SOURCE: Ultitek Ltd.

May 16, 2007 08:31 ET

Ultitek Ltd. Announces 59% Gross Revenue Increase in 2006

ENGLEWOOD CLIFFS, NJ -- (MARKET WIRE) -- May 16, 2007 -- Ultitek Ltd. (OTCBB: UITK) is pleased to announce that the Company's audited revenues for the 2006 fiscal year were approximately $1.8 million, representing an increase of approximately fifty-nine percent (59%) from $1.1 million reported in 2005.

"We are excited about the progress Ultitek has achieved in 2006 and look forward to continued growth in 2007," commented Roman Price, Ultitek's CEO and Chairman.

The Company's audited financial statements are included in the Company's Annual Report on Form 10-KSB filed with the Securities and Exchange Commission and which is available free of charge through the SEC's website, www.sec.gov.

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.

PSLRA 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