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Ultitek Ltd. (OTCBB: UITK) is pleased to announce that on May 16, 2008 it filed its 10-Q for the first quarter of 2008 and the Company's revenues for that quarter were approximately $816,000, representing an increase of approximately thirty eight percent (38%) compared to $590,000 reported in the first quarter of fiscal 2007.
"A thirty eight per cent increase for the first quarter gives us a jump start for the year. We expect 2008 to be another record breaking year for Ultitek Ltd.," said Roman Price, CEO and Chairman.
The Company's audited financial statements are included in the Company's Annual Report on Form 10-Q filed with the Securities and Exchange Commission which is available free of charge through the SEC's website, www.sec.gov.
About Ultitek Ltd.
Through its wholly owned subsidiary, TAIS, Ultitek Ltd. has been a provider of Computerized Airline Reservations Systems software (CRS) since 1989. Today Ultitek Ltd. is the leader among reservations systems in the Russian Aviation market. In 2003, nine million passengers of 60 airlines were serviced by it, which consisted of more than 50% of the transport of passengers performed on domestic scheduled flights of carriers in Russia and the countries of the C.I.S.
PSLRA SAFE HARBOR
The information in this news release includes certain forward-looking statements as defined in the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995. The matters described in these forward-looking statements are based upon assumptions that are subject to significant known and unknown risks, uncertainties and other unpredictable factors, many of which are beyond Ultitek's control. Ultitek faces many risks that could cause its actual performance to differ materially from the results predicted by its forward-looking statements. Although Ultitek believes that the expectations reflected in forward-looking statements are reasonable, because of those risks, Ultitek's actual results, performance or achievements may differ materially from the results, performance or achievements contemplated by its forward-looking statements. Accordingly, it can give no assurance that the expectations of any of its forward-looking statements will prove to be correct. The information set forth in this news release represents management's current expectations and intentions. Ultitek assumes no responsibility to issue updates to the forward-looking matters discussed in this news release.
Contact:
Ernest J. Sabato
Ultitek Ltd.
560 Sylvan Avenue
Englewood Cliffs, New Jersey 07632
Telephone: 1-201-541-1700
or 1-888-ULTITEK
Fax: 1-201-541-1778
Email address: ejs@ultitek.com
http://www.ultitek.com
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