Quintek to Go Live With Accounts Payable Automation Solution for New Customer
Market Wire, May, 2007
Quintek Technologies, Inc. (OTCBB: QTEK), a global provider of Business Process Outsourcing (BPO) and best-of-breed technology consulting services, announced today that it is to begin delivering services to a new customer. The solution involves a proprietary software technology for Accounts Payable Automation. It addresses the Accounts Payable market, which the company estimates to be $1.7 billion annually. The end customer is a leader in the hospitality services industry and has a track record of success as developers, owners, and operators of leading-brand hotels in multiple segments. Quintek will be providing services in cooperation with a leading provider of Enterprise Information Management (EIM) solutions. Quintek expects to begin billable work shortly.
The solution allows companies to increase operational efficiencies and save money by reducing the cost of processing their invoices payable to vendors. The estimated revenues for the Fortune 500 in 2005 totaled $8.2 trillion. It is estimated that most of these companies spend an estimated 0.025% of revenue to outsource the payables function (A/P Outsourcing). Based on that information, Quintek estimates a market of $1.7 billion for the services and solutions that address this business function. Quintek has installed in-house A/P solutions for customers and has provided outsourced A/P services for a $3 billion multi-national water purification and chemicals provider. The Company is now advancing its offering to include a robust Accounts Payable Automation solution where Quintek can serve as the outsourced imaging services vendor, thereby creating a complete end-to-end Accounts Payable automation and outsourcing solution.
James Kernan, Quintek CEO, commented, "We believe that Business Process Automation solutions represent an area of solid growth in the market, and that A/P automation is a billion dollar segment for us to focus on and further penetrate. This is the first of several deals that we have been working on to further strengthen the company's offerings." He added, "In building a company's revenues, it has always been important for me to work closely with vendors and customers viewing them as partners in our growth. This is a fast growing marketplace and we intend to stay on top of the curve by providing companies that work with Quintek a value-added relationship as a trusted consultant and service provider."
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. Forester Research, Inc. estimates that the market for BPO services will grow from $19 billion in 2004 to $146 billion in 2008. Business Insights, estimated the BPO market as the fastest growing area of the IT services sector. Growing at 8% annually it is expected to grow from $112.1 billion is 2005 to $144 billion in 2008.
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%
For more information, visit http://www.quintek.com .
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, 2006 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.
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