RNS Number:5286S
i-mate plc
17 April 2008
For immediate release 17 April 2008
i-mate plc
Pre-Close Update
i-mateTM (London AIM: IMTE), the specialist in Microsoft Windows MobileTM
devices and software applications, today issues the following update.
The Group expects results for the year ending 31 March 2008 to be broadly in
line with market expectations with sales for the year estimated at $63m.
We stated in January that we would perform a strategic review of the Company
with the help of Deloitte, which is near completion. The results of the review
will be outlined in more detail in the CEO statement when the year end results
are published. However, key highlights are that the Company has adequate cash
resources thereby quashing rumors that it is up for sale or closing down. There
should be considerable savings of the order of $5m at a very little cost in
direct operational costs and the Group is being streamlined to meet the
operational requirements of the business. Software application development and
picture frame manufacturing has been halted for the foreseeable future although
the technology is still being used in both current and future handsets.
We have a road map of devices covering the next 2 years all based on the Windows
MobileTM platform. Our relationship with Microsoft continues to be strong with a
more advantageous licensing model commencing in December. We have rationalised
manufacturers and chip set suppliers for new products which should see
development costs fall substantially in the next few years.
All of our devices are shipping, chip shortages are being overcome, positive
reviews about our Ultimate and JAMA lines continue to accumulate, and sales are
accelerating as expected.
For further information please contact:
i-mate plc
Jim Morrison
Tel: 00 971 4367 8500
JPMorgan Cazenove
Nicholas Garrett
Tel: 0207 588 2828
Buchanan Communications
Mark Edwards / Jeremy Garcia / Robin Haddrill
Tel: 020 7466 5000
This information is provided by RNS
The company news service from the London Stock Exchange
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