SOURCE: Propalms, Inc.

November 06, 2007 08:31 ET

Propalms, Inc. Posts Second Year of Audited Financial Statements on Pinksheets.com

Company Takes Major Step to Uplist to Higher Exchange

NORTH YORKSHIRE, UK--(Marketwire - November 6, 2007) - Propalms, Inc. (PINKSHEETS: PRPM) is pleased to announce that the Company has taken a major step towards uplisting to a higher exchange by posting its second year of audited financial statements on Pinksheets.com. Propalms increased sales of its TSE software by approximately 400 percent for its audited fiscal year ending January 31, 2007, versus its audited fiscal year ending January 31, 2006.

Sales of the Company's TSE software generated $708,434 in revenue for its audited fiscal year ending January 31, 2007, as compared to its audited fiscal year ending January 31, 2006, when Propalms generated $142,009 in revenue, which represents a 398% increase in sales. The Company also increased its assets to $1,390,691 for its audited fiscal year ending January 31, 2007, from $1,125,502 for its audited fiscal year ending January 31, 2006, representing an increase in assets of 23.5%.

By finalizing its second year of audited financial statements, this enables Propalms to file the form 10-SB, in order to uplist to the Over-The-Counter Bulletin Board or a higher exchange. The Company plans on filing its 10-SB within the next 14 days.

"We're very pleased to post our second year of audited financial statements. This is a major step in Propalms, Inc.'s business strategy as we begin the process to uplist to a higher exchange. We are exceptionally pleased with the revenue that Propalms has generated this past year and are looking forward to seeing that number continue to grow as we add on larger enterprise customers," stated Robert Zysblat, President of Propalms, Inc.

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.'s accounts are based on revenue recognition in accordance with Software Revenue Recognition SOP 97-2. The full explanation is detailed in the financial accounts, which can be found on www.pinksheets.com.

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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