MALTON, England, June 8, 2009 (GLOBE NEWSWIRE) -- Following the Company's careful preliminary due diligence review, Propalms Inc.'s (OTCBB:PRPM) Board of Directors determined that the initial offer of $10 million (at $.02 per share) received from OptiCon Systems, Inc. (OTCBB:OPCN) should be rejected.
Owen Dukes, CEO of Propalms Inc., stated, "This offer did not reflect what we believe is the true valuation of our business. If an offer were to be accepted from anyone, it would have to be in the best interests of Propalms as well as our shareholders. This offer does not meet our corporate objectives nor the value we place on our Company. With our global distribution network, multiple global contracts, recent distributor/customer acceptance and the industries future growth prospects, we felt that the offer did not reflect a true valuation of our business."
Mr. Dukes concluded by stating, "Our Board will continue to review any offers received in the future, giving them due consideration, as we did in this case, but will reject any which are not calculated to increase shareholder value."
About Propalms, Inc.:
Propalms, Inc. is a 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.