IRVINE, California and LONDON, January 22 /PRNewswire/ --
- Revenues Increase and Profitability Improves at Tadpole's Endeavors Application Streaming Operations
Endeavors Technologies, the pioneer in application streaming and virtualization technology, and its parent company, Tadpole Technology plc, today announced results for the year ended 30 September 2007.
Operating revenue from the Company's application streaming activities known as Endeavors Technologies ("continuing operations") increased by 56% to 3.3 million pounds Sterling from 2.1 million pounds Sterling whilst operating profit before non-cash charges was 27,000 pounds Sterling as opposed to an operating loss of 1.3 million pounds Sterling in the previous year.
Taking non-cash charges in to account, the Company's operating results from continuing operations improved significantly, recording a small loss of 0.3 million pounds Sterling compared to last year's loss of 6.7 million pounds Sterling.
"The trading performance of our core activities ("Endeavors Technologies") improved dramatically during 2007 as a new management team became effective and new licensing agreements were signed," commented David Lee, Tadpole Technology Chairman. "With the disposal of our Geospatial business activities, we are now demonstrably focused on exploiting our technological advantages in the application virtualization marketplace."
Revenues from the discontinued geospatial operations ("discontinued operations") declined significantly from 7.9m pounds Sterling to 4.5m pounds Sterling and profitability declined from 0.7m pounds Sterling to 0.5m pounds Sterling. The disposal of the Geospatial Division to ESRI(UK) Limited was concluded in November 2007.
David Lee added, "We will complete our transformation to a single, pure focus business during the first quarter of 2008, with the proposed name change to Endeavors plc. At the same time, we plan to offer our shareholders the opportunity to participate in a fundraising, to be announced in February for completion in March, in order to maintain existing operations and to provide working capital to further develop the business."
A full copy of the Annual Report and Financial Statements is available on the Company's website at http://www.tadpoletechnology.com/html/investors/financials.html. The documents can also be viewed at the UKLA's Document Viewing Facility, 25 North Colonade, Canary Wharf, London, E14 5HS.
About Endeavors Technologies
Endeavors Technologies creates, develops and markets innovative application virtualization and streaming technologies that allow servers to stream pc-based applications to client computers where they are subsequently executed. These "next stage" technologies replace thin client computing paradigms. Application virtualization and streaming enables organizations to reduce the total cost of ownership while improving service levels, simplifying the management of computers and improving security and reliability. This innovative application distribution methodology provides companies with new revenue opportunities while reducing IT costs and increasing user productivity. Endeavors Technologies is a pioneer and thought leader with eight patents granted and 25 pending, including the first patents granted for streaming applications. Endeavors Technologies provides its solutions through licensing, royalty and technology transfer models. Visit http://www.endeavors.com for more details.
About Tadpole Technology plc
Tadpole Technology plc (LSE: TAD) is a company in transition. The company was formed in 1983 as a developer and manufacturer of high performance portable workstations. In 2003, Tadpole transitioned to a software group focused on two sectors; geospatial solutions and system level software technologies. In mid 2007, Tadpole made a strategic decision to focus exclusively on the application streaming and virtualization marketplace and in November 2007 announced the sale of its geospatial interests. The company established Endeavors Technologies Ltd. as its European trading arm, complementing the existing Endeavors Technologies Inc. in the US. Subject to shareholder approval, Tadpole Technology plc intends to rebrand itself under the Endeavors' name to reflect its focus on a single brand and product set. For information on Tadpole Technology plc, visit http://www.tadpoletechnology.com
Web site: http://www.endeavors.com http://www.tadpoletechnology.com
Jan Tarzia of Endeavors Technologies Inc., +1-949-296-3998, jtarzia@endeavors.com, or Peter Bondar of Endeavors Technologies Ltd., +44-1845501202, pbondar@endeavors.com
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