PARAMUS, N.J., Aug. 27, 2002 (PRIMEZONE) -- Vertex Interactive, Inc. (OTCBB:VETX), a leading provider of supply chain execution and order fulfillment technologies, today announced that it has been named to Deloitte & Touche's prestigious "Technology Fast 50" Program for New Jersey, a ranking of the 50 fastest growing technology companies in the area. Rankings are based on the percentage of growth in fiscal year revenues from 1997-2001 (five-year period).
Vertex's CEO, Nicholas Toms, credits strategic enterprise technologies, a blue chip customer base, and a growing recognition by the marketplace for the need of collaboration and web-based system capabilities with the company's revenue growth from 1997-2001.
"To make the Deloitte & Touche Technology Fast 50, companies within New Jersey must have had tremendous revenue growth from 1997-2001. We at Deloitte & Touche applaud Vertex Interactive for having the long-term vision to develop technologies that change the way companies do business," said Ray Lewis, Technology, Media & Telecommunications Partner, Deloitte & Touche.
Vertex's increase in revenues of 1,730% from 1997 to 2001 resulted in a 16 ranking overall in the Fast 50 for New Jersey. The average increase in revenues among companies who made the Fast 50 for this region was 794 percent over five years.
Fast 50 Selection and Qualifications
To qualify for the Fast 50, companies must have had operating revenues of at least $50,000 in 1997 and $1,000,000 in 2001, must be public or private companies headquartered in New Jersey, and be "technology companies," defined as companies that own proprietary technology which contributes to a significant portion of the company's operating revenues or devotes a high percentage of effort to research and development of technology.
Winners of the 20 regional Technology Fast 50 programs in the United States and Canada are automatically entered in the Deloitte & Touche Technology Fast 500 program, which ranks North America's top 500 fastest growing technology companies. For more information on the Deloitte & Touche Fast 50 or Fast 500 programs, visit www.fast500.com.
About Vertex Interactive
Vertex Interactive is an international provider of supply chain management technology with operations in North America and Europe. Vertex offers a comprehensive range of Enterprise supply-chain execution software systems and services. Vertex's broad portfolio of products includes order management with fixed and mobile order entry and processing; warehouse management; pick-to-light systems for picking and packing; and a suite of mobile data collection solutions for SAP R/3 implementations. From improving the pick rate in a single warehouse, to a fully integrated dynamic execution system in a collaborative environment, Vertex provides companies with the right solution to ensure efficiency and a rapid return on investment. Vertex has a rapidly growing international presence, with customers including leading companies such as Air Express International, Avery Dennison, Bic, Bristol Myers Squibb, Coca Cola, Pillsbury, Shamrock Dairy, ConAgra, Kraft Foods, GlaxoSmithKline, IBM, Wyeth, Merck, Pfizer, Nestle, Ocean Spray, a division of Wal-Mart and Warner Lambert. For additional information, please visit their web site at www.vertexinteractive.com.
About Deloitte & Touche
Deloitte & Touche, one of the nation's leading professional services firms, provides assurance and advisory, tax, and management consulting services through nearly 30,000 people in more than 100 U.S. cities. The firm is dedicated to helping its clients and its people excel. Known as an employer of choice for innovative human resources programs, Deloitte & Touche has been recognized as one of the "100 Best Companies to Work For in America" by Fortune magazine for five consecutive years. Deloitte & Touche refers to Deloitte & Touche LLP and related entities. Deloitte & Touche is the US national practice of Deloitte Touche Tohmatsu. Deloitte Touche Tohmatsu is a Swiss Verein, and each of its national practices is a separate and independent legal entity. For more information, please visit Deloitte & Touche's web site at www.deloitte.com/us. For more information on the Technology Fast 50 and Fast 500 programs, please visit www.fast50.com.
Safe Harbor
Certain statements contained herein may be forward-looking in nature and are therefore subject to risks and uncertainties that could cause actual results to differ materially. The Company's recent acquisition history, progress toward completing the integration of its acquisitions, history of operating losses, current expense levels compared with its sales, and the state of development of its product portfolio, coupled with the overall economic and competitive operating environments pose a number of risks investors should take into consideration in connection with assessing our financial and operating results. A more detailed discussion of these and other important risk factors can be found in the documents filed with the Securities and Exchange Commission on forms 10-K and 10-Q. Towards the end of each fiscal quarter, Vertex Interactive will have a 'Quiet Period' when Vertex Interactive and its representatives will not comment concerning previously published financial expectations, and we disclaim any obligation to update during the Quiet Period. The public should not rely on previously published expectations during the Quiet Period. Vertex Interactive's next Quiet Period is expected to run from June 15, 2002 until earnings are released the second or third week of August 2002. Investors should not expect that these forward-looking statements will be updated or supplemented as a result of changing circumstances or otherwise, and Vertex Interactive disavows and disclaims any obligation to do so.
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