Eleven Year Old Profitable Company Projects $4,065,000 of Gross
Revenues for 2006 and Net Income of $1,366,000, without
Consideration of Contemplated Strategic Acquisitions. Seamless
Technology Inc. (Pink Sheets:SLSX) (www.seamlesstech.com), today
announced the completion of its merger with Fingerware Corporation,
a publicly traded technology company, As part of the merger, the
controlling shareholders of Seamless Technology have taken control
of Fingerware Corp, and the name of the company has been changed to
Seamless Technology Inc. As part of the merger, Seamless has
received a $700,000 net equity infusion from the existing cash
reserves of Fingerware. Seamless Technology's is a market leader
for e-Learning, e-Commerce and e-Business solutions. Seamless
leverages the complementary, non-competing capabilities of its
technology holdings to rapidly roll out new products and services
ahead of its competition, and capture an increasing market share in
its respective technology sectors. Wherever possible, Seamless also
seeks to combine capabilities, such as adding e-Commerce to
e-Learning, to rapidly exploit market opportunities. Today,
Seamless Technology consists primarily, in addition to other
minority holdings, of two established technology companies
"Pinneast.com, Inc. and MerchandiZer Software, Inc." Pinneast Inc.
(www.pinneast.com) , a eleven-year-old e-Learning services
provider, which is one of the only eLearning companies that
survived the shakeout caused by the bursting of the Internet bubble
because of its large government and Fortune 500 clients. The
Company will recognize gross revenues in 2005 of a minimum of $1.4
million with an EBITDA of approximately $400,000. The Company's
projected revenues should increase to a minimum of $2.265 million
in 2006 and $3.3 million in 2007, with projected EBITDA of $823,000
in 2006 and $1,347,402 in 2007. The Company has achieved a
sustainable level of profitability due to the multi-year contracts
that it has with its clients. Furthermore, the Company has a
present order backlog exceeding $1.3m, including 2 contracts from
the US-Army. Other clients of Pinneast include Dow Chemical,
Wachovia, Volvo Trucks, Delta Airlines and Johnson and Johnson,
among others. Analysts expect the e-Learning market to continue its
growth over the next four years growing from approximately $11
billion in 2004 to approximately $15 billion in 2008 (Source: The
Gartner Group). The Company offers web based course management,
learning management systems, LMS hosting and e-Learning technical
support. Unlike its competitors, who offer a product that is one
size fits all, Pinneast is capable of designing e-Learning products
that are tailored to the specific needs of each client.
MerchandiZer Software Inc. (www.merchandizer.com), the second
operating subsidiary of Seamless, which is a seven-year-old
eCommerce software company and service provider that provides end
to end online services for small to medium sized companies that
want to expand their marketing to the Internet sales channel. Since
its inception MerchandiZer has provided e-commerce to all type of
clients numbering approximately 3,000, with such well-known names
as Dole Plantations, Total Discount Vitamins, Go-To Forms and Kids
Customs. The Company's software has been awarded the PC Magazine's
Editor's Choice Award as tops in its field. The key feature of the
software is that it allows users to add customized design features,
as opposed to most of its competitors that require that the
merchant/client have a store that looks like all other stores
utilizing the same software. MerchandiZer keeps its software
up-to-date with the latest advances in Internet marketing, and its
e-commerce software has an exclusive Internet marketing feature
built into its software that allows the merchants/clients to
optimize their entire catalog and categories for search engines,
and achieve very high ranking, including the first and second pages
in the search engines, such as Google and Yahoo. MerchandiZer
provides a wide range of templates that enable web designers to
customize sites. This allows merchants/clients, without design
flair, to build a respectable looking eCommerce site by simply
picking pre-packaged design themes, and then choosing from the 30
built-in templates designed to suit every catalog layout
requirement. The Company also aids its clients with web promotion
and online marketing services, including Search Engine Optimization
that increases the presence of the site on the web, and thereby
attracts more customers to the client's site. The Company will
recognize gross revenues in 2005 of approximately $200,000 with an
EBITDA of $50,000. The Company is projecting gross revenues in 2006
of $1,800,000 increasing to gross revenues of $2,572,000 in 2007,
with a projected EBITDA of $723,385 in 2006 and $1,470,000 in 2007.
