Science & Technology
Science and Technology
Science and Technology
Mon, October 12, 2009 NewMarket Technology, Inc.: NewMarket Technology, Inc. Achieves Major Milestone and Unlocks Company's Potential to Grow From $1
DALLAS, TX--(Marketwire - October 12, 2009) - NewMarket Technology, Inc. (
"We had been limited in our ability to fully use all the Company's resources to grow the Company as a result of the contract that we ended last week," said Philip Verges, CEO of NewMarket. "Most of the Company's assets had been held as collateral as part of the agreement with the hedge fund. The Company's common stock was also encumbered as a security in the agreement. Now that the hedge fund relationship is terminated, NewMarket is in a substantially improved position to fully use the Company's resources to support aggressive growth. Also, the Company's common stock is now free of any appreciation resistance that may have resulted from the agreement with the hedge fund."
4th Quarter Outlook Webcast October 13th
Further details of the transaction are scheduled to be presented in an on-demand Webcast tomorrow. The Webcast, which will be posted to the corporate website, is scheduled to also provide a fourth quarter outlook and strategic update as well as an up-to-date review of the previously announced dividend plan. The presentation will further include a PPS potential overview based on Beacon Equity's research report on the Company with a price target of $1.42 released earlier today. The full report is available at [ http://www.beaconequity.com ].
Corporate Information and E-mail Updates
To sign up to receive email updates or to obtain more information on the Company, please visit [ www.newmarkettechnology.com ].
About NewMarket Technology, Inc. ([ www.newmarkettechnology.com ])
NewMarket is a reporting company with audited financial reports filed with the SEC. NewMarket provides systems integration, technology infrastructure services and emerging technology worldwide. NewMarket has a focus on providing technology and support services to rapidly growing economies where technology purchasing is on the rise. In addition to its base of operations in North America, NewMarket has operations today in the growing economies of China, Southeast Asia, Brazil and Northern Latin America. Last year the Company reported over $40 million in revenue from Asia and over $20 million in revenue from Latin America. Overall, NewMarket reported over $95 million in revenue for 2008.
Across the globe, NewMarket is a Microsoft and Oracle partner, distributes various computer hardware and peripherals from brand partners such as Dell, HP, IBM, Cisco, Sony, Epson, Canon and Sanyo and is also an authorized reseller of operating systems and various software from companies such as Red Hat, Sybase, IBM, BEA, Veritas and others. Additionally, the Company works with emerging technologies such as mobile computing, various security and wireless broadband technologies.
NewMarket's rapid growth since 2002 has placed the Company on the Deloitte Technology Fast 500 for 5 consecutive years. NewMarket was recognized as the third fastest growing technology company in the United States in 2006 and the number one fastest growing technology company in North Texas for two years in a row.
"SAFE HARBOR STATEMENT" UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This press release contains forward-looking statements that involve risks and uncertainties. The statements in this release are forward-looking statements that are made pursuant to safe harbor provision of the Private Securities Litigation Reform Act of 1995. Actual results, events and performance could vary materially from those contemplated by these forward-looking statements. These statements involve known and unknown risks and uncertainties, which may cause NewMarket's actual results in future periods to differ materially from results expressed or implied by forward-looking statements. These risks and uncertainties include, among other things, product demand and market competition. You should independently investigate and fully understand all risks before making investment decisions.
