LOS GATOS, Calif., March 11, 2008 (PRIME NEWSWIRE) -- Semotus Solutions, Inc. (OTCBB:SMOA) (formerly AMEX:DLK), an innovative leader of software solutions for enterprise mobility since 1993, today announced that it began trading on the OTC Bulletin Board under the symbol SMOA effective Wednesday, March 5, 2008. Semotus received final approval for listing on the OTCBB from the Financial Industry Regulatory Authority (FINRA) on Tuesday, March 4th.
Anthony N. LaPine, CEO, stated: "Semotus has dramatically reduced its operating expenses through the outsourcing of its engineering and the divestment of unprofitable subsidiaries. These actions have resulted in an estimated $1,000,000 in annual savings. Lower expenses combined with sales of our HipLink software have significantly improved the Company's financial health and given birth to a new era of growth and profitability. Semotus used only $209,000 of cash in operations through the first 9 months of this fiscal year versus $1,068,000 for the same period last year. The Company feels confident it has sufficient cash to achieve its business objectives over the next 12 months."
LaPine continued, "In its most recent 10Q filing December 31, 2007, Semotus reported a profit of $0.04 per share on net income, shareholder equity of over $3.9 million and a cash position of almost $300,000. In addition, Semotus has a very clean balance sheet with no debt, no convertible notes, no preferred stock and less then 2.5 million common shares outstanding. At the current stock price I believe the market valuation of Semotus is unusually low. I personally view this as a buying opportunity and have purchased stock in the open market."
LaPine concluded, "Semotus began its public life on the OTCBB in 1996 under the symbol DASY and in 1999 was listed on the AMEX. Semotus was unable to increase its shareholder equity from $3.9M to $6.0M and was therefore delisted on March 4th. Semotus was otherwise in good standing with the AMEX, has no litigation and no pending SEC issues. In the 12 years of the Company's public history it has never been delinquent in any of its SEC filings and is rated at 98% by Institutional Shareholder Services for our outstanding corporate governance performance. After 12 years of nurturing this Company through challenging times I look forward to a Semotus renaissance and a bright and prosperous future for SMOA."
About Semotus Solutions
Founded in 1993, Semotus Solutions is the premier provider of software for the mobile enterprise, connecting employees to critical business systems, information and processes. Semotus has a Fortune 1000-installed customer base and hundreds of corporate clients including Lockheed Martin, Blue Cross Blue Shield, Coca-Cola, Hewlett Packard, Nextel Communications, JP Morgan Chase and The United Nations. Semotus Solutions' software provides mobility, convenience, efficiency and profitability in the areas of workforce automation, finance, health care and m-commerce. For more information on the Company, please visit the following web sites: http://www.semotus.com; http://www.hiplinkwireless.com; http://www.clickmarks.com.
This press release contains forward-looking statements, which are made pursuant to the Safe-Harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as "intends," "believes," and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements involve a number of risks and uncertainties, including the timely development and market acceptance of products and technologies, the ability to secure additional sources of finance, the ability to increase revenue and reduce operating expenses, and other factors described in the Company's filings with the Securities and Exchange Commission. And in particular, management's expectations regarding our ability to grow revenue and continue having our common stock quoted on the OTCBB could be affected by, among other things, compliance with applicable quotation requirements of the OTCBB. The actual results that the Company achieves may differ materially from any forward-looking statement due to such risks and uncertainties. The Company undertakes no obligation to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.