Realisation of Current Assets

RNS Number : 6652K

Synchronica PLC

23 December 2008

 



23 December 2008

Synchronica plc

('Synchronica' or 'the Company')

Realisation of Current Assets Acquired with Axis Mobile Ltd

Synchronica plc (AIM: SYNC), the mobile email and synchronisation specialist, is pleased to announce that following an auction process it has realised cash for certain current assets, which were acquired with the purchase of Axis Mobile Ltd in September 2008. The auction realised US $ 3.75m, which was paid to Synchronica on 22nd December 2008.

Synchronica acquired Axis Mobile for c85m new shares in Synchronica plc primarily for its customer base, which continues to deliver revenue and which has been expanded since the acquisition, and technology, which is being integrated into the next version of Synchronica's flagship product Mobile Gateway targeted to be available early in 2009.

Carsten Brinkschulte, CEO of Synchronica plc, said: "This realisation of current assets is a very positive result from the acquisition. We are obviously pleased to have realised such a large sum, significantly strengthening our balance sheet. This transaction almost meets the costs of the acquisition while maintaining the upside of revenues from acquired customers and technology."

Enquiries:

Synchronica plc	Carsten Brinkschulte, CEO, Angus Dent, CFO,  Nicole Meissner, CMO,	[phone] [phone] [phone]
ICIS	Tom Moriarty Christian Taylor-Wilkinson Caroline Evans-Jones	[phone]
FinnCap	Charles Cunningham, Geoff Nash	[phone]

About Synchronica

Synchronica plc develops and markets mobile email and synchronization solutions for mobile operators and device manufacturers. Products include the award-winning push email and synchronization solution Mobile Gateway, and the device backup solution Mobile Backup. Based on industry-standards, Synchronica can reach the built-in email and synchronization clients of more than 1.5 billion mobile devices on the market today. Service providers in emerging and developed markets use Synchronica products to offer mobile email, PIM synchronization, and backup and restore services to consumer and business subscribers. 

Future versions of Synchronica Mobile Gateway will enhance the product to a comprehensive multi-protocol mobile email solution introducing Email-to-SMS and Email-to-MMS as well as WAP and xHTML Gateways. Document transcoding will add the ability to display a large variety of attachments, such as Word, Excel, and Powerpoint on standard feature phones. 

Headquartered in England, Synchronica has a development centre in Germany and presences in the USA, Hong Kong, and Dubai. More information is available at www.synchronica.com

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