HONG KONG, May 15, 2007 (PRIME NEWSWIRE) -- Hong Kong based Artificial Life, Inc. (OTCBB:ALIF), a leading provider of award winning mobile technology and applications, today announced its first quarter 2007 results.
"After our successful Asian product launches in 2006 we are now continuing with our global product roll out especially in Europe. With the newly established headquarters in Berlin and the recently signed agreements with TeliaSonera, mobilkom austria, VOX mobile, Arvato and Bob Mobile, we have already built up a strong competitive position in Europe. More co-operations with other global distributors are pending and will be announced soon. Due to our global expansion, the number of installed products has increased by over 500,000 just in the first quarter of 2007. We are excited about this progress and want to be even more aggressive in the future and penetrate many more new territories in Europe, Africa, the Americas and Asia," said Eberhard Schoneburg, CEO of Artificial Life, Inc.
Revenues for the quarter ended March 31, 2007 were $365,688 as compared to $185,223 for the quarter ended March 31, 2006. The increase of revenues of $180,465 or 97% was mainly due to product license fees for newly signed contracts and revenues derived from mobile operators.
Net loss for the quarter ended March 31, 2007 was $532,044 as compared to a loss of $2,891,518 for the quarter ended March 31, 2006. The decrease in net loss is mainly due to the loss of $2,612,000 on the value of derivative liabilities in the first quarter of 2006. The basic and diluted net loss per share for the first quarter of 2007 was $0.02, as compared to $0.10 for the first quarter of 2006.
About Artificial Life
Artificial Life, Inc. (OTCBB:ALIF) is a public U.S. corporation with global headquarters in Hong Kong and European headquarters in Berlin. The Company is a leading global provider of award winning mobile 2.5G and 3G technology, content, games and applications (for further details please visit the following websites: www.artificial-life.com; www.botme.com).
Forward-Looking Statements:
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, without limitation, statements regarding our future results of operations, financial condition and business prospects. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expect," "intend," "plan," "anticipate," "believe," "estimate," "predict," "potential," "continue," or the negative of these terms or other comparable terminology. Although such statements are based on our own information and information from other sources we believe to be reliable, you should not place undue reliance on them. These statements involve risks and uncertainties, and actual market trends or our actual results of operations, financial condition or business prospects may differ materially from those expressed or implied in these forward-looking statements for a variety of reasons. Potential risks and uncertainties include, but are not limited to, our ability to obtain additional funding to operate and grow our business; the unproven potential of our mobile gaming business model; changing consumer preferences and uncertainty of market acceptance of our products; timely adoption and availability of 3G mobile technology; market acceptance for use of mobile handheld devices to play the interactive games; unpredictable mobile game development schedules; our reliance on a relatively small number of brands; our ability to license brands from others; our dependence upon resellers and telecommunication carriers and operators to distribute our products; our ability to successfully develop, introduce, and sell new or enhanced products in a timely manner; and the timing of new product announcements or introductions by us or by our competitors. For additional discussion of these risks and uncertainties and other factors, please see the documents we file from time to time with the Securities and Exchange Commission, including our Annual Report on Form 10-KSB filed on April 3, 2007. We assume no obligation to update any forward-looking statements, which apply only as of the date of this press release.