Propalms, Inc. Completes Acquisition of Leading Security Solution CompanyPropalms, Inc. Completes Acquisition of Leading Security
Solution Company
Company
Enters Multibillion Dollar Market by Acquiring Rights to Virtual Private
Network Solution
MALTON, UK--(PRIME NEWSWIRE)--March 5, 2008 -- Propalms,
Inc. (OTCPK: PRPM) is
pleased to announce that the Company has completed the acquisition of vFortress,
a leading security solution company. The acquisition gives Propalms the rights
to all vFortress customers and property; including the worldwide IP rights and
source code of a Virtual Private Network (VPN) solution. The acquisition was an
all cash transaction, which means there will be no dilution to the stock. Propalms
expects Company sales to double within the next 24 months as a result of the
acquisition and will rebrand the VPN product within two to three weeks.
Propalms will rename the product to “Propalms VPN.”
Propalms VPN will be sold as an individual application for enterprises that
already have server-based computing, which opens up new multimillion dollar
opportunities for Propalms. According to ZDNet Research, the IP VPN market is
expected to grow to over $5.8 Billion in 2009. Propalms VPN will also provide
secure remote access for small to large enterprises without any restrictions on
the amount of users logging in remotely, which will enable companies to run
more efficiently and cut down on their operational costs.
“As we continue our worldwide expansion of Propalms product
line, we expect to acquire more companies like vFortress as we strive to introduce
new products to the market. Propalms VPN will not only further expand our
customer base, but will open up additional revenue streams for Propalms to
reflect a larger market share and will enable Propalms to compete with VMware,
Microsoft and Citrix,” stated Owen Dukes, CEO of Propalms, Inc.
Propalms
held a nationwide teleconference on May 1, 2008. Some key points Company
executives addressed were: that in the last two years, in North America alone,
40% of Propalms TSE customers were former Citrix users; a beta version of TSE
6.0 will be released next week and available to download on Propalms' Web site;
and, as soon as the Company releases TSE 6.0, Propalms will become a Microsoft
Gold Certified Partner. During the teleconference, Robert Zysblat, the
President of Propalms, discussed that during the fiscal year 2008, Propalms
increased its revenues by approximately 50%, while significantly decreasing its
net loss, versus the prior fiscal year. Owen Dukes, CEO of Propalms, also detailed
the status of Propalms’ pilot project with Toyota Group and explained that even
if Toyota converts only 50-60% of their total desktops to thin clients, it
would equate to an order of approximately $10 million for Propalms.
About
Propalms, Inc.:
Propalms
TSE, the complete Server-Based Management solution that extends Microsoft
Terminal Services 2000/2003, offers features such as Application Publishing,
Seamless Windows, Resource-based Load balancing, and Web-based management
consoles.
Statements
contained in this news release, other than those identifying historical facts,
constitute "forward-looking statements" within the meaning of Section
21E of the Securities Exchange Act of 1934 and the Safe Harbor provisions as
contained in the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements relating to the Company's future expectations,
including but not limited to revenues and earnings, technology efficacy,
strategies and plans, are subject to safe harbors protection. Actual Company
results and performance may be materially different from any future results,
performance, strategies, plans, or achievements that may be expressed or
implied by any such forward-looking statements. The Company disclaims any
obligation to update or revise any forward-looking statements.
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