14th Dec 2006 15:55
Adamind Ltd14 December 2006 14 December 2006 Adamind Ltd ("Adamind" or "the Company") Trading Update and Strategic Options Adamind, a leading global supplier of media handling software in the mobilemessaging, content and convergence services markets, today provides an update ontrading and discussions with potential strategic partners. Trading updateAt the time of the Company's interim results, the Board of Adamind announced aseries of decisive steps undertaken to address the challenging market conditionsfaced by the Company. These steps included the appointment of Orna Berry asExecutive Chairperson, and the strengthening of the Company's management teamthrough the recruitment of CFO Gideon Marks, Strategic Advisor Cindy Andreotti,and others. The Company is experiencing significant improvement in its financial performancein the second half of the year. As of today, Adamind's revenues total around$5.75m year to date. The Company has additional deals in process and is on trackto achieve revenues for the full year in line with guidance provided at itsinterim results. Significant progress has also been made on the Company's pipeline of new ordersin the second half of 2006, resulting in a total order book of $8 million todate. Cash balances at 30 November 2006 amounted to $20.8 million, which representsapproximately 30 pence per Adamind share. Strategic optionsAs previously announced, the Board of Adamind has been actively pursuing a rangeof alternative proposals with a view to maximising shareholder value. While anumber of parties expressed an interest in exploring a potentialdeal, discussions with two third parties in particular have progressed beyondthe preliminary stage. The Board remains committed to achieving the best possible outcome forshareholders in the Company, and expects to conclude this process over thecoming weeks. Further announcements will be made as appropriate in due course. EGMAs noted above, the Company's Executive Chairperson Orna Berry has increased herinvolvement with the Company's day to day operations over the latter half of theyear. Accordingly, the audit committee of the Board of directors of the Companyand the Board itself have approved new terms of remuneration for Orna Berry,which under Israeli Company law are also subject to shareholder approval. Acircular has today been sent to shareholders outlining the proposed terms ofremuneration and convening an Extraordinary General Meeting of the shareholdersof the Company, which will be held at 10 a.m. on 19 January 2007 at the officesof Corfin Communications, 11th Floor, 78 Cannon Street, London EC4N 6HH. Copiesof this circular will be available free of charge during normal business hoursfrom the offices of Reed Smith, Minerva House, 5 Montague Close, London, SE1 9BBfor one month from the date of this announcement. Enquiries AdamindOrna Berry, Executive Chairperson +972 9 971 9111 Corfin CommunicationsNeil Thapar, Harry Chathli +44 20 7929 8989 About Adamind Adamind (LSE: ADA) is a provider of software that enables mobile multimediacontent and converged communications services. The company addresses theinteroperability challenge that exists between different mobile devices toreceive and process media rich content. The Adamind SpireTM platform providesmedia adaptation and enhancement software enabling service operators tosuccessfully 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 over110 deployments in some of the world's major mobile operator networks andcontent providers such as Universal Mobile Music, Adamind is strategicallypoised to enable the promise of the Mobile Lifestyle revolution. Adamind hasstrategic relationships with major infrastructure vendors and system integratorsincluding Ericsson, HP, IBM, Accenture, LogicaCMG, Motorola, Openwave, CriticalPath and CBOSS. www.adamind.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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