JLNY (PINK, .07) Propalms Inc. Generates Over $900,000 in Sales Transactions During First 18 Months of Operation and Outlines Its Future
March 14, 2007 8:31 AM ET
JENNA LANE INC (PINKSHEETS: JLNY) is pleased to announce the Company has generated $939,538 in revenue and sales transactions for the first 18 months that the Company has been in operation.
Since July 15, 2005 to January 31, 2007, Propalms has won 577 new enterprise customers worldwide. Some of the companies and organizations that are utilizing their revolutionary TSE software are Dow Corning, McCraken Financial Software, the State of Wyoming, Manx Telecom and Bulldog Communications. Some other major companies and organizations utilizing the software are Pacific Healthcare, the University of Michigan, the Superior Court of California, the Alzheimer Association USA, the Banco Espirito Santo, Spain, John Swire & Sons, Price Waterhouse Coopers, Unisource of Canada, and the PCA Corporation, one of Japan's leading accountancy Software companies.
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Propalms USA, Inc.'s revenue is made up from new license sales, expansion licenses to existing customers as well as annual renewal for maintenance. The Company has made the decision to take the conservative approach that complies fully with US GAAP accounting rules. Propalms USA, Inc. accounts are based on revenue recognition in accordance with Software Revenue Recognition SOP 97-2. Revenue is based upon a subscription model and the revenue amount is deferred over the life of the license and maintenance contract. The above figures of $939, 535, are sales transactions that are invoiced in the current months.
The company is in the process of changing its symbol to reflect its corporate name "PROPALMS" to avoid any further possible confusion in the market place with the old symbol, JLNY.PK.
Propalms is starting to develop its alliances with large software vendors and believes that 2007 will bring a number of important new relationships that will generate larger license sales.
"I am delighted by these figures. We have clearly demonstrated that without any major marketing, customers across a broad range of industries and countries are purchasing our TSE Server Based Computing software. We believe that the robustness of our application, the ease of installation, the unique functionality and our aggressive pricing model is what the companies are seeking. These processes are driven through our distribution channels in 26 countries, and as we continue to win customers, the snowball effect of accelerated growth is now starting to take place. Our current pipeline for this year gives me confidence that the Company is at the start of an accelerated growth period as more customers are evaluating our software. I believe with the increased media coverage and the Company's intention to raise new capital for a marketing campaign will significantly add fuel to the explosive growth that we are working for," stated Owen Dukes, CEO of Propalms USA, Inc.
Propalms USA, Inc. will be featured in the Investor's Business Daily on Monday, March 12, 2007, Wednesday, March 14, 2007, and Friday, March 16, 2007. The Company will also be featured on www.investors.com for the next two weeks starting Monday, March 12, 2007. Investor's Business Daily is read by nearly 1 million readers on a daily basis.
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