Business Services Industry
NewMarket Technology Inc. Announces Completion of 2004 Audit Reporting $24.9 Million in Revenue with $574,000 Net Profit; SEC Form 10KSB to Be Filed By April 13, 2005
Business Wire, April 8, 2005
DALLAS -- NewMarket Technology Inc. (OTCBB:NMKT) today announced the completion of the Company's 2004 audit. Due to the acquisitions closed during 2004 and the four different currencies involved, the audit was delayed and a reporting extension was filed on March 31st. The Company had anticipated the conclusion of the audit early this week and planned to release its Annual Report in SEC Form 10KSB by today. The Company's new auditors expected finalizing the audit on time, but have informed the Company of a need for an additional few days. The report will be released within the time frame allowed for an extended filing. All activities and information required for the SEC Form 10KSB is complete and being consolidated into the Annual Report. The Company will release the report no later than Wednesday of next week and will make every effort to release it on Tuesday. Although the Annual Report has required more time than initially anticipated the Company is pleased to report that the 2004 financial results have met forecasted expectations with $24,900,000 in revenue and $574,000 in net profit.
About NewMarket Technology Inc. (www.newmarkettechnology.com)
In 2002, NewMarket launched a business plan to continuously introduce emerging communication technologies to market. The plan included a financing model for early technologies and an approach to creating economies of scale through a specialized service and support organization intended specifically for the emerging technology industry. The Company posted six consecutive profitable quarters through 2003 and established an annualized $15 million in revenue. In 2004, the Company diversified its communications technology offering into the healthcare and homeland security industries with the respective acquisitions of Medical Office Software Inc. (MOS) and Digital Computer Integration Corp (DCI). NewMarket Technology has forecasted revenue of $25 million for 2004, to be reported in the Company's next 10-K SEC filing, and 2005 revenue of $75 million. The Company has expanded sales into Asia, Latin America and Canada through the acquisitions of Infotel Technologies in Singapore, RKM IT Solutions of Caracas, Venezuela, and Logicorp respectively. The Company recently announced its first spin-off with the acquisition by Defense Technology Systems (OTCBB:DFTS) of NewMarket's Homeland Security subsidiary, DCI, for stock.
This press release contains statements (such as projections regarding future performance) that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to those detailed from time to time in the Company's filings with the Securities and Exchange Commission.
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