SOURCE: Propalms, Inc.

April 20, 2010 08:26 ET

Propalms, Inc. Completes Sale of Wholly Owned Subsidiary to Infrared Systems International

Company to Receive $2,280,000 in Exchange for Its Interest in Focus Systems, Inc.

MALTON, ENGLAND--(Marketwire - April 20, 2010) - Propalms, Inc. (PINKSHEETS: PRPM) is pleased to announce that the Company has completed the sale of its wholly owned subsidiary Focus Systems, Inc. to Infrared Systems International in return for $2,280,000 to be paid in the form of 3,000,000 restricted common shares of Infrared Systems stock, which is based on a per share price of $0.51, plus $750,000 worth of Infrared Systems preferred shares valued at $1.00 per share. In addition, based on the terms of the agreement, Propalms will have an option to purchase an additional $250,000 of preferred shares for up to two years. 

Infrared Systems International, through its wholly owned subsidiary, specializes in the development of infrared imaging technology for commercial dual use applications. Their pioneering work on the development of Enhance Vision technology for the commercial aircraft industry has received international recognition. In recent years they have been engaged in the export of Infrared detector modules for medical applications from Taiwan. Their most recent project has been the development of a unique physical security system (patent pending) to provide reliable detection and classification with a high level of assurance that false alarms have been rejected.

Focus Systems, Inc. is a service orientated, desktop virtualization, remote desktop and VoIP information technology provider. Focus Systems clients do not need to purchase a server or even PCs to use their service and fully benefit from it. Focus Systems service enables their clients to expense the cost of their entire annual service as opposed to amortizing equipment costs over its useful life.

"We are excited about our acquisition of Focus Systems. They have a business model to help Infrared Systems generate consistent revenue, which will bring added value to the company and Infrared Systems International's shareholders," stated Bill Wright, CEO of Infrared Systems International.

"We see the deal with Infrared Systems as a great strategic move for Propalms. This transaction will enable Propalms to reward our loyal shareholders for their continued support of our long term business strategy," stated Owen Dukes, CEO, Propalms Inc.

About Infrared Systems International:

Infrared Systems International, through its two wholly owned subsidiaries, offers unique solutions and applications for a variety of industries. Focus Systems, Inc. (www.focus-sys.com) offers services and solutions in the VoIP and remote desktop arenas. Infrared Systems (subsidiary) specializes the development of infrared imaging for the aircraft and government sectors.

About Propalms, Inc.:

Propalms, Inc. (www.propalms.com) is a global provider of application delivery and secure remote access 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.

Safe Harbor: 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.

Contact Information

  • Contact:
    For more information, please visit:
    http://www.propalms.com
    OR
    Investor Relations
    1-407-389-5900

    Contact:
    Infrared Systems International
    1-407-389-5900