Adams Regulatory News (ADA)

30 Aug 2006 13:10

Adamind Ltd30 August 2006 30 August 2006 Adamind Ltd ("Adamind" or the "Company") Update on Current Trading and Appointment of CFO Adamind Ltd, a leading global supplier of media handling software in the mobile messaging, content and convergence services markets, provides an update on current trading. Trading UpdateAs announced on 22 June 2006, Adamind expects the full year 2006 revenue split to be substantially weighted towards the second half. Since the announcement, Adamind has signed a number of deals, including with an operator in EMEA region via one of its MMSC channel partners, a deployment deal at one of the leading consumer brand MVNOs in the US market, a major contract from one of Europe's top five mobile networks as well as a licensing content production deal with NGTS Solutions of Malaysia and with another GSM network operator in Azerbaijan as part of the CBOSS mobile infrastructure deal. Whilst a number of the contracts delayed from the first half have been signed and others are near closure the Company continues to experience slower than anticipated growth in MMS usage and material delays in channel customer upgrades and as such now expects to report revenues for the full year at a similar level or slightly ahead of those reported for the year to 31 December 2005. While delays persist, Adamind's pipeline of new orders for the second half andbeyond remains strong and the Company continues to make steady progress by signing new operator customers as well as capacity upgrades from network operators and content service providers worldwide. The Company's largest channel partner has now begun its customer upgrade programme, although currently at a slower than expected rate. A number of discussions relating to content deals are also at an advanced stage and these are expected to bear fruit from the fourth quarter. The Company has taken measures to counteract the slower than anticipated growthin MMS by bringing to market a portfolio of media-handling products and solutions including Device Management service, Anti-Abuse & Advertisement-management platform and Next Generation Media Adaptation Platform which are capable of addressing services beyond MMS such as Email, Instant Messaging, Content Delivery, Service Delivery and Internet to Mobile Convergence applications. With this expanded base of products and services, the Company believes it is well positioned to enjoy further growth in 2007 and beyond. Adamind's expanded product portfolio is targeted at the Company's existing operator and content service provider customers and channel partners, thus enabling greater deal value per sales effort. The Company's balance sheet remains robust with net cash of $23.0 million as at29 August 2006. CFO AppointmentOver the past few months, the Board has been reorganising the operations of thebusiness with a view to relocating the CFO function to be closer to the CEO andto the North American market, which offers excellent potential for futuregrowth. For personal reasons, Eli Sofer, CFO is unable to relocate his familyfrom Israel to the US and hence has resigned from the Company and will step downfrom the Board with effect from 1 October 2006. The Company is pleased to announce that Gideon Marks will be joining Adamind asCFO with effect from 1 October 2006. Gideon will be based alongside the CEO in Palo Alto, California. During his career, Gideon, aged 51, has held a number of senior roles in a range of companies including ten years as CFO of the RAD Group, one of Israel's largest communications groups, where he led the NASDAQ IPOs of three associated companies. More recently Gideon was CFO of RealTimeImage, now part of GE Healthcare, and was a Managing Director at GarageTechnology Ventures in Palo Alto. Gideon holds BA and MBA degrees from Tel Aviv University. The Board of Adamind wish to express their gratitude to Eli Sofer for his significant contribution to the Company's development. Eli will remain with theCompany to ensure an orderly handover to the new CFO. Further detail on the Company's operational improvements to support futuregrowth and the outlook for 2007 and beyond will be provided at the time of Adamind's AGM on 7 September and on 29 September, when the Company announces itsinterim results. Enquiries: Adamind +44 20 7929 8989 on the day and thereafterShailendra Jain, CEO +1 650 353 3032 Corfin CommunicationsHarry Chathli, Neil Thapar +44 20 7929 8989 Notes to Editors About Adamind Adamind Ltd, whose shares are listed on London's AIM market (Ticker: ADA), is aprovider of software that enables mobile multimedia content and converged communications services. The company addresses the interoperability challenge that exists between different mobile devices to receive and process media richcontent. The Adamind SpireTM platform provides media adaptation and enhancementsoftware enabling service operators to successfully deploy messaging, content and next generation convergence services; generate new revenue streams; and drive key new value-added-services (VAS) enablers such as advertising, branding, DRM and anti-abuse support. With over 100 deployments in some of the world's major mobile operator networks and content providers such as Universal Mobile Music, Adamind is strategically poised to enable the promise of the Mobile Lifestyle revolution. Adamind has strategic relationships with major infrastructure vendors and system integrators including Ericsson, HP, IBM, Huawei, Accenture, LogicaCMG, Motorola, Openwave, Critical Path and CBOSS. www.adamind.com This information is provided by RNS The company news service from the London Stock Exchange