SOURCE: Ultitek, Ltd.

February 27, 2008 07:00 ET

Ultitek Expects Further Revenue Increase With Completion of Electronic Ticketing (ET) Implementation for the Largest Airline in South Russia

ENGLEWOOD CLIFFS, NJ--(Marketwire - February 27, 2008) - Ultitek Ltd. (OTCBB: UITK) is pleased to announce that its wholly owned subsidiary, TAIS, has completed the final implementation of its E-ticketing module for the largest airline in South Russia, Kavminvodyavia Airlines (KV). Kavminvodyavia, or Federal State Unitary Aviation Enterprise is based in Mineralnye Vody. As a member of the International Air Transportation Association (IATA: Symbol KV), KV has a fleet of about twenty aircrafts and operates both domestic and international routes. The airline anticipates smooth passenger traffic flow.

"This contract should have a positive impact on our revenue flow. E-ticketing is currently the most widespread method of airline ticketing and is the future of the airline industry. We intend to provide that capability to all our customers in the near future," said Roman Price, Ultitek CEO.

About Ultitek Ltd.

Through its wholly owned subsidiary, 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