SOURCE: Seamless Technology

March 02, 2006 09:00 ET

Seamless Technology Appoints Jose B. Solorzano as Vice President and Director of Sales and Marketing

Sales and IT Executive to Lead Company's Sales and Marketing Activities

MIAMI, FL -- (MARKET WIRE) -- March 2, 2006 -- Seamless Technology Inc. (OTC: SLSX) (www.seamlesstech.com), a leader in the field of e-Learning and e-commerce, today announced the appointment of Jose B. Solorzano as the Company's Vice President and Director of Sales and Marketing. Reporting directly to the Company's' Chief Executive Officer and Chief Operating Officer, Solorzano will be responsible for overseeing all aspects of Seamless' sales and marketing activities, as the Company expands both domestically and internationally.

"Jose brings us an ideal mix of strategic and tactical sales, and marketing skills as well as a proven track record of building and managing highly effective national sales forces. We are delighted and proud to welcome him to Seamless' leadership team and fully expect him to play a meaningful role in our Company's future success," stated Borys Rafalowicz, Chief Executive Officer of Seamless.

Solorzano's resume features nearly 12 years of sales and IT operations and marketing experience both domestically and in international fronts, beginning his career at Coca Cola, Nicaragua followed by 5+ years at Ford Motor Company in the US, Europe and Mexico. He has held positions as an IT Operations Director for The Argus Group ($300 Million + in Revenues) and Business & Marketing Director for Aganorsa, a Food & Beverage Conglomerate in Central America, and a variety of successful marketing and business consulting engagements including Laboratorios SOLKA, a major pharmaceutical manufacturer in Central America and Miami Dade College.

Solorzano holds a bachelor's degree in Manufacturing Engineering from Miami University of Ohio and obtained an MBA from The University of Florida, with concentrations in Marketing, International Business Management, Decision Information Sciences, and an e-commerce certificate. He has developed numerous successful marketing campaigns, business models, marketing research, and company brand images.

"I'm excited to be a member of the Seamless team, and the opportunity to help position the company as a leading provider of business solutions," commented Jose Solorzano. "Seamless offers more than just products. We offer solutions that meet our customer's needs. Our near term focus will be on expanding our customer presence with the recent launch of the Company's new e-commerce revenue model and broadening our demand creation engagements."

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ABOUT SEAMLESS TECHNOLGY INC.:

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.com Inc. (www.pinneast.com), 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. (www.MerchandiZer.com), 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, without the revenue sharing contract revenues described in this press release, 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 $5,873,000 in 2007, with projected EBITDA of approximately $1,366,000 in 2006 and $2,100,000 in 2007.

Safe Harbor Disclosure:

This press release includes "forward-looking statements" within the meaning of the federal securities laws, commonly identified by such terms as "believes," "looking ahead," "anticipates," "estimates" and other terms with similar meaning. Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Important factors that could cause actual results to differ materially from the Company's projections and expectations are disclosed in the Company's filings with the Securities and Exchange Commission. All forward-looking statements in this press release are expressly qualified by such cautionary statements and by reference to the underlying assumptions.

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