Time Spot Named to Deloitte Technology Fast 500
TEMPE, AZ. October 30, 2003 ? Time Spot, Inc., the operating subsidiary of Vitrix, Inc. (OTCBB: VRXI) and leading developer of web-based and client-server workforce management solutions, has been named to this year?s Deloitte Technology Fast 500, a ranking of the 500 fastest-growing technology companies in North America.
?Time Spot has grown revenue by more than 20 percent each quarter for the past year, which reflects the market acceptance of our web-based, client-server and desktop labor management solutions,? said Thomas Bednarik, President and CEO of Time Spot. ?We are pleased to be ranked among Deloitte?s Fast 500 technology companies and look forward to building on the momentum we have gained in the highly fragmented workforce management solutions marketplace.?
The Fast 500 list is compiled from Deloitte's 20 regional North American Fast 50 programs. To qualify for the Fast 500, entrants must have had 1998 operating revenues of at least $50,000 USD and $75,000 CD for the United States and Canada, respectively; and 2002 operating revenues must be at least $1 million USD or CD. Deloitte researchers examined financial statements to validate operating revenues.
Entrants must also be public or private companies headquartered in North America and must be a "technology company," defined as a company that owns proprietary technology that contributes to a significant portion of the company's operating revenues; or devotes a significant proportion of revenues to the research and development of technology.
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