m-Wise, Inc. (OTCBB: MWIS)
m-Wise Revenues Up 89% in Q1 2007; Record Deal of $1.8 Million Over 3 Years Signed in Q1
Profit Share Model Continues to Grow: 277% Growth in 2007 First Quarter!
WILMINGTON, DE–(MARKET WIRE)–May 15, 2007 — Mobile content technology vendor, m-Wise (OTC BB:MWIS.OB – News), today announced its consolidated financial results for the three months ended March 31, 2007.
Financial Results
During 2007 first quarter we have significantly strengthened our cash flow and continued to strengthen our balance sheet:
Net cash provided by operating activities was $59,686 compared to Net cash used in operating activities of $111,749 in 2006 first quarter.
Net increase in cash and cash equivalents was $138,363 compared to $19,666 in 2006 first quarter.
Revenues for the three months ended March 31, 2007 rose to $478,866, up 89% from $253,783 in the same period last year.
Income from revenue share increased 277% to $141,271 for the Three months ended March 31, 2007 from $37,433 in 2006.
Record deal of $1.8 million over 3 years was signed in February 2007 with one of the company’s existing US-based customers; details of the deal cannot be disclosed due to confidentiality agreement with the customer.
Gross profit climbed to $419,756, up 74% from $240,836 in 2006.
Net loss decreased 65% to $134,035 for the Three months ended March 31, 2007 from $387,117 in 2006.
Full financial results for 2007 first quarter are available in m-Wise 10Q filing.
“m-Wise marked another quarter of growth in Revenues, Growth profit and Income and a decrease in liabilities,” stated Mati Broudo, co-founder and Chairman of m-Wise. “We are continuing our strategy from 2006 of providing services-based content delivery platforms to key players in the US and Latin America. This strategy has significantly strengthened our balance sheet and stabilized the company’s cash flow.
“We are confident that the rest of 2007 will prove profitable for the company and we are excited with the exploding market of mobile services and with the capacity of our leading edge platforms to play a key part in this market.”
About m-Wise
Founded in 2000, m-Wise has established itself as a leading international provider of enabling technologies for the mobile communications, mobile advertising, mobile gaming and mobile entertainment industries. m-Wise is the developer of MOMA platform, a proven mobile content management and service delivery platform used in over 50 mobile networks throughout Europe, North and Latin America, and Asia.
MOMA is an integrated “one stop shop” for mobile operators, wireless ASPs, and content providers to deliver end-users with a state-of-the-art mobile experience. MOMA makes it easy to manage and deliver content such as entertainment, music, games and video regardless of handset compatibility, while adding real-time end user interactivity like voting, mobile marketing, advertising and access to all forms of real-time content. MOMA furthermore integrates built-in capabilities for transactional billing, customer care and marketing to satisfy the growing needs of major brands and marketing agencies.
For more information, please visit 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.
Contact:
For more information, please contact:
m-Wise IR:
Adi Armoza
Email: Email Contact
Source: m-Wise, Inc.
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