Penny King Holdings Corporation Assigns Exclusive Distribution Rights to Quintek Products; QTEK Gets Order for $10 Million From Hungary.Business Editors WASHINGTON & LOS ANGELES--(BUSINESS WIRE)--March 20, 2002 New Products Group Lands $15MM Revolving Credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. Facility Quintek Technologies, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :QTEK) and Penny King History Penny King was a fictional character on Coronation Street, played by actress Pauline Fleming. She was the wife of local businessman Preston King, who often did business with factory owner Mike Baldwin. Holdings Corporation (PKH PKH Peter Knipp Holdings (Singapore) ), jointly announced that PKH has assigned its eight nation Exclusive Master Distribution Agreement, previously announced on January 8th, 2002, to EuroTrend Informatics Ltd. (ETL (Extract, Transform, Load) The functions performed when pulling data out of one database and placing it into another of a different type. ETL is used to migrate data, often from relational databases into decision support systems. ), a private Hungarian information technology and software company. ETL plans to place its first master order for 127 Units under the terms of the Exclusive Agreement to be delivered beginning April 24, 2002 and resulting in the sale of over $10 million in QTEK's products to Central Europe Central Europe is the region lying between the variously and vaguely defined areas of Eastern and Western Europe. In addition, Northern, Southern and Southeastern Europe may variously delimit or overlap into Central Europe. . ETL has so far received letters of interest from six of its existing customers for QTEK's products. Additional orders are expected as surrounding governments subscribe to Verb 1. subscribe to - receive or obtain regularly; "We take the Times every day" subscribe, take buy, purchase - obtain by purchase; acquire by means of a financial transaction; "The family purchased a new car"; "The conglomerate acquired a new company"; the services of ETL data storage centers through a network of additional distributors being planned in Central Europe. "We are very pleased to be working with PKH and ETL on a project of this nature and hope to make Budapest a logistics center for Quintek's high technology products in Central and Eastern Europe The term "Central and Eastern Europe" came into wide spread use, replacing "Eastern bloc", to describe former Communist countries in Europe, after the collapse of the Iron Curtain in 1989/90. ," said Tom Sims Tom Sims is a pioneer and world champion of snowboarding, originally from Haddonfield, New Jersey. In 1963, he made what he called a the "skiboard," an early version of the snowboard, in the Haddonfield Middle School's shop room after failing to complete his intended project, a , President & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Quintek. "QTEK projects net EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become revenues to come in at around 18 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. as a result of these sales. The profits will be sheltered from taxation by the loss carry forward deductions accumulated during Quintek's product development and manufacturing start-up periods." PKH has agreed to provide ETL's New Products Division with a $15 million revolving credit facility for 2 years for import financing to purchase Quintek Technologies Inc. products through its Advanced Capital Services division. PKH has formally applied to the Export Import Bank of the United States Bank of the United States, name for two national banks established by the U.S. Congress to serve as government fiscal agents and as depositories for federal funds; the first bank was in existence from 1791 to 1811 and the second from 1816 to 1836. for direct loans and loan guarantees to further expand product sales through QTEK acting as the master supplier of technology and products from the U.S. to Central Europe through ETL. QTEK manufactures the patented Q4300 Universal Interface and the Q4305 Aperture Card Plotter. These two components operate together to provide a turn key system for producing complete back up data storage systems directly from digital image files. ETL plans to expand its network in Hungary and seven bordering nations to integrate certain proprietary online systems being jointly developed by PKH and its affiliates in Central Europe with QTEK's technology, products and services. "This order is the first phase of a $250 million two year project being developed by The Free and Clear Foundations relating to the deployment of automated voting systems in Hungary, Central and Eastern Europe and eventually the European Union European Union (EU), name given since the ratification (Nov., 1993) of the Treaty of European Union, or Maastricht Treaty, to the European Community of which Hungary may become a part of in 2004," a spokesperson for PKH said. ETL and PKH have entered into a joint venture syndication agreement to market and sell technologies being exported through PKH from the United States to Hungary, Austria, Slovakia, Ukraine, Romania, Yugoslavia, Croatia, and Slovenia. "We are very grateful to be able to provide services to both QTEK and ETL through the diligent and watchful guidance of Mr. Barnabas Nemeth, Director of the Hungarian Investment and Trade Development Agency in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of ," said Mr. Gabor Acs, Chairman of PKH. "We highly recommend www.ITD ITD Idaho Transportation Department ITD Information Technology Division (at NRL) ITD Information Technology Division (MMDS) itd I Tak Dalej (Polish: And So On) .hu to any U.S. firm that is interested in adding to