SOURCE: Propalms, Inc.

January 09, 2008 08:31 ET

Propalms, Inc. Increases Total Assets by 63.8 Percent in Third Quarter 2007 With More Than $2.2 Million in Total Assets -- as Posted on

LAS VEGAS, NV--(Marketwire - January 9, 2008) - Propalms, Inc. (PINKSHEETS: PRPM) is pleased to announce that the Company has posted its unaudited third quarter financial statements for the nine-month period ending October 31, 2007, and has already exceeded its sales totals for all of 2006 by 18.2 percent. Propalms increased its revenues from $708,434 to $837,540. During the same period, the Company increased its total assets by $887,966.

Propalms, Inc. posted total assets of $2,278,657 for the period ending October 31, 2007 as compared to $1,390,691 for the 2006 year ending January 31, 2007, a 63.8 percent increase. In addition, the Company reduced its net loss by $961,915 for the nine months ending October 31, 2007 as compared to the previous year. This represents an improvement of more than 171 percent over the prior year. For the nine month period ending October 31, 2007, the Company posted a net loss of $563,547, as compared to the prior year where the Company posted a net loss of $1,525,462.

The financials were prepared by the Company's Certified Public Accountant, Mr. Mark Murphy. Mr. Murphy is licensed in both Florida, and California. Propalms, Inc. has filed its form 10SB to become a fully reporting company listed on the NASDAQ Bulletin Board. The Company anticipates to begin trading on the Bulletin Board this quarter.

"We are extremely pleased that the Company has already exceeded all of last year's financial accomplishments in just nine months. We believe Propalms will continue to show improvement and finish out the year even stronger," stated Owen Dukes, CEO of Propalms, Inc.

Propalms, Inc. recently announced that the Company will discuss its plans for growth and development in 2008 at its first annual shareholder meeting. Propalms, Inc.'s annual shareholder meeting will be held on January 11, 2008, at 10 a.m. PST at the Luxor Hotel and Casino, in Las Vegas, Nevada. The Company mailed the proxy statements on Tuesday, December 4, 2007 to all shareholders of record as of November 23, 2007. The Company is participating as an exhibitor at the 2008 International Consumer Electronics Show (CES) January 7-11, in Las Vegas, Nevada.

Propalms, 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 U.S. GAAP accounting rules. Propalms, Inc. accounts are based on revenue recognition in accordance with Software Revenue Recognition SOP 97-2. The full explanation is detailed in the financial accounts.

To view Propalms, Inc.'s unaudited third quarter financial statements, please visit:

About Propalms, Inc.:

Propalms TSE, the complete Server-Based Management solution that extends Microsoft Terminal Services 2000/2003, offers features such as Application Publishing, Seamless Windows, Resource-based Load balancing, and Web-based consoles.

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.

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