SOURCE: Seamless Technology

January 30, 2006 09:36 ET

Seamless Technology Adds Seasoned CFO/COO to Its Management Team

MIAMI, FL -- (MARKET WIRE) -- January 30, 2006 -- Seamless Technology Inc. (OTC: SLSX) ( today announced today that David C. Langle has joined the company as Chief Financial Officer and Chief Operating Officer of the holding company.

Borys Rafalowicz, Seamless Technology CEO, said, "A proven, seasoned senior executive, Mr. Langle is a CPA with a broadly diversified background, which includes over twenty-five years of experience in public and private accounting, top management positions and directorships with major companies, primarily in public organizations. As Seamless, and its two subsidiaries, Pinneast and MerchandiZer continue their rapid expansion; we felt that it was time to expand our senior management group to handle the financial aspects of our growth.

"His CFO experience with several NASDAQ companies in high growth areas is especially relevant. Mr. Langle has completed multiple successful public and private capital offerings aggregating over $100 million in transactional value and gained significant experience with mergers, acquisitions, divestitures and debt restructuring in the U.S. and in international markets.

"In addition, we believe his demonstrated COO and senior management leadership skills and abilities will help us attract similarly talented senior managers, as we implement our aggressive expansion program which includes substantial internal growth and synergic acquisitions."


Seamless Technology is a public holding company for Internet-based technology companies. It presently owns two established technology companies with excellent industry name recognition and reputations. The Company has located other synergistic businesses that it intends to acquire prior to the end of 2006.

The first subsidiary owned by Seamless is Pinneast Inc. (, an eleven-year-old e-Learning services provider, which is one of the only e-Learning companies that survived the shakeout caused by the bursting of the Internet bubble, because of its large government and Fortune 500 clients. The Company recognized gross revenues in 2005 of a minimum of $1.1 million with an EBITDA of approximately $300,000. The Company's projected revenues should increase to a minimum of $2.265 million in 2006 and $3.3 million in 2007, with projected EBITDA of $823,000 in 2006, and $1.347,402 in 2007. The Company has achieved a sustainable level of profitability due to the multi-year contracts that it has with its clients. Furthermore, the Company has a present order backlog exceeding $1.3m, including 2 contracts from the US Army. Other customers of Pinneast include Dow Chemical, Wachovia, Volvo Trucks, Delta Airlines and Johnson and Johnson, among others. The Company offers web-based course management, learning management systems, LMS hosting and e-Learning technical support. Unlike its competitors, who offer a product that is one size fits all, Pinneast is capable of designing e-Learning products that are tailored to the specific needs of each client.

The second subsidiary is MerchandiZer Software Inc. (, which is a seven-year-old eCommerce software company and service provider that provides end-to-end online services for small to medium-sized companies that want to expand their marketing to the Internet sales channel. The Company's clients number approximately 3,000, with such well-known names as Dole Plantations, Total Discount Vitamins, Go-To Forms and Kids Customs. The Company's software has been awarded the PC Magazine's Editor's Choice Award as tops in its field. The key feature of the software is that it allows users to add customized design features, as opposed to most of its competitors that require that the merchant/client have a store that looks like all other stores utilizing the same software. MerchandiZer keeps its software up-to-date with the latest advances in Internet marketing, and its eCommerce software has an exclusive Internet marketing feature built into its software that allows the merchants/clients to optimize their entire catalog and categories for search engines, and achieve very high ranking, including the first and second pages in the search engines, such as Google and Yahoo! MerchandiZer also provides a wide range of templates that enable web designers to customize sites. This allows merchants/clients, without design flair, to build a respectable looking eCommerce site by simply picking pre-packaged design themes, and then choosing from the 30 built-in templates designed to suit every catalog layout requirement. The Company also aids its clients with web promotion and online marketing services, including Search Engine Optimization that increases the presence of the site on the web, and thereby attracts more customers to the client's site. The Company recognized gross revenues in 2005 of approximately $200,000 with an EBITDA of $50,000. The Company is projecting gross revenues in 2006 of $1,800,000 increasing to gross revenues of $2,572,000 in 2007, with a projected EBITDA of $723,385 in 2006 and $1,470,000 in 2007.

Seamless has consolidated gross assets of over $4,400,000 and net shareholders equity of $3,100,000. The Company's consolidated revenues have increased from $388,000 in 2004, and a loss of ($451,000) to 2005 gross revenues of $1,300,000 and an EBITDA of $350,000. The Company, without considering acquisitions and other substantial projects under negotiation, is projected to increase gross revenues to $4,065,000 in 2006 and $4,873,000 in 2007, with projected EBITDA of approximately $1,366,000 in 2006 and 2,500,000 in 2007.


Statements about the Company's future expectations, including future revenues and earnings, and all other statements in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as the term is defined in the Private Litigation Reform Act of 1995. The Company's actual results could differ materially from expected results. The Company undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances. Should events occur which materially affect any comments made within this press release; the Company will appropriately inform the public.

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