SOURCE: Propalms, Inc.

September 15, 2010 08:29 ET

Propalms, Inc. Sells Wholly Owned Subsidiary for $2.3 Million

MALTON, ENGLAND--(Marketwire - September 15, 2010) - Propalms, Inc. (PINKSHEETS: PRPM) is pleased to announce that in a private transaction the Company has sold its wholly owned subsidiary, Propalms Ltd., in a share exchange valued at $2.3 Million, which is comprised of 100 Million shares of the common stock of National Energy Services Company, Inc., an Over the Counter Bulletin Board Company trading at $0.01c per share on the date of sale and the assumption of $1.3 Million in debt from the balance sheet of Propalms, Inc. This transaction is part of Propalms' new corporate strategy to increase shareholder value by utilizing its global network in order to help small technology companies that the Company acquires expand.

Propalms Ltd. is a United Kingdom corporation that develops and sells secure remote access solutions for Terminal Services and Virtual Desktop Infrastructures on a worldwide basis through its distribution partners.

National Energy Services Company, Inc. has two wholly owned subsidiaries, Green IT and Propalms International Ltd. Green IT sells, services and trains clients' personnel on cloud computing software to integrate, manage and maintain medium sized IT departments' migration. They also train clients to implement and maintain deployed virtualization, storage and utilization of cloud computing technology.

Propalms International has a worldwide license agreement with Propalms Ltd. to sell and market all of Propalms Ltd. software product line, which includes Propalms TSE 6.0, Propalms VPN, and Propalms VDI, and any new applications that are being developed.

"We are excited about this transaction and feel that based on our new corporate strategy, we will start to increase shareholder value and reward shareholders with a progressive dividend plan," stated Robert Zysblat, President of Propalms, Inc.

For complete details of the transaction, please visit http://www.otcmarkets.com/stock/PRPM/financials to view Propalms recently posted Quarterly Statement.

Propalms, Inc. has started the process to change its name to better reflect its new direction as part of its new strategy.

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.

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