WILMINGTON, Del., April 18, 2005 (PRIMEZONE) -- m-Wise, Inc. (OTCBB:MWIS), a leading technology provider of mobile content solutions for operators, ASPs and content providers, today announced its consolidated financial results for the fiscal year ended December 31, 2004.
Financial Results
Revenues for the year ended December 31, 2004 rose to $1,361,055, up 276% from $361,721 in 2003. The increase primarily consisted of $733,546 revenues derived from our contract with Unefon SA.
Gross profit climbed to 78% from 65% in 2003. Operating loss decreased 73% to $(471,035) from $(1,754,154) in the same period in 2003. Net loss for the year ended December 31, 2004 decreased 55% to $(513,035) from $(1,139,237) in the year ended December 31, 2003.
We have also secured an agreement with FAME (First Advanced Multimedia Entertainment) a new wireless ASP in the Philippines. Following our revenue recognition method we have recorded deferred revenues in the amount of $809,850 as of December 31, 2004.
One of our channel partners, Comverse Ltd., has provided us agreements with 4 mobile operators that yielded revenues of $116,926 as of December 31, 2004.
About m-Wise
Founded in February 2000, m-Wise has rapidly established itself as a leading technology provider with its Service Delivery Platform and related value-added services engines. Working closely with leading operators, ASPs and content providers, m-Wise is committed to taking the lead and keeping up to date with the latest industry headways in areas as diverse as content management and delivery, infotainment, mobile gaming and mobile community services. The Service Delivery Platform, the MOMA Platform, includes carrier-grade application provisioning and development utilities, infrastructure connectivity layers, billing, global delivery, content management, and customer support tools.
Safe-Harbor Statement
This press release contains "forward-looking statements''. These forward-looking statements use words such as "believes," "intends," "expects," "may," "will," "should," "plan," "projected," "contemplates," "anticipates" or similar statements. These statements are based on our beliefs, as well as assumptions we have used based upon information currently available to us. Because these statements reflect our current views concerning future events, these statements involve risks, uncertainties and assumptions. Actual future results may differ significantly from the results discussed in the forward-looking statements. A reader, whether investing in our common stock or not, should not place undue reliance on these forward-looking statements, which apply only as of the date of this report.