NEW YORK and LONDON, Feb. 28, 2007 (PRIME NEWSWIRE) -- Aftersoft Group Inc. ("Aftersoft") (OTCBB:ASFG), a leading supplier of software and services to the automotive aftermarket in the U.S., UK and Canada, held an investor conference yesterday to discuss the results of its fiscal second quarter (ended December 31, 2006) operations. The highlights of the conference follow:
* Aftersoft's present customer base consist of over 5,600 (5,200 in UK and 450 in U.S.) inclusive of automotive dealers of OEMs such as Ford, GM, Volkswagen, Nissan and Audi and automotive part suppliers such as Munro Muffler Brake, Unipart Automotive, US Tire and Exhaust and Motoserv. * Of the $12.6 million of revenue reported during the first six months, 55% was generated from recurring revenue streams. * The company will hold a meeting of its Board of Directors on Thursday, March 1, 2007 to appoint independent board members and accept the resignation of an existing member. The company intends to file an SEC Form 8-K and issue a press release with the details. * Management has expressed that it has made sufficient provisions to take into account the liability resulting from the McKenna lawsuit decision for $3.55 million. Management is in dialog with the Plaintiff to establish mutually acceptable resolution to this outstanding issue. * Concerning the company's investment in DCS, management mentioned that it is in negotiations with Reynolds & Reynolds, the purchaser of DCS, to come to a mutually acceptable resolution that may garner value back for Aftersoft investors. * Ian Warwick, Aftersoft's president and CEO, also mentioned that he intends to conduct similar quarterly conference calls and to further improve company communication with the investment community. * Management projects revenue in fiscal 2007 (ending June 30, 2007) to range between $28 million and $32 million, and earnings per share to range between $0.06 to $0.08 on an "as reported" basis. * Company management intends to update its fiscal year 2007 projection during the third quarter financial results announcement and, depending on visibility, will limit its future projections to the current fiscal year.
About Aftersoft
Aftersoft Group, Inc. is a leading provider of software, information and services to the automotive aftermarket and automotive dealerships in the U.S., UK and Canada. Aftersoft develops and markets business, supply chain management, dealership and customer relationship management software solutions to small and medium-sized firms in the automotive aftermarket and dealership market in the U.S and UK. The automotive aftermarket consists of businesses associated with the life cycle of a motor vehicle -- from when the original manufacturer's warranty expires to when the vehicle is scrapped. The Company services this market with business management systems, information products and online services that its customers use to manage their critical day-to-day business operations through automated point-of-sale, inventory management, purchasing, general accounting and customer relationship management. Aftersoft is currently number two in the U.S. parts aftermarket, which is comprised of approximately 20,000 small to mid-sized (SME) companies that generate approximately $68 billion in business, annually. The Company is also the leader in the UK parts aftermarket, which generates approximately $27 billion of business, annually, fueled by approximately 30 million vehicles in circulation. Its dealer management division services this market with dealership business management and marketing software systems for automotive manufacturers and automobile dealerships. This is a highly fragmented market with an aggregate annual, worldwide market volume of approximately $15 billion.
This release contains forward-looking statements that involve risks and uncertainties, such as statements about our plans, objectives, expectations, assumptions, or future events. These statements involve estimates, assumptions, known and unknown risks, uncertainties and performances, or achievements expressed or implied by the forward-looking statement. Actual future results and trends may differ materially from those made in or suggested by any forward-looking statement due to a variety of factors, including, for example, increased competition; the ability of the company to expand its operations through either acquisitions or internal growth, to attract and retain qualified professionals, and to expand commercial relationships; technological obsolescence; general economic conditions. Consequently you should not place undue reliance on these forward-looking statements. We discuss these and other risks and uncertainties in greater detail in the filings we make with the Securities and Exchange Commission, including under the section entitled, "Risk Factors" in the Company's Annual Report on Form 10-KSB and our report on Form 10-Q.