WILMINGTON, Del., March 31, 2006 (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, 2005.
Financial Results
Revenues for the year ended December 31, 2005 rose to $2,168,434, up 59% from $1,361,055 in 2004. Revenues from license fees and products increased 73% to $1,251,438 for the year ended December 31, 2005 from $721,926 in 2004. Income from revenue share increased 392% to $131,560 for the year ended December 31, 2005 from $26,752 in 2004.
Gross profit climbed to $1,527,020, up 45% from $1,055,483 in 2004. General and administrative expenses, stated as a percentage of revenues, decreased to 72% for the year ended December 31, 2005 from 86% for the year ended December 31, 2004. Net loss for the year ended December 31, 2005, stated as a percentage of revenues, decreased to 30% in 2005 from 38% in 2004.
"We have invested great efforts throughout the last year in obtaining service-based, lucrative content delivery deals in the U.S. market," commented Shay Ben-Asulin, co-founder and Chairman of m-Wise. "These agreements do not result in immediate significant revenues, but being based on a profit share model they bear a huge potential for the coming years. The U.S. mobile content market, with a strong orientation towards mobile music products, is bound to grow tremendously and m-Wise is in an excellent position to become a dominant player in this market. We have also successfully completed new wins and strengthened our position in the Latin American market in 2005, especially in the rapidly growing mobile markets of Mexico and Brazil. We see great opportunities for us in these markets in 2006."
Full financial results for 2005 are available in m-Wise 10K filing.
About m-Wise
Founded in February 2000, m-Wise has rapidly established itself as a leading technology provider with the de facto Service Delivery Platform and related value-added data engines for Mobile Operators, Wireless ASPs, and large content and media providers. Working closely with leading operators, ASPs and content providers, m-Wise is committed to take the lead and keep up to date with the latest industry headways in areas as diverse as content management and delivery, infotainment, mobile gaming and mobile community services. For more information, please visit http://www.m-wise.com.
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 press release.