Business Editors/High-Tech Writers
ROCKVILLE, Md.--(BUSINESS WIRE)--April 20, 2004
WorldTeq Group International Inc. (OTC BB:WTEQ), a full-service solutions provider of Affinity Services including Long Distance, Toll Free services, Hosting services and Financial services announced today the 2003 year ending results for the company. The company realized $820,933 in revenues with a loss of $298,418 or less than .01. Both results were slightly ahead of previously predicted and publicly stated levels of $710,000 and a loss of .01. The company is on target to hit its 2004 revenue and earnings goals and may need to revise these forecasts upward based on the launch of its new Spanish Internet Portal, mundoteq.com, and increased sales in current products. Currently the company anticipates revenues to increase to $1.2-$1.5 in 2004 and earnings to increase to a profit of .01-.02.
Major milestones occurring in 2003 include:
-- Sold subsidiary of the company
-- Reduced long term debt by $600,000
-- Reduced annual overhead expenses by $300,000
-- Launched MonEcard product and signed first contracts
-- Discontinued unprofitable business segments
-- Enhanced end-user website to include digital signatures for
online ordering
-- Launched a new enhanced billing system
-- Reorganized management to concentrate on efficiencies and
sales growth
Many of these changes occurred during the second half of the year and will have a more beneficial impact in 2004. The company will have a conference call at 4:15PM EST on Tuesday, April 20th to discuss these results. To access the conference, please dial (800) 747-5150. The call will be listen only. Any questions or items to be discussed should be directed to the company at least two hours in advance of the call to ensure that they will be answered.
For complete company financials please visit www.sec.gov or www.freeedgar.com.
About WorldTeq Group International
WorldTeq Group International offers a wide range of telecommunications, merchandising and financial services with related products via independent agents, associations, sales organizations and affiliate marketing.
For more information visit the company's Web Site at http://www.worldteqgroup.com.
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements.
Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by WorldTeq) contains statements that are forward-looking, such as statements relating to consummation of the transaction, anticipated future revenues of the companies and success of current product offerings.
Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ materially from those expressed in any forward-looking statements made by or on behalf of WorldTeq Group International.
COPYRIGHT 2004 Business Wire
COPYRIGHT 2004 Gale Group
