MALTON, England, June 4, 2008 (PRIME NEWSWIRE) -- Propalms, Inc. (Pink Sheets:PRPM) is pleased to announce that the Company has filed its annual Form 10-KSB for its fiscal year ending January 31, 2008 with the Securities and Exchange Commission (SEC). The Company generated $1,076,715 in revenue for its fiscal year ending January 31, 2008, a 52% increase over its prior fiscal year, where Propalms generated $708,434 in revenue. Equally as important for long term stability, deferred revenue to be recognized over the next year has remained consistent at approximately $630,000 when compared to the previous year.
The gross profit percentage has increased from 40% to 52% from the prior year which reflects the Company's ability to commercialize its prior development activities. Research and development expenditures have increased 106% from the prior year as Propalms has remained committed to enhancements and modifications to its technology base.
General and administrative expenses increased 58% from the prior year which primarily reflects the increased activity for raising capital funds. This has been offset by an approximate 10% decrease in total debt owed to third parties.
"We anticipate revenues to continue to increase over the next twelve months. Propalms is making significant strides by continuing to add new customers, new products. Our uplisting process to the OTCBB is on schedule and we are awaiting final approval from FINRA. We are committed to our business plan and we will continue to look for and execute business deals that will add increased value to our Company and shareholders," stated Robert Zysblat, President of Propalms, Inc.
About Propalms, Inc.:
Propalms, Inc. is a leading global provider of application delivery solutions for Terminal Services and Virtual Desktop Infrastructures. Delivering to enterprises of all sizes, Propalms offers reliable, scalable and affordable solutions that simply work. Our belief is that application delivery solutions should be flexible, dynamic and, above all, simple to use.
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.