the $24 billion that has flowed through foreign direct investments to Hungary over the past decade." PKH has contacted many U.S. firms over the past two years regarding acquisitions of minority stakes in publicly traded firms which it deems would benefit from certain advanced applications of its proprietary knowledge, investment strategies and further U.S. Technology Exports to Central Europe. About Penny King Holdings Corporation Penny King Holdings Corporation is a private Delaware Investment Holding Company owned and controlled by Hungarian born financier Gabor Sandor Acs who has 22 years' experience in finance, real estate, venture capital, and international markets. PKH is half owned and controlled by the Free and Clear Foundations of America, Inc., a non profit public benefit development stage organization. Mr. Acs also serves as the Chairman of the Foundations worldwide. PKH is in the development process of facilitating technology exports through a diverse set of publicly owned companies in the United States, Canada and Hungary and exporting various technologies for the benefit of the greatest good for the greatest possible number to the best of its ability and resources. PKH acquired a 7% stake in QTEK in December of 2001 in a private transaction and may increase its stake in the near term future. PKH has vested interests in DStage.com and eKnowledge.com. The firm is aggressively pursuing additional strategic acquisitions of minority stakes in various publicly traded firms in the U.S., Canada and Hungary to further develop certain proprietary knowledge and technologies. About EuroTrend Informatics Ltd. ETL is a Hungarian information technology company, which has shown solid growth in the past ten years. Its main profile is Oracle-based individual software development. The company's main strategic aim is a dynamically growing participation in the market of information technology services. ETL builds quality software products and services, which provide full satisfaction to their customers. The company has acquired the ISO (1) See ISO speed. (2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. 9001 quality certificate for the whole process of software development, its system of devices, technology and working environment. Their slogan is "Customized solutions" and this is their business policy at the same time. By this they mean using standard "building blocks," which form into individual systems with the help of high added value creating new advanced systems. Between 1990 and 2000, the revenues of ETL have increased forty-fold and reached HUF HUF In currencies, this is the abbreviation for the Hungarian Forint. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 650 million, while the company's net assets Net assets The difference between total assets on the one hand and current liabilities and noncapitalized long-term liabilities on the other hand. net assets See owners' equity. exceed HUF 200 million. Projected revenues for ETL for the next twelve months is expected to increase to HUF 3.8 billion with net assets growing to HUF 500 million. EuroTrend Software Park is a separate division of EuroTrend. It is located in a picturesque site in the Bakony mountains at Lokut-Obanya, Veszprem county. The Software Park is a 1500 square meter castle-type facility compound on a 6 acre area with special plants and primary trees. The castle was built in 1823 by a noble family. It is famous for the fact that the three children of Lajos Kossuth were hidden in this castle in 1849. Kossuth (pronounced co-shoot) was Governor of Hungary during a fight for independence and democracy which was eventually defeated by the union of the royalist roy·al·ist n. 1. A supporter of government by a monarch. 2. Royalist a. See cavalier. b. An American loyal to British rule during the American Revolution; a Tory. Austrian Habsburg and Russian Czarist Armies (1848-1849). Kossuth envisioned a federation in the Kingdom of Hungary This article focuses on the Kingdom of Hungary as a political entity, for other details, see:
The bloody conflict eventually led to a partial victory for Hungary -- a great compromise known as the "Austro-Hungarian Empire," in which Hungary gained some autonomy. His most famous quote "All for the People and All by the People; Nothing About the People Without the People -- That is Democracy!" Spoken before the Ohio State Legislature, February 16, 1852 is part of a plaque posted in front of the Hungarian-American Federation in Washington D.C. near Dupont Circle. The aim of the creation of this Software Park was the establishment of a research and development center based on high technology. EuroTrend is carrying out a great volume middle term investment broken down into several phases. With this it provides long term employment for several hundred highly qualified experts and local staff members, who provide the infrastructural background of the project. In order to reach its goals, the Software Park fosters close cooperation with the institutions of the region which provide information technology education, such as the University of Veszprem and the Szechenyi Istvan University. As part of the cooperation ETL contributes to the training taking place in these institutions, their R&D projects, the launch of joint research and development projects, inviting thesis and Student's Science Project topics, as well as providing field training for the students of the institutions. The Software Park launches individual research and development projects, the aim of which is twofold. On the one hand, the creation of industrial software development which is based on high technology and is competitive worldwide, and, on the other hand, getting to the