimistic regarding the Accounts Payable solution QSI offers." Steele ended saying, "Applications such as this can benefit any major corporation and provides entry into all markets creating significant room for expansion and growth."
Due to competitive reasons and contractual obligations Quintek is not permitted to publicly disclose the customer's name.
About Quintek Technologies Inc.
Quintek Technologies, through its wholly owned subsidiary Quintek Services, Inc. (QSI), delivers 21st-century Business Process Outsourcing (BPO) services and solutions that enable organizations of any size 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 computer applications and Information Lifecycle Management (ILM). Quintek provides a range of mission-critical information and document-management solutions to organizations in document-intensive industries, including government, public utilities, healthcare, insurance, financial, legal, telecommunications and manufacturing. The Company has built steady growth on a strategy of providing superior services and solutions, and continues to exploit the steadily increasing growth in BPO and ILM marketplaces; 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. For more information, visit http://www.quintek.com. For more investor-specific information, including daily and historical Company stock quote data and recent news releases, please visit http://www.trilogy-capital.com/tcp/quintek. To read or download the Company's Investor Fact Sheet, visit http://www.trilogy-capital.com/tcp/quintek/factsheet.html.
Safe Harbor Statement
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.