WILMINGTON, Del., April 21, 2005 (PRIMEZONE) -- m-Wise, Inc. (OTCBB:MWIS), a leading technology provider of mobile content solutions for operators, ASPs and content providers, today disclosed preliminary information of a phenomenal ten-fold growth in its recognized revenues for the first financial quarter of 2005: from approximately $125,000 in the quarter ended March 31, 2004 to approximately $1.2 million in the quarter ended March 31, 2005.
Last week the Company reported a 276% growth in its revenues in 2004 comparing to fiscal year 2003.
The growth in Q1 derives primarily from an m-Wise contract with FAME in the Philippines, which following the Company's revenue recognition method recorded deferred revenues in the amount of $809,850 in 2004.
The Company's sales have fluctuated in the past and are likely to continue to fluctuate from period to period depending on a number of factors, like the timing and receipt of significant orders, the timing of milestone payments within the license schedules, the timing of completion of contracts or maturity of prospect contracts.
The full financial information about the quarter ended March 31, 2005 will be disclosed in the 10 Q filing of the Company.
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.