NEW YORK, Oct. 14, 2006 (PRIMEZONE) -- Platinum IT Consulting Inc., a subsidiary of Global IT Holding Company (Pink Sheets:GITH), announced that in conjunction with their affiliated company Parker Clark, they have posted an increase in sales revenue in the third quarter compared to last year and the total sales for the year to date have now reached $2.9 million.
Mr. Ralph Clark, President of Platinum IT Consulting Inc., a leading company supplying specialized IT personnel, also predicts growth in the fourth quarter saying, "based upon the increase that we see coming up from several sectors including utilities, retail, publishing and insurance clients, we expect to see a 5-10% increase in the fourth quarter, which would bring sales to around $4 million for the year."
The announcement of increased third quarter sales revenue is more positive news for the company, who also recently entered into a strategic partnership with Global Consulting Solutions (www.globalconsultingus.com). Global Consulting Solutions is a full service enterprise software consulting organization specializing in JD Edwards, Enterprise One World Software and web applications design and development.
This strategic partnership will enable the company to offer new software solution products to its existing clients using Global Consulting Solutions' expertise. Global Consulting Solutions in turn will be able to assist its clients in the areas of permanent staffing and consultant sourcing by utilizing Platinum IT's resources. Platinum IT estimates that two sales recently completed, related to this new strategic partnership, could add an additional 10-15% revenue to Platinum IT annually.
Focusing on the industry at large, Mr. Clark sees market forces combining over the next few years to drive up demand for a decreasing supply of specialized IT personnel, saying, "A range of factors have combined recently to shift the balance in the IT recruiting sector so that we now have a situation that is beginning to look more like the years prior to Y2K."
He elaborating, by adding: "For one thing, restrictions on H-1B visas (a visa category that makes it expedient to bring foreign-born professionals temporarily to the United States) are making it harder for qualified people to get into the U.S. and also, businesses across the board are finding they have to re-invest in new software and hardware to stay ahead of their competition. To a lesser degree the offshore outsourcing trend seems to be reversing somewhat, which also contributes to demand. At Platinum, we both source personnel for companies and offer custom software solutions, so whether it's Oracle, SQL Server or Sybase and the software is SAP, JD Edwards, PeopleSoft or the like, the qualified personnel are becoming harder to find and that will inevitably place upward pressure on pricing."
Mr. Clark foresees this tightening of the market to last for at least the next two years unless qualified IT workers who left the industry after 2001 can be enticed to re-enter the market.
About Platinum IT Consulting
Platinum IT Consulting, Inc. was established in 1986 and has sales offices in New York City and Madison, NJ. In 2004, Platinum IT became part of the Global IT Holdings, Inc. family of companies. Global IT Holdings, Inc. is a New York-based holding company created to acquire targeted IT staffing firms. The company's current holdings include Platinum IT Consulting and its associated company, Parker Clark Data Processing.
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications which may arise could prevent the prompt implementation of any strategically significant plan(s) outlined above.