SOURCE: Seamless Technology

June 13, 2007 09:00 ET

Seamless Technology Reinforces Holding Company Strategy

Growth-Oriented Holding Company Strategy Is Reinforced by Additional Capabilities

MIAMI, FL--(Marketwire - June 13, 2007) - Seamless Technology Inc. (PINKSHEETS: SLSX) (www.seamlesstech.com) today announced the first of several planned management additions that will enable it to further implement its operational strategy of combining the capabilities of its subsidiaries and making strategic investments in order to create value for its clients and stockholders. The additions are designed to increase its capabilities as a diversified holding company and to support CEO Borys Rafalowicz's vision of combining innovative and complementary seamless technologies to drive growth and value.

As part of its continuing process to increase the holding company's management capabilities, Seamless announced that Professor Gerald Gold has joined the Company as Vice President and Chief Relationship Officer. He will be heading some of the most important projects for United Russian Technologies Inc., Florida, Seamless' newest subsidiary. Professor Gold, a former Wall Street economist, is known to many as "the grandfather of hedging," and is author of "Modern Commodity Futures Trading, 1972," "Modern Futures and Options Trading 1989" and various other books. Additionally Professor Gold has traveled the world lecturing corporate executives on how to offset business and investment risks. He maintained offices in London, Paris, Beirut and Hong Kong. He was instrumental in the creation of United Russian Technologies and providing a customer pipeline for its potential technology products and services.

Under the holding company strategy supported by this first addition, the Company will increase its capabilities to act as a conduit for spinning off domestic, as well as international technology companies. This strategy will initially focus on United Russian Technologies, which was formed as a joint venture with Evgeny Babayan, former head of the Innovation Directorate of the Russian Academy of Science, to provide intellectual property and services from leading Russian science and research laboratories to commercial markets in the Americas and Europe.

According to Rafalowicz the strategy and capabilities will, "enable the company to achieve synergistic and exponential growth in both U.S. and international markets by adding to its capabilities to grow and roll up companies with complementary current and emerging technologies. Our first opportunity in United Russian Technologies to create new technology-based companies is unique, and is evidence of our success in implementing the holding company strategy. This is because of the exclusive relationship and access to intellectual property and experts in the areas of energy, information technology, biotechnology and pharmaceuticals. Any new companies or acquisitions will be set-up as subsidiaries until the required revenue growth substantiates a spin off to the public markets."

The strategy will also enable the company to leverage each of its subsidiary's strengths to provide a suite of technology-based services for companies seeking to maximize their revenue growth utilizing their brand continuity through a seamless integration of bundled applications provided by a full-package business partner. Moreover, the company will aim to develop and deliver its own solutions by investing in next generation high-value business applications and services.

"Seamless' future success in the global marketplace will depend heavily on the abilities of our corporate management team to fully leverage the resources and product innovations of our existing subsidiaries, as well as research opportunities for new strategic investments, acquisitions, and mergers. Making Seamless an end-to-end technology provider with a unique bundling of global products and services under one roof, versus the ones offered through a widely fragmented technology service industry," said Jose B. Solorzano, Vice President of Sales and Marketing.

"The clarity of our corporate identity to operate as a diversified holding company, represents significant strategic changes that are taking place in our business model and represents new opportunities for our shareholders," concluded Rafalowicz. "I believe our strategy creates a unique balance of value, and optimizes the management group's talent and resources to enhance shareholder value."

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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

    Jose Solorzano
    VP Sales & Marketing/President
    MerchandiZer Software
    305-477-8177 ext 117