Message #13 From:
Stock News Bot Date: August 10, 2006 04:00:00 AM
QTEK News Quintek Completes Project for Risk Management Company; Revenues Exceed Expectations by 16%
HUNTINGTON BEACH, Calif.--(BUSINESS WIRE)--Aug. 10, 2006--Quintek Technologies, Inc. (OTCBB:QTEK), a global provider of Business Process Outsourcing (BPO) and best-of-breed technology consulting services, announced today that the revenues from the project announced in April exceeded original expectations by 16%. The increase in value was due to increased customer volumes and requirements.
Quintek provided a range of services for the customer's covering over 1.6 million images. The project centered on imaging legal documents and uploading them to the customer's hosted facility. The end user is one of the most successful medical liability companies of its class in the U.S. It provides liability protection, rigorous underwriting, claims management priorities and very involved risk management programs for physicians. Quintek is seeking further growth in the claims and risk management industry.
"We provide services that allow customers greater access to important mission critical information," Quintek CEO Robert Steele stated. He added, "Quintek is focused on expanding relationships with existing customers and partners. It is through this customer-centric focus that we will continue to grow and expand our business." Mr. Steele ended by stating that "Healthcare Claims Processing represents a huge opportunity for growth, as there were roughly 15 billion claims in 2004 alone. At an average of $.10 per claim, this represents approximately a $1.5B addressable market."
About Quintek Technologies, Inc.
Quintek Technologies, Inc. (OTCBB:QTEK), through its wholly owned subsidiaries Quintek Services Inc. (QSI) and Sapphire Consulting Services Inc., provides services to enable Fortune 500 and Global 2000 corporations to reduce costs and maximize revenues.
QSI delivers Business Process Outsourcing (BPO) services and solutions that enable companies 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 As a next-generation technology company, Quintek is unhindered by outdated information technology systems, and thus is able to deploy best-of-breed solutions in all aspects of BPO. The Aberdeen Group, a provider of IT market intelligence, forecasted 13 percent annual growth for the BPO industry through 2005, and projected the market to reach $248 billion.
Sapphire Consulting Services Inc. offers a broad range of supply chain management consulting services. Sapphire assists organizations to create a higher level of customer satisfaction, enhance supply chain capability and achieve consistent competitive advantage through reduced product cost, reduced inventory investment and improved supply chain security. A study by IDC found the SCM services market will expand from $26.1 billion in 2002 to $40.5 billion in 2007, representing a five-year compound annual growth rate (CAGR) of 9.2 percent.
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, 2005 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, inability to timely develop products or services, inability to deliver products or services when ordered, inability of potential customers to pay for ordered products or services, and political and economic risks inherent in domestic and international trade.
