Smart-Tek Predicts Gross Billings to Exceed $130 Million in Calendar 2010
March 08 2010 - 9:00AM
PR Newswire (US)
NEWPORT BEACH, Calif., March 8 /PRNewswire/ -- Smart-Tek Automated
Services, Inc., a wholly owned subsidiary of Smart-Tek Solutions,
Inc. (OTC Bulletin Board : STTN), said today that it is poised to
report projected gross billings of $130 million for calendar year
2010, with gross reportable revenue (in compliance with GAP) in
excess of $18 million, subject to any adverse market changes.
Smart-Tek Automated Services, Inc. (Smart-Tek) recently entered the
PEO industry, enabling its clients to cost effectively outsource
the management of human resources, employee benefits, payroll and
workers' compensation. Smart-Tek Automated Services, Inc. CEO Brian
Bonar projects anticipated gross billings exceeding $130 million
($18 million reportable gross revenues). The projections, he said,
are based on current signed contracts and anticipated growth
expected in the marketplace. While Smart-Tek Automated Services,
Inc. only recently entered the PEO industry, it has recruited a
management team with extensive experience in this area. The
management team, lead by industry veteran Brian Bonar, is confidant
that the billing and revenue targets are achievable, absent
unforeseen market conditions beyond the company's control. PEOs
provide businesses with personnel management solutions, access to
comprehensive benefits, and general relief from the burden of
employment administration. More and more businesses are contracting
with PEOs like Smart-Tek to assume the responsibilities of and
provide expertise in human resources management. This allows the
client to concentrate on the revenue-producing side of its
operations. "Smart-Tek plans to increase its business by offering
enhanced benefits to its client employee base," Bonar said. "We
have immediate plans for such offerings as financial and health
plans." Bonar encouraged clients to visit the website
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 Automated Services, Inc.,+1-858-705-3713 Web Site:
http://www.smart-tekservices.com/
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