Well, since nobody else decided to post the news, I guess I will.
ARLINGTON, Va., March 12 /PRNewswire/ -- On-Site Sourcing, Inc. (Nasdaq: ONSS - news) today announced that it has received written commitments from
several Southeastern U.S. law firms for information technology conversion, training and outsourcing services. In the aggregate, these commitments represent more
than $1 million of revenues. The Information Technology Group, celebrating its first anniversary with the Company this month, is expected to earn a profit in the
second quarter of 1999. In addition, On-Site has taken significant cost-cutting measures, which are expected to enhance the profitability of the Technology Division.
Executive Vice President Lance Waagner commented, ''Our team is excited and thrilled to begin this new chapter. We are well established to build on our
reputation as a pre-eminent legal technology company, and 1999 should be a great year.''
The Company also announced the receipt of two major contracts in its Imaging Division which will be performed in the first quarter of 1999, representing more than
$225,000 in revenue. These contracts will assist the Imaging Division to achieve its first profitable quarter. In February, On- Site consolidated its Atlanta imaging
operations into its Arlington, Virginia headquarters. Annual savings from this consolidation are expected to be more than $300,000.
Christopher J. Weiler, President, stated, ''The continued improvement in revenues from the Information Technology Group and the Imaging Division will be of great
value to the Company, as these divisions lost more than $375,000, or 8 cents per share, in the fourth quarter of 1998.''
On-Site Sourcing provides facilities management, information technology, digital imaging, document management and litigation reprographics services throughout the
East Coast. On-Site's clients include law firms, corporations, non-profit organizations, accounting firms, financial institutions and other organizations. On-Site
currently operates in the New York City, Washington, D.C., Atlanta, Philadelphia and Baltimore markets.
This press release includes ''forward-looking statements,'' within the meaning of the federal securities laws, that involve uncertainties and risks. These include
statements regarding events or developments that the Company expects or anticipates will occur in the future, such as statements about the Company's strategies to
improve operating performance. A number of risks and uncertainties could cause actual results, events and developments to differ from expectations, including (1)
the effectiveness of programs to increase revenues and cash flow and to reduce costs, and (2) the actions of competitors. Please refer to the Company's 1998
Annual Report on Form 10-K and its other filings with the Securities and Exchange Commission for a complete discussion of these and other important factors that
could cause results to differ materially from those projected by these forward-looking statements.
For further information, contact Al Duncan, Chief Financial Officer, at 703-276-1123 or by email at aduncan@onss.com; or Larry Howell, The Howell Group, at
214-340-4909 or by email at howgroup@iglobal.net.
SOURCE: On-Site Sourcing, Inc. |
