Smart-Tek Signs Contract for $25 Million in Annual Gross Billings
10 March 2010 - 1:00AM
PR Newswire (US)
NEWPORT BEACH, Calif., March 9 /PRNewswire-FirstCall/ -- Smart-Tek
Automated Services, Inc., a wholly owned subsidiary of Smart-Tek
Solutions, Inc. (BULLETIN BOARD: STTN) , said today that it has
secured several contracts, which will add $25 million in additional
gross billings in 2010, with gross reportable revenue (in
compliance with GAAP) in excess of $4 million, subject to any
adverse market changes. This revenue is attributed to the sales
efforts of its newly opened Missouri office, as previously
announced on March 4, 2010. A small portion of this $25 million
will be realized in the Quarter ending March 2010, with the
majority of this revenue seen in the upcoming Quarters in 2010.
Brian Bonar, CEO of Smart-Tek Automated Services, Inc. states, "We
are encouraged by the growth of our Midwest office and will
continue to concentrate sales efforts in this region. Having an
office in this region provides a tremendous opportunity for
Smart-Tek as we are now able to fully service our many clients in
this rapidly expanding Midwest market." Please visit
http://www.smart-tekservices.com/ for further information. About
Smart-Tek Solutions, Inc.: The parent, Smart-Tek Solutions, Inc.,
generates revenue from the installation of security systems in
construction projects. Its board is currently in negotiations to
sell its original business and focus entirely on the PEO business
of its wholly owned subsidiary, in order to achieve the best value
for its shareholders. The original business generated $3.3 and $3.8
Million of revenue in 2009 and 2008 respectively, and $0 and ($3.1)
loss of earnings in 2009 and 2008 respectively. About Smart-Tek
Automated Services, Inc.: Smart-Tek Automated Services, Inc.
provides financial services to small and medium-size businesses,
relieving our clients from many of the day-to-day tasks that
negatively impact their core business operations such as payroll
processing, human resources support, workers' compensation
insurance, safety programs, employee benefits, and other
administrative and aftermarket services predominantly related to
staffing - staff leasing, temporary staffing and co-employment. It
not only provides core services but a wide selection of employee
and employer benefits and aftermarket products. Safe Harbor:
Statements in this press release that are not historical facts are
forward-looking statements, including statements regarding future
revenues and sales projections, plans for future financing, the
ability to meet operational milestones and marketing arrangements
and plans. Estimated revenues from its Smart-Tek Solutions, Inc.
subsidiary are somewhat subjective and based on information
available to the Company at the time of the determination. Also,
such statements reflect management's current views, are based on
certain assumptions and involve risks and uncertainties. Actual
results, events, or performance may differ materially from the
above forward-looking statements due to a number of important
factors, and will be dependent upon a variety of factors,
including, but not limited to, the continued growth of business as
planned including the fruition of new agreements in hand, existing
business staying intact, and our ability to obtain additional
financing that will allow us to continue our current and future
operations and whether demand for our products and services in
domestic and potential international markets will continue to
expand. The Company undertakes no obligation to publicly update
these forward-looking statements to reflect events or circumstances
that occur after the date hereof or to reflect any change in the
Company's expectations with regard to these forward-looking
statements or the occurrence of unanticipated events. Factors that
may impact the Company's success are more fully disclosed in the
Company's most recent public filings with the U.S. Securities and
Exchange Commission, including its annual report on Form 10-K for
the year ended , and its subsequent filings with the SEC.
DATASOURCE: Smart-Tek Automated Services, Inc. CONTACT: Brian Bonar
of Smart-Tek Solutions, Inc., +1-858-705-3713 Web Site:
http://www.smart-tekservices.com/
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