SOURCE: Ultitek Ltd.

July 16, 2007 08:31 ET

Ultitek and Ukrainian Civil Aviation Computer Center (UCA CC) Sign Letter of Intent

ENGLEWOOD CLIFFS, NJ--(Marketwire - July 16, 2007) - Ultitek Ltd. (OTCBB: UITK). Ultitek Ltd. is pleased to announce that on July 12, 2007 Ultitek's board of directors approved signing of the Letter Of Intent between Ukrainian Civil Aviation Computer Center (UCA CC) and Ultitek to enter into an agreement for licensing and operating a Computer Reservation System (CRS), Electronic Ticketing, Departure Control System (DCS) and other miscellaneous modules provided by Ultitek. When consummated, Ultitek will provide software, training, installation assistance, maintenance and modification to UCA CC, and UCA CC will operate such software system on a hardware platform selected by UCA CC. Payment to Ultitek will be provided by fees imposed on each international ticket segment. Both parties have agreed to enter into a formal agreement within the next 180 days.

"We have been working on this Letter of Intent for quite some time. We appreciate the confidence UCA CC has in our technical ability. Passenger traffic in the Ukraine has been growing rapidly and the software we will provide will allow for even greater growth. Subsequent to the official contract, the impact to our revenues and profit will be dramatic," said Roman Price, CEO of Ultitek.

About Ultitek Ltd.

Through its wholly owned subsidiary, Transport Automation Information Systems, a Russian company (TAIS), Ultitek Ltd. has been a provider of Computerized Airline Reservations Systems software (CRS) since 1989. Today Ultitek Ltd. is the leader among reservations systems in the Russian Aviation market. In 2003, nine million passengers of 60 airlines were serviced by it, which consisted of more than 50% of the transport of passengers performed on domestic scheduled flights of carriers in Russia and the countries of the C.I.S.

SAFE HARBOR: The information in this news release includes certain forward-looking statements as defined in the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995. The matters described in these forward-looking statements are based upon assumptions that are subject to significant known and unknown risks, uncertainties and other unpredictable factors, many of which are beyond Ultitek's control. Ultitek faces many risks that could cause its actual performance to differ materially from the results predicted by its forward-looking statements. Although Ultitek believes that the expectations reflected in forward-looking statements are reasonable, because of those risks, Ultitek's actual results, performance or achievements may differ materially from the results, performance or achievements contemplated by its forward-looking statements. Accordingly, it can give no assurance that the expectations of any of its forward-looking statements will prove to be correct. The information set forth in this news release represents management's current expectations and intentions. Ultitek assumes no responsibility to issue updates to the forward-looking matters discussed in this news release.

Contact Information

  • Contact:

    Ernest J. Sabato
    Ultitek Ltd.
    560 Sylvan Avenue
    Englewood Cliffs, New Jersey 07632
    Telephone: 1-201-541-1700 or 1-888-ULTITEK
    Fax: 1-201-541-1778
    Email address: ejs@ultitek.com
    http://www.ultitek.com