SOURCE: SureQuest Systems, Inc.

April 07, 2005 11:22 ET

SureQuest Achieves Significant Improvement in 2004 Operations and Q4 Net Income

Files to Deregister With the SEC

DALLAS, TX -- (MARKET WIRE) -- April 7, 2005 -- SureQuest Systems, Inc. (OTC: SUQU), a leading provider of dietary software solutions for the healthcare industry, announced that it achieved significant improvements in operations during 2004, as well as reporting net income in the fourth quarter of 2004.

The Company announced that on an unaudited basis, the Company's revenues for the twelve month period ended December 31, 2004 were $1,445,852 as compared to $1,347,957 for the same period in 2003, an increase of $97,895. Also, the Company's net loss for the twelve month period ended December 31, 2004 was $174,387 as compared to a net loss of $790,481 for the same period in 2003, a net loss decrease during 2004 of $616,094. The Company's EBITDA for the twelve month period ended December 31, 2004 was a negative $11,280 as opposed to a negative EBITDA of $571,936 during the same period in 2003, an improvement in operations of $560,656.

For the three month period ended December 31, 2004, the Company's unaudited revenues were $425,085 as compared to unaudited revenues of $292,370 for the comparable three month period in 2003 and the Company had an unaudited net income of $28,518 as compared to a net loss of $115,509 for same three month period in 2003.

The Company also announced that it filed Form 15 on March 31, 2005 with the Securities and Exchange Commission ("SEC"). The Form 15 filing is notification to the SEC that SureQuest meets the eligibility requirements to deregister and is electing to deregister its securities under the 1934 Act. Effective March 31, 2005 and for a period of 90 days, the Company is now suspended from filing periodic reports with the SEC. The stock is now trading on the "Pink Sheets" under the symbol SUQU.

The SureQuest Board of Directors approved the delisting action as in the best interest of the Company and its shareholders because of the significant financial burden to the Company to meet its periodic filing requirements with the SEC. The Board believes that these financial resources are best applied to the development of the Company's business.

The Company will continue to announce annual and periodic unaudited financial statements and will inform the public of important developments as they occur through press releases that will also be posted on the Company's website at www.surequest.com.

The SEC may, during the initial 90 day period after the date of filing of the Form 15, reject the Form 15 filing and require the Company to meet all of its reporting obligations, including those retroactive reports not filed during the initial 90 day period. Following this initial 90 day period and assuming the SEC does not reject the Form 15 filing, the Company will continue to be a non-reporting Company until such time as the Company again meets the requirements to file periodic reports with the SEC.

"We are particularly pleased with our operating performance in 2004 and the significant reduction in the operating loss from that which was incurred in 2003," commented C. Scott Sykes, Jr., Chairman and President. "The profitability in the fourth quarter of last year is a very positive way to begin 2005, and we estimate SureQuest's business will continue to grow in 2005."

"With respect to the filing to deregister with the SEC, the Board has given this issue careful consideration during the past year. After reviewing all the options, the Board believes that this is the best decision for the Company and its shareholders. It will allow us to apply resources to business growth as opposed to paying auditors and other consultants with respect to SEC filings," emphasized Mr. Sykes. "The Company expects to continue to grow its business and we will be diligent in disseminating financial and other business related developments to keep the investing public informed."

About SureQuest Systems

SureQuest Systems, Inc., www.surequest.com, founded in 1984, provides dietary software solutions and menu management services to a variety of institutional food service clients in North America. Today, SureQuest leads the health care and food service industry as a total dietary solutions provider, offering a suite of Windows® software products, menu services and other dietary management solutions. SureQuest products and services enhance efficiencies, productivity and profitability while dramatically increasing levels of dietary care. The Company's dietary solutions are currently being used by over 1,000 healthcare organizations in the United States and Canada.

Safe Harbor

Certain statements made herein that are not historical are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995 and may contain forward-looking statements, with words such as "anticipate," "believe," "estimate," "future," "may," "will," "should," "plan," "projected," "intend," and similar expressions to identify forward-looking statements. These statements are based on the Company's beliefs and the assumptions it made using information currently available to it. Because these statements reflect the Company's current views concerning future events, these statements involve risks, uncertainties and assumptions. The actual results could differ materially from the results discussed in the forward-looking statements. In any event, undue reliance should not be placed on any forward-looking statements, which apply only as of the date of this press release.

Contact Information

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    FOCUS Partners LLC
    Harvey Goralnick/Alison Hart
    212-752-9445