Cetek Issues Quarterly Update
POUGHKEEPSIE, N.Y., Apr 30, 2004 (BUSINESS WIRE) -- Cetek Technologies, Inc. (Pink Sheets:CTKH) has issued the following communication today, as follows:
April 30, 2004
To Cetek Shareholders:
We take this opportunity to briefly report on our status of operations, as is customary, having completed the first quarter of 2004.
Sales revenues continue to grow, with this most recent quarter being our strongest yet in production and shipment of our proprietary ceramic substrate product. In particular, the 12 inch substrate material is selling very briskly. Additional production capacity will become available shortly, so as to get positioned ahead of the current, and expected future, significant growth in sales.
Specifically, for the three month period, we realized a 116% increase in revenues compared to the previous quarter. And, this was our second profitable quarter in a row.
We look forward towards beefing up our national sales and marketing efforts, and expect to have additional sales personnel hired and trained by this summer.
The development of the company's official website is nearing completion, and we anticipate the site's launch shortly. A separate press release will be issued on this subject, once we have the website up and operational.
From the Company's inception, management has focused consistently on building a company with solid foundations and with state of the art ceramic materials. Years of formulating, testing and proto-typing have taken us far -- and we are now beginning production and distribution of Cetek's proprietary ceramic materials onto a world market.
Cetek Technologies is moving forcefully forward on its growth prospects for 2004 and beyond. One extremely promising area is in CNT (Carbon Nanotube) technology. Cetek shareholders may recall referencing CNT opportunities in the past. It might be helpful to define this technology: Carbon nanotubes are arrangements of carbon atoms that are formed into tiny tubes with diameters at the scale of a millionth of a millimeter. Initially discovered by a Japanese scientist in 1991, various carbon nanotubes can now be produced and dissimilar carbon nanotubes may be joined together allowing them to form molecular wires with interesting electrical, magnetic, optical and mechanical properties. CNTs are tubes of carbon atoms less than a nanometer -- one billionth of a meter -- in diameter, possessing a combination of unique properties that make them highly programmable for a variety of purposes, including electron emitters for flat panel displays, a most important area of interest for Cetek.
Dubbed "nano emissive display" (NED), the technology enables manufacturers to design large flat panel displays that exceed the image quality characteristics of plasma and LCD screens at a much lower cost.
In the commercial arena, the NED approach to displays could enable low cost, flat panel wall-mounted television, greater than 50" diagonal, and just one inch deep to become a reality in the not too distant future.
Ultimately, the technology could be used for much larger displays, such as those used in billboard advertising or sporting events.
Regarding our corporate capitalization, as many shareholders are aware, the Board of Directors has authorized management to purchase back, and cancel, up to 500 million of the Company's common shares. The initiative began in the 4th quarter of 2003, and is ongoing. As stated previously, we will not be reporting on specifics of this activity until it is concluded, and no specific timeline to complete the buyback has been established. We must continue to balance the ongoing capital needs of the company against the desire to reduce the number of shares outstanding, and appreciate your understanding and patience in this regard.
In addition, we are making plans to position the Company so that its common stock can be advanced up from the pink sheet market where it currently trades. In that such a move involves both having certain financial and audit requirements met, and in obtaining SEC approval, no timetable for this objective can be made by management at this point in time.
In closing, I thank all shareholders for their continuous support, and we will endeavor to keep all shareholders informed of our efforts in developing Cetek into a significant player in its industry, as we strive to build shareholder value.
Respectfully submitted,
Fayiz Hilal
CEO and President
CETEK TECHNOLOGIES, INC. 19 Commerce St. Poughkeepsie NY 12603
NOTE: This shareholder update contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. As such, these statements are not guarantees of future performance and involve significant risks and uncertainties. Actual results may vary materially from those in the forward-looking statements as a result of the effectiveness of management's strategies and decisions, general economic and business conditions, new or modified statutory or regulatory requirements, changing price and market conditions, etc.
SOURCE: Cetek Technologies, Inc.
