ROLLING MEADOWS, Ill.,
Aug. 18, 2011 /PRNewswire/ --
Quadrant 4 Systems Corporation (Quadrant) (OTCBB: QFOR) today
announced its financial and operational results for the second
quarter of 2011.
Second Quarter Operational and Financial Highlights:
- The Company's ticker change went effective from ZLON to QFOR;
the ticker change better reflects the Company's new name that was
changed in April 2011
- Quadrant 4 announced the launch of a set of new initiatives for
Cloud Computing, Data Management and Managed Services for the
financial, health care, and retail verticals; these new initiatives
will provide Quadrant 4's global customers with a cost-effective
model for securing, transporting and distribution of data and
streamlining applications within a Web-hosted environment
- The Company announced it has successfully merged its consulting
entities, VSG Acquisition Corporation, RM Acquisition Corporation
and ISS Acquisition Corporation, which were acquired in 2010
- The Company closed the second phase of its working capital
financing arrangement with Porter Capital Corporation ("Porter
Capital") and has received additional capital in the amount of
$3.5 million from Porter Capital
Revenues for the three months ended June
30, 2011 totaled $8,567,333
compared to $4,324,814 of revenue
during the comparable period in 2010. The increase in
revenues of $4,242,519 was due to the
Company's acquisition of three entities in 2010 and one in 2011.
Revenues were comprised of service-related sales of software
programming, consulting and development services.
Revenues for the six months ended June
30, 2011 totaled $14,002,326
compared to $4,336,539 of revenue
during the comparable period in 2010. The increase in
revenues of $9,665,787 was due to the
Company's acquisition of three entities in 2010 and one in
2011. Revenues were comprised of service-related sales
of software programming, consulting and development services.
Dhru Desai, Chairman of the Board
for Quadrant 4, stated, "The period ending June 30, 2011 marks the 5th consecutive quarter
of positive EBITDA results and revenue growth since the Company
embraced its new business plan in 2010. We are very pleased
with both the operating results this past quarter and the
initiatives we have launched to deploy the Cloud Based solutions
and the delivery model. All of our acquisitions are fully
integrated and we are looking forward to a continued trend of
growth for the Company."
Dr. Nandu Thondavadi, CEO of Quadrant 4 Systems, said, "Quadrant
4's solutions division is making significant progress in renewing
the strategic relationships with its fortune 500 clients as the
Company's delivery capability is soaring. The Company is
continuing to examine carefully its acquisition targets and further
enhance the solutions platform to penetrate its vertical market
strategy of delivering industry specific solutions."
To view the Company's current Form 10-Q, please visit
www.sec.gov or click on the following
link:http://sec.gov/Archives/edgar/data/878802/000118518511001383/quadrant4-10q063011.htm
About Quadrant 4 Systems Corporation
Quadrant 4 Systems Corporation delivers end-to-end information
technology solutions to its clients through a unique blend of
consulting, software development & maintenance, cloud based
products and technology from its global delivery centers. The
company currently focuses on Financial Services, Health Care,
Retail, Manufacturing and Telecommunication sectors with a broad
spectrum of services and technology practices that include ERP,
SCM, CRM, e-Commerce, m-Commerce, SFA, Microsoft, Java and Legacy
platforms, BI/DW, testing, platform migration, web technologies and
others. The company plans to enter the IT enabled and managed
services sector and cloud based services through business
acquisitions and/or combination opportunities in the near future to
further execute its articulated business strategy.
Forward-Looking Statements
This release contains forward-looking statements which are
subject to the inherent uncertainties in predicting future results
and conditions. Any statements that are not statements of
historical fact (including statements containing the words
"believes," "plans," "anticipate," "expects," "estimates," and
similar expressions) should be considered to be forward-looking
statements, within the meaning of Section 27A of the Securities Act
of 1933, and Section 21E of the Exchange Act of 1934, as each is
amended, for which the Private Securities Litigation Reform Act of
1995 provides a safe harbor. Certain factors (including but not
limited to those risk factors identified from time to time in our
filings with the Securities and Exchange Commission as well as
changes in economic conditions; outcome of negotiations; changes in
the Company's access to necessary capital; outcome of litigation;
volatility of capital markets; variability and timing of business
opportunities; changes in accounting policies and practices; the
effects of internal organizational changes; adverse state and
federal regulation and legislation; and the occurrence of
extraordinary or catastrophic events and terrorist acts; or other
unforeseen changes in circumstances) could cause actual results and
conditions to differ materially from those projected in such
forward-looking statements. We do not undertake any obligation to
release publicly revised or updated forward-looking information,
and such information included in this release is based on
information currently available and may not be reliable after this
date.
Investor Contact:
DC Consulting, LLC
(407)792-3332
investorinfo@dcconsultingllc.com
SOURCE Quadrant 4 Systems Corporation