Hungarian front-line, keeping this position and at the same time achieving the recognition of professional circles. Education is a serious task, which means partly the training of outside experts, students, and partly the training of our own professionals. Planned and frequent education is necessary to achieve, keep and increase our professionals' high level of knowledge. This provides familiarity with new techniques and technologies, our own research results, and also creates the possibility of applying theories in practice. With the help of this we can create a development basis, which is essential in successfully carrying out projects of great volume and especially foreign projects. The Software Park leads the way with this enterprise and plans to be especially open-minded. It provides infrastructure for other similarly thinking enterprises and organizations to settle in the Software Park. It fosters incubation programs, through which it seems that the raising of the level of technologies is secured, and at the same time it complies with the innovative view of the research center. One of the first representatives at the Software Park was NETI NETI Network Information Table NETI Network Table Inquiry (Sprint) (International Technology Institute), whose main task is the transfer of technology, namely the development of application methods in the business sphere of newly researched topics and discoveries. ETL intends to utilize the technology, products and services of Quintek Technologies Inc. to establish a networked system for data storage centers in Hungary and the seven surrounding nations and later in its joint development with PKH and its affiliates for the modernized voting systems. Hungary and ETL will become a logistics center in Budapest for Quintek's high-technology products in Central and Eastern Europe. More information may be found by visiting: www.eurotrend.hu/english/. About Investing in Hungary The Paris-based Organization for Economic Co-operation and Development has ranked the strength of Hungary as one of the top ten best poised to exploit the expanding industries of the 21st century. A study by economists and statisticians Statisticians or people who made notable contributions to the theories of statistics, or related aspects of probability, or machine learning: A to E
Hungary does well for economic openness -- only Ireland is ahead in terms of the proportion of manufacturing output accounted for by non-domestic companies. Just over a quarter of output of both the country's services and its manufacturing are categorized as knowledge-based by the OECD, putting Hungary in seventh position in the OECD in this field, ahead of Sweden, Austria and Spain. To Invest in Hungary go to http://www.business2hungary.com/index.html/. About Quintek Technologies, Inc. Quintek supplies chemical-free equipment, software, media, and services used to preserve digital data and ensure against information loss due to catastrophic events, computer virus, technology obsolescence ob·so·les·cent adj. 1. Being in the process of passing out of use or usefulness; becoming obsolete. 2. Biology Gradually disappearing; imperfectly or only slightly developed. , equipment failure, media degradation, change in formatting standards, and software incompatibility. Quintek's strategic alliances include: Information Imaging Corporation, Kitron, Saab, Eastman Kodak, Anacomp, Bofors AB and Qtek AB. Customers include: TRW TRW The Real World (TV reality show) TRW The Right Way TRW Tactical Reconnaissance Wing TRW The Retriever Weekly (University of Maryland, Baltimore, MD) TRW Thompson Ramo Wooldridge Inc , Lockheed-Martin, U.S. Navy, Dresser Industries, Carolina Power & Light, Baltimore Gas & Electric, Lufkin Industries, Whirlpool, Zenith, PG&E, GTE GTE General Telephone & Electronics GTE Génie Thermique et Énergie (French) GTE Gas Turbine Engine GTE Global Tropospheric Experiment GTE Geothermal Energy GTE Gas Turbine Efficiency plc (Sweden & USA) Airfone, Caltrans, NASA NASA: see National Aeronautics and Space Administration. NASA in full National Aeronautics and Space Administration Independent U.S. , JPL (language) JPL - JAM Programming Language. , Southern California Edison Southern California Edison (or SCE Corp), the largest subsidiary of Edison International (NYSE: EIX), is the primary electricity supply company for much of Southern California. It provides 11 million people with electricity. , Westinghouse, among others. With an environmentally superior solution, Quintek has a significant competitive advantage in a worldwide market estimated at $2.5 billion per year. This news release contains forward-looking statements, including but not limited to, those that refer to the company's plans for future securities listings, or future development plans or operating results. Past progress is no guarantee of future success. Actual results could differ materially from those anticipated due to risk factors that include, but are not limited to, lack of timely development of products and services; lack of market acceptance of products, services and technologies; inadequate capital; adverse government regulations; competition; inability to earn revenue or profits; dependence on key individuals; inability to obtain or protect intellectual property rights; inability to obtain listing for the company's securities; lower sales and higher operating costs than expected; technological obsolescence of the company's products; limited operating history and risks inherent in the entertainment, telecommunications, technology and education industries, and uninsured political and economic risks inherent in international trade. |
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