SOURCE: Ultitek, Ltd.

December 14, 2007 08:31 ET

Ultitek, Ltd. Announces Major Contract With Ukrainian "State Institute of Automation"

ENGLEWOOD CLIFFS, NJ--(Marketwire - December 14, 2007) - Ultitek, Ltd. (OTCBB: UITK) is pleased to announce that on December 12, 2007, Ultitek's Board of Directors approved signing of formal agreement with Ukrainian "State Institute of Automation" to provide airline control services for the country of Ukraine. Included in the services to be provided are Departure Control, Reservations, Airline Operations, Distribution and other modules. Passenger air traffic in and out of the Ukraine is growing at a good pace and "State Institute of Automation" wishes to take advantage of the latest leading edge technology that Ultitek provides. The contract is structured in such a way to bring maximum benefits to both parties.

"This contract is the culmination of the letter of intent we announced on July 16th, 2007. We are pleased the final negotiations took less time than the 180 days than we had anticipated. The contract should not be underestimated. The impact to our revenues and profits in 2008 will be dramatic. Providing we have all the necessary financing in place by the end of this year, in 2008, we expect revenues in excess of 15 million dollars and we expect significant profits on that total. The revenues to be generated by this contract will be even more dramatic in fiscal 2009. We expect gross revenues to exceed 70 million with profits increasing accordingly," said Roman Price CEO.

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: