MALTON, England, May 2, 2008 (PRIME NEWSWIRE) -- Propalms, Inc. (Pink Sheets:PRPM) is pleased to announce that the Company will complete the acquisition of vFortress and enter the billion dollar Virtual Private Network (VPN) market, as stated during the Company's nationwide teleconference on May 1, 2008. The nationwide teleconference featured Propalms' CEO, Owen Dukes, and President, Robert Zysblat. vFortress is a leading security solutions company. Propalms announced that the acquisition will be finalized within the week and will be an all cash transaction, which means there will be no dilution to the stock. After the acquisition is completed, Propalms expects to rebrand the VPN product within two to three weeks.
During the nationwide teleconference, Owen Dukes detailed Propalms' relationship as a certified partner with Microsoft and explained that, as soon as they release TSE 6.0, Propalms will be working towards becoming a Microsoft Gold Certified Partner. A beta version of TSE 6.0 will be released next week and available to download on Propalms' Web site. Achieving Gold Certified Partnership provides access to Microsoft's resources and support, and entitles Propalms to market its products to Microsoft's partners worldwide.
With the combined release of TSE 6.0 and Propalms VPN, the Company expects its sales to double within the next 24 months. The release of the products will enable Propalms to gain a much larger share of the market and provide a strong alternative to competitive products released by companies, such as VMware, Citrix, Microsoft, etc. Mr. Dukes also mentioned that Propalms is switching customers from Citrix to TSE every month. He mentioned that in the last two years, in North America alone, 40% were former Citrix users.
Propalms expects its 10K to be filed in the next few weeks, and has recently filed for an extension so that the Company could finalize the acquisition of the worldwide IP rights and source code from vFortress. During the teleconference, Robert Zysblat, the President of Propalms, discussed that during the fiscal year 2008, Propalms increased its revenues by approximately 50%, while significantly decreasing its net loss, versus the prior fiscal year. Mr. Zysblat also stated that the Company has filed the Form 10SB and 211, and is waiting on any responses from FINRA, but is currently a fully reporting company. Once cleared, the Company will begin trading its shares on the Over-the-Counter Bulletin Board (OTCBB).
"I visited with Toyota Group last week to check on the status of the TSE pilot that is currently being implemented. Toyota has stated that they expect to convert 70% of their desktops to thin clients. Even if Toyota converts only 50-60% of their total desktops to thin clients, it would equate to an order of approximately $10 million," stated Owen Dukes, CEO of Propalms, Inc.
"In 2008, we intend to increase new customer wins, continue renewing maintenance on existing customers and grow our revenue significantly as we release the new version of TSE and Propalms VPN. We also plan on aggressively seeking additional distributors in new markets around the world so that we can build upon our existing product line and capture a larger portion of the market," stated Robert Zysblat, President of Propalms, Inc.
To listen to the nationwide teleconference in its entirety, please visit: www.propalms.com.
About Propalms, Inc.:
Propalms TSE, the complete Server-Based Management solution that extends Microsoft Terminal Services 2000/2003, offers features such as Application Publishing, Seamless Windows, Resource-based Load balancing, and Web-based management consoles.
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.