SOURCE: Seamless Technology Inc.

June 06, 2007 09:00 ET

Seamless Technology Inc. Confirms That Chairman and CEO Borys Rafalowicz Continues to Purchase Company Shares in Open Market Transactions

MIAMI, FL--(Marketwire - June 6, 2007) - Seamless Technology Inc. (PINKSHEETS: SLSX) (www.seamlesstech.com), a technology holding company today confirmed that Borys Rafalowicz, Chairman and CEO, purchased 153,699 shares of Seamless Technology in the open market during the period January 1, 2007 through June 4, 2007. Prices for these shares ranged from $0.15 to $0.51. Rafalowicz has announced that he will continue to make purchases in the open market or through privately negotiated block transactions at prevailing market prices for his own account and the accounts of various trusts that he controls. The company further added that the purchases are in keeping with Rafalowiczs' previous purchases since the company's initial public status in November of 2005. Rafalowicz has purchased a total of 234,134 shares in the open market since November 2005 to date.

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ABOUT SEAMLESS TECHNOLOGY INC.:

Seamless Technology is a publicly traded holding company that focuses on the acquisition, development and operating of 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 soon, subject to completion of financing.

The first subsidiary owned by Seamless is Pinneast.com, Inc. (www.pinneast.com), an eleven-year-old e-Learning services provider which offers custom web-based learning and education, learning management systems, LMS hosting, off the shelf courses 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 Company has a present order backlog including contracts from the US-Army and was selected as part of a defense contractor team for the United States Army's Distributed Learning Education and Training Products (DLETP) program. The total contract is estimated at a total value of $483 million over the next five years. Other customers of Pinneast include Dow Chemical, Wachovia, Citigroup, First Data, California Courts, and GlaxoSmithKlein, among others.

The second subsidiary owned by Seamless is MerchandiZer Software, Inc. (www.merchandizer.com), a seven-year-old e-Commerce software company and service provider of end-to-end online storefront and shopping cart services for small to medium-sized companies that want to expand their marketing presence on the Internet sales channel. Over the years the Company's software has been awarded various industry recognition awards, and includes custom design features such as templates that enable web designers to customize sites, as well as an exclusive Internet marketing feature that allows the merchants/clients to optimize their entire catalog for search engines. The software has also been recently reengineered to be highly scalable and meet the demands of exponential growth. The Company primarily services small to medium businesses and its clients include brand name companies such as Dole Plantations, Total Discount Vitamins, Go-To Forms and Kids Customs.

The third subsidiary is United Russian Technologies, Inc. (URT), a U.S. joint venture company incorporated in Florida in 2006 and owned 50/50 by Seamless and URT (Russia), a private Russian company founded by Evgeny Babayan, former head of the Russian Academy of Science (RAS) Innovation Dept., to provide intellectual property and services from leading Russian science and research laboratories to commercial markets in the Americas and Europe.

FORWARD-LOOKING STATEMENTS:

Statements about the Company's future expectations, including future revenues, plans, estimates, projections 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.

Seamless Technology Inc.
3155 NW 82nd Avenue, Suite 200
Miami, Florida 33122
Phone: 305-477-8177
http://www.seamlesstech.com
http://www.pinneast.com
http://www.merchandizer.com

Contact Information

  • Contact:
    Investor Relations
    Borys Rafalowicz
    CEO
    305-477-8177 ext 103

    David Langle
    CFO
    954-494-1916