MALTON, England, June 17, 2008 (PRIME NEWSWIRE) -- Propalms, Inc. (Pink Sheets:PRPM) is pleased to announce that the Company has filed Form 10QSB with the Securities and Exchange Commission, reporting its First Quarter 2008 financial statements. Propalms' reported revenue for the First Quarter of 2008 of $256,167. By filing its' Form 10QSB, Propalms continues to move forward with their plans to uplist to the Over-The-Counter Bulletin Board.
Propalms continues to fulfill their business plan by adding to their customer base, as well as signing on new resellers around the world. The Company has increased their marketing and sales efforts for their new TSE Version 6.0, which they recently have launched at various Microsoft conventions and showcases. The increased number of customers is reflected in Propalms' 10QSB by the increase in deferred revenues by approximately 42% from the First Quarter 2008 versus the same period in 2007. The Company reported $823,135 in deferred revenue for the First Quarter of 2008 and $581,107 for the same period in 2007.
"Our uplisting process to the OTCBB is on schedule and we are awaiting final approval from FINRA. We will continue to achieve new heights as we bring added value to our company and shareholders," stated Robert Zysblat, President of Propalms, Inc.
Propalms' revenue is made from new license sales, expansion licenses to existing customers, as well as annual renewals of licenses and maintenance contracts. The Company has made the decision to take the conservative approach that complies fully with U.S. GAAP accounting rules. Propalms, Inc.'s accounts are based on revenue recognition in accordance with Software Revenue Recognition SOP 97-2. Revenue is based upon a subscription model and the revenue amount is deferred over the life of the license and maintenance contract.
Please visit the following link to view Propalms' Form 10QSB filed on June 16, 2008: http://biz.yahoo.com/e/080616/prpm.pk10qsb.html.
About Propalms, Inc.:
Propalms, Inc. is a leading global provider of application delivery solutions for Terminal Services and Virtual Desktop Infrastructures. Delivering to enterprises of all sizes, Propalms offers reliable, scalable and affordable solutions that simply work. Our belief is that application delivery solutions should be flexible, dynamic and, above all, simple to use.
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.