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Q COMM CONTINUES TO GAIN MARKET SHARE - Third Quarter Sales Hit $5,531,640
(Orem, UT) – November 2, 2001 – Q Comm International, Inc. (OTC BB: QCCM), a prepaid wireless technology and information services company, announced today that its sales in third quarter of this year amounted to $5,531,640 (neither audited nor reviewed), representing an increase of more than 1,100 percent over last years third quarter sales of $458,352. Q Comms total sales through the first three quarters of this year amount to $11,271,480, compared to $908,323 for the same period last year.
(Orem, UT) – November 2, 2001 – Q Comm International, Inc. (OTC BB: QCCM), a prepaid wireless technology and information services company, announced today that its sales in third quarter of this year amounted to $5,531,640 (neither audited nor reviewed), representing an increase of more than 1,100 percent over last years third quarter sales of $458,352. Q Comms total sales through the first three quarters of this year amount to $11,271,480, compared to $908,323 for the same period last year.
We are very pleased with our continued sales growth," said Paul Hickey, Chief Executive Officer of Q Comm International. We are building all facets of our business in order to continue our growth. Based on third-quarter sales, we have an annual run rate in excess of $22 million. We feel very fortunate to be one of the few companies thriving in this difficult economy.
One of the many reasons that our sales continue to climb is the repeat nature of our business. Once we install Qxpress terminals in retail locations, our partner merchants generally continue selling through them from one month to the next. And because of the growing popularity of prepaid wireless and other products, merchants customer bases and sales volumes should increase over time, resulting in increased sales for Q Comm.
Also contributing to sales growth is the fact that we continue to build our retail network by adding record numbers of new merchants.
We are also happy to report an addition to our management team. Michael Openshaw has joined us as Chief Financial Officer. He brings us valuable work experience in the area of finance to help pave the way to continued growth and success. His expertise in finance, planning, budgeting and other areas further strengthens our management team and increases our abilities to execute expansion plans."
Michael Openshaws experience includes six years with the University of Utah Hospitals and Clinics and ten years with Deloitte & Touche, a Big Five" accounting and consulting firm. While with the University of Utah Hospital (1994 – 2001), Mr. Openshaw worked as Controller, Administrative Director and finally as Chief Financial Officer where he managed the entire financial division consisting of six directors and more than 250 finance-related employees. During his work there he spearheaded strategic business and financial planning, reduced accounts receivable by $30 million (over 30%) in one year, and orchestrated the budgets of more than 200 departments. While at Deloitte & Touche (1984 – 1994), Mr. Openshaw worked as Senior Accountant and then as Senior Manager where he managed the audit and consulting services for numerous large and complex organizations including banks, finance companies, government entities, and others. He consulted these organizations in multiple areas including mergers and acquisitions, SEC filings, and improvement strategies. Mr. Openshaw is a Certified Public Accountant who earned a Bachelor of Arts in Accounting at the University of Utah.
ABOUT Q COMM INTERNATIONAL:
Q Comm International, Inc. (OTCBB: QCCM) is a leading prepaid wireless technology and information services company. Under its Qxpress brand, Q Comm produces hardware and software systems that enable prepaid wireless and other carriers to electronically deliver their products and services to retail points of sale. Q Comm offers turnkey point-of-sale solutions by bundling its hardware and software with data center management, systems integration, and consulting services. Q Comm solutions are scalable and enable retailers to sell multiple products from multiple carriers. This scalability enables Q Comm and its partner retailers, agents, and carriers to quickly grow sales at relatively little additional overhead, increasing profitability among all parties. Q Comms products also reduce or eliminate inventory costs, out-of-stocks, and theft, while providing premier reporting and inventory management for all parties in the distribution chain. For its industry innovation and leadership, Q Comm has been selected as one of the Top 10 Companies to Watch" by Intele-Card News, the leading prepaid telecom publication in the United States.
This press release contains forward-looking statements. The words estimate", possible" and seeking" and similar expressions identify forward-looking statements, which speak only as to the date the statement was made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted, or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, the effect of government regulation, competition and other material risks.
For additional information contact: Q Comm International, Inc., Tel (800) 626-9941, ext. 3301, Fax (801) 222-9555, paul@qcomm.com or Kirk Fischer, president, Microcap Financial Services, (801) 763-5731, kirk@microcapcentral.com.
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