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Seamless Technology Inc. Announces Its e-Learning Subsidiary on Team Selected for $483 Million Army Contract
8 January 2006 Seamless Technology Inc. (OTC: SLSX)
(www.seamlesstech.com), today announced its subsidiary Pinneast.com, Inc.
(www.pinneast.com) has been selected as part of a defense contractor team
for the United States Army's Distributed Learning Education and Training
Products (DLETP) program. The award was announced by Karta Technologies,
Inc. (Karta), the largest privately-held defense contractor headquartered
in San Antonio, TX. Karta will serve in the position of prime contractor
for the team and the contract, which is estimated at $483 million over the
next five years.
The DLETP program is part of the Army's continuous effort to maintain
high-quality training for all of its troops to meet the constantly changing
needs of the Army and the Nation while at war. As part of the Karta team,
Pinneast will provide distance learning products and services in support of
the troops whenever and wherever training is needed. The Company has
participated in similar contracts with the Army in the past, generating
nearly $3 million in revenues, and in 2005 alone gained nearly $1.3m in new
delivery orders.
According to Pinneast's President, Brian Popken, a retired Army officer,
"Pinneast is honored to have the opportunity to be a part of the DLETP
program. "It's both exciting and a privilege to be able to work with Karta
and the Army teams. Our past experience on Army contracts of this type
dates from 1997 and includes developing hundreds of hours of custom
training and distance learning. We were also offered and have accepted a
position on our team's contract steering committee and look forward to
applying our experience in developing high quality training for our
soldiers."
"Training is a key ingredient of combat readiness," said retired Army Maj.
Gen. and Karta COO Ken Guest, "Karta put together a great team for the
DLETP program and winning this gives us a great opportunity. An important
part of this is the chance to support our Nation and its great soldiers."
Other members of the experienced and innovative team are strategic
partners, CACI, SRA, and IBM, each of which has industry-leading experience
in distance learning and information technology best practices. Other
members who will contribute their unique skills include Allen Interactions,
Carney, Coastal, CollabWorx, Eagle Systems, FC Business Systems,
Information Experts, Ngrain, SIMmersion, SumTotal, The Logistics Company,
Thomson NETg, and Visual Purple.
ABOUT SEAMLESS TECHNOLGY 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 the first quarter of 2006.
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 recognized gross revenues in 2005 of approximately
$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. The
Company's clients number 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 recognized 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 acquisitions and other substantial projects under negotiation,
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.
Contact:
Seamless Technology Inc., Miami
Thomas Capital
954-429-8789
SOURCE: Seamless Technology
Source: marketwire
All trademarks and copyrighted information contained herein are the property of their respective owners.
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