Deer
Park, N.Y., Monday, August 13, 2001 - QuesTec,
Inc. (OTCBB Stock Symbol: QSTI) announced
today that it would report a significant
increase in revenues for the Company’s
fiscal year ended June 30, 2001, as well as
for its upcoming first quarter.
Management
forecasts that the Company will report
revenues in excess of $700,000 for the fiscal
year ended June 30, 2001, a 130% increase over
the Company’s fiscal year ended June 30,
2000. In addition to its fiscal year end
forecast, QuesTec management also reported
that revenues for first quarter, September 30,
2001 would meet or exceed revenues reported
for fiscal year ended June 30, 2001. This
increase was attributed to advertising
revenues generated by the Company’s
PitchTrax virtual replay technology provided
exclusively to FOX Sports Net, and the Company’s
recently announced 5-year contract with Major
League Baseball to develop, install and
operate their Umpire Information System.
"Since
we reported our re-organization last February,
we have been able to exploit the strength and
experience of our new management team. Our
recent efforts and contracts clearly validate
the marketability of QuesTec’s technology,
" said Steven B. Greenfield, Esq.,
Chairman of the Board for QuesTec. "Since
February, we have signed contracts with a
minimum of $1.7 million in revenue, with
options that could increase the value to $5.0
million. In addition, we have now established
"PitchTrax" as a viable, stand-alone
advertising medium." Mr. Greenfield
further stated that, "We are extremely
excited to announce that the state of the
Company is very strong. We have increased
revenues by 130%, significantly reduced
company debt, and implemented programs to
improve operating efficiency, which have
reduced operating expenses. The result is that
the Company is financially sound and poised
for continued growth and success. By
maintaining our now proven business model and
principles to an ever growing number of
applications and opportunities, management
expects to sustain its financial growth,
creating a profitable and successful company
unparalleled in its industry. Management
expects to now be able to capitalize on the
growing recognition of the Company's products,
through the public dissemination of the
growing positive financial condition of the
Company. As a group, we have managed to define
and execute our previously announced goals and
objectives for the Company. This is an
opportune time for QuesTec, and we will
continue to explore every avenue to achieve
success."
QuesTec’s
products use a series of cameras, computers
and proprietary software technology to track
moving objects (such as balls or players) and
instantly reconstruct digital 3D images which
can be replayed in real-time, viewed from any
angle, compared and analyzed. QuesTec’s
unique digital video content has been
broadcast and used for analysis during
coverage of such high-profile sporting events
as the World Series, the Major League Baseball
All-Star Game, the French Open, the ATP World
Championships and World Cup Golf. The Company’s
PitchTrax product is currently licensed
exclusively to the FOX Channels Group as
"in-game enhancement" during live
television broadcasts of Major League Baseball
games. PitchTrax appears as a sponsored
feature during FOX Sports Net productions.
QuesTec,
a fully reporting public company, is a
content-oriented company that provides
real-time measurement, replay and analysis
products for sports, entertainment and digital
media. The Company develops real-time virtual
replays and eSports technology for mainstream
professional sports. QuesTec's technology
offers unique content to the convergence of
today's emerging digital media.
Press
releases and other QuesTec information are
available on the QuesTec web site
www.questec.com.
For more information about QuesTec, Inc.,
contact Ron Klimkowski at (631) 243-1880 or
email ikit@questec.com.
``Safe
Harbor'' Statement under the Private
Securities Litigation Reform Act of 1995. The
statements contained in this release which are
not historical facts, including our outlook on
the future performance of our core businesses
and our growth strategies, are forward-looking
statements that are subject to risks and
uncertainties that could cause actual results
to differ materially from those set forth in
or implied by forward-looking statements.
These risks and uncertainties include the
Company's entry into new commercial markets;
dependence on existing markets and other risks
described in the Company's Securities and
Exchange Commission filings.