SSGI Discloses Record Backlog; Company Secures Private Funding to Increase E-Learning Services Organization
ANNAPOLIS, Md. — Strategic Solutions Group, Inc. (OTC Bulletin Board: SSGI – news), a leading services provider of technology-based training and just-in-time information applications for the manufacturing market, today announced that it has a record backlog of contracts to provide services valued in excess of $1.5 million. Additionally, the Company obtained $350,000 from three insiders to allow it to address the mounting backlog.
Having attained three preliminary goals: Cost containment through expense controls; Raising capital through private placements; and, Increased sales of its e-Learning services, the Company’ is now concentrating on fulfilling its backlog.While the Company entered 2001 with a backlog of approximately $400,000 for its multimedia products, its efforts have resulted in increasing that backlog to in excess of $1.5 million, as of March 31, 2001. SSGI currently anticipates it will produce the work called for in these contracts, and thus book the associated revenue, during its 2001 fiscal year.
Citing the backlog as a reason to believe the company could achieve significant revenue growth for the remainder of the year, SSGI’s President and COO Ernie Wagner stated: “It’s noteworthy that this backlog figure is in excess of our revenues for all of fiscal year 2000, signifying the additional demand from our existing market. We believe that fulfillment of the backlog contracts will allow the Company to be profitable in each of the second, third and fourth quarters and the 2001 fiscal year. Addressing the backlog should allow SSGI to show a profit for fiscal year 2001, ‘even without projected revenue from new clients and projects.”
The Company also announced that on March 27, 2001 it closed a $350,000 private placement transaction with three insiders, SSGI’s Chairman of the Board and former CEO, John Cadigan; SSGI’s President and COO, Ernie Wagner; and, Varsity Heavy Duty Founder and President, Tommy Stone. The Company will use the funds raised to address its mounting backlog. For this purpose, the Company has already added five employees to its Detroit-based e-learning production staff.
“There is a tremendous sense of excitement and very high morale at SSGI as we experience the success of our e-learning products,” Wagner continued. “Earnings improvements and other operational growth indicators make us enthusiastic about our future. We are working on a robust pipeline of sales leads with both existing manufacturing clients, new manufacturers, and aftermarket truck parts manufacturers in conjunction with Varsity Heavy Duty.”
About Strategic Solutions Group:
Strategic Solutions Group, Inc. is a leading services provider of Technology-Based Training and Just-In-Time Information software applications that seamlessly link digital video and audio content with rich text and graphics, comprehensive animations and simulations and dynamic Web links. These customized solutions provide end-users with a robust, fully integrated and highly interactive and intuitive learning experience on their computer desktops delivered via the Internet, Intranets, DVD, CD-ROM or any combination thereof.