Seamless has consolidated gross assets of over 4,400,000 and net
shareholders' equity of $3,100,000, and is presently Nasdaq
qualified. The Company's consolidated revenues have increased from
$388,000 in 2004, and a loss of ($451,000) to 2005 gross revenues
of $1,600,000 and an EBITDA of $350,000. The Company, without
considering the imminent strategic acquisitions, is projected to
increase gross revenues to $4,065,000 in 2006 and $4,873,000 in
2007, with projected EBITDA of approximately $1,366,000 in 2006 and
2,500,000 in 2007. The Company will file its Form 10 to become a
reporting company during the first quarter of 2006, and immediately
apply for a Nasdaq listing. It anticipates to be listed on Nasdaq
in the second quarter of 2006. The Company has 18,172,000 common
shares outstanding with 2,000,000 shares in the float. The Company
has enough cash and operating cash flow to attain its immediate
goals, and does not contemplate a capital raise until the later
part of 2006. The Company's management combines the talents of
seasoned management, senior marketing and sales executives,
technology experts and finance executives, which allows the Company
to provide the best technology services available to its market
segment, but still run the Company profitably. In discussing the
entry of the Company into the public marketplace, CEO and Chairman
of the Board of SLSX, Mr. Borys Rafalowicz stated: "Entering the
public marketplace at this time provides access to capital at a
more reasonable cost than we have paid as a private company, as
well as publicly traded shares that can be utilized in the various
acquisitions that we have planned, and allows Seamless, and its
operating subsidiaries, to continue executing our proven business
model as we meet and exceed our revenue projections. The exposure
that Seamless will receive as a publicly traded stock in the
institutional arena will allow us to aggressively roll-up
complimentary technology providers through synergistic acquisitions
of companies with unique products and services, which compliment
the needs of Seamless' customers. The Company anticipates making
two such acquisitions in the near-term." ABOUT SEAMLESS TECHNOLOGY
INC.: Seamless Technology is a public holding company for Internet
based technology companies. It presently owns two established
technology companies with excellent industry name recognition and
reputations. The Company has located other synergistic businesses
that it intends to acquire prior to the end of 2005. The first
subsidiary owned by Seamless is Pinneast Inc. (www.pinneast.com), a
eleven year-old e-Learning services provider, which is one of the
only eLearning companies that survived the shakeout caused by the
bursting of the Internet bubble because of its large government and
Fortune 500 clients. The Company will recognize gross revenues in
2005 of a minimum of $1.4 million with an EBITDA of approximately
$400,000. The Company's projected revenues should increase to a
minimum of $2.265 million in 2006 and $3.3 million in 2007, with
projected EBITDA of $823,000 in 2006 and $1.347,402 in 2007. The
Company has achieved a sustainable level of profitability due to
the multi-year contracts that it has with its clients. Furthermore,
the Company has a present order backlog exceeding $1.3m, including
2 contracts from the US-Army. Other customers of Pinneast include
Dow Chemical, Wachovia, Volvo Trucks, Delta Airlines and Johnson
and Johnson, among others. The Company offers web based course
management, learning management systems, LMS hosting and E-Learning
technical support. Unlike its competitors, who offer a product that
is one size fits all, Pinneast is capable of designing e-Learning
products that are tailored to the specific needs of each client.
The second subsidiary is MerchandiZer Inc. (www.merchandizer.com),
which is a seven year old eCommerce software company and service
provider that provides end to end online services for small to
medium sized companies that want to expand their marketing to the
Internet sales channel. Since its inception MerchandiZer has
provided eCommerce to all type of clients numbering approximately
3,000, with such well-known names as Dole Plantations, Total
Discount Vitamins, Go-To Forms and Kids Customs. The Company's
software has been awarded the PC Magazine's Editor's Choice Award
as tops in its field. The key feature of the software is that it
allows users to add customized design features, as opposed to most
of its competitors that require that the merchant/client have a
store that looks like all other stores utilizing the same software.
MerchandiZer keeps its software up-to-date with the latest advances
in Internet marketing, and its eCommerce software has an exclusive
Internet marketing feature built into its software that allows the
merchants/clients to optimize their entire catalog and categories
for search engines, and achieve very high ranking, including the
first and second pages in the search engines, such as Google and
Yahoo. MerchandiZer also provides a wide range of templates that
enable web designers to customize sites. This allows
merchants/clients, without design flair, to build a respectable
looking eCommerce site by simply picking pre-packaged design
themes, and then choosing from the 30 built-in templates designed
to suit every catalog layout requirement. The Company also aids its
clients with web promotion and online marketing services, including
Search Engine Optimization that increases the presence of the site
on the web, and thereby attracts more customers to the client's
site. The Company will recognize gross revenues in 2005 of
approximately $200,000 with an EBITDA of $50,000. The Company is
projecting gross revenues in 2006 of $1,800,000 increasing to gross
revenues of $2,572,000 in 2007, with a projected EBITDA of $723,385
in 2006 and $1,470,000 in 2007. Seamless has consolidated gross
assets of over $4,400,000 and net shareholders equity of
$3,100,000. The Company's consolidated revenues have increased from
$388,000 in 2004, and a loss of ($451,000) to 2005 gross revenues
of $1,600,000 and an EBITDA of $350,000. The Company, without
considering the imminent strategic acquisitions mentioned above, is
projected to increase gross revenues to $4,065,000 in 2006 and
$4,873,000 in 2007, with projected EBITDA of approximately
$1,366,000 in 2006 and 2,500,000 in 2007. FORWARD LOOKING
STATEMENTS: Statements about the Company's future expectations,
including future revenues and earnings, and all other statements in
this press release other than historical facts are "forward-looking
statements" within the meaning of section 27A of the Securities Act
of 1933, Section 21E of the Securities Exchange Act of 1934, and as
the term is defined in the Private Litigation Reform Act of 1995.
The Company's actual results could differ materially from expected
results. The Company undertakes no obligation to update
forward-looking statements to reflect subsequently occurring events
or circumstances. Should events occur which materially affect any
comments made within this press release; the Company will
appropriately inform the public.
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