PRO 4.65% 41.0¢ prophecy international holdings limited

Prophecy Annoucement.

  1. 7 Posts.
    Hi

    I need some help with evaluating this company announcement:

    I have been very quite since the downturn in the market and lost a lot of my funds, but have stuck in there and been quietly buying what I think are good companies, Recently I keep buying PRO right down to 16c and then this announcement comes out. not sure what to do, I can no longer buy and sell on my assumptions and would please ask for some opinion on the value of this supposed deal.

    Thankyou.
    Hostcp3

    PROPHECY INTERNATIONAL HOLDINGS LIMITED 2002-07-25 ASX-SIGNAL-G

    HOMEX - Adelaide

    +++++++++++++++++++++++++
    THE AGREEMENT

    Prophecy International and IBM have signed a worldwide agreement for
    IBM to distribute its product, Velatte, through IBM's Passport
    Advantage Solution Selling for ISVs program. The agreement was signed
    with IBM in the USA with senior IBM executives.

    Passport Advantage is IBM's worldwide program, involving in excess of
    20,000 IBM channel partners world-wide, for volume licensing of
    distributed software. IBM has introduced this innovative program to
    enhance its sales through the promotion and sale of third party
    software products that are tightly coupled with IBM's middleware
    products. Beginning in Quarter 2, IBM and its channel partners will
    promote, sell and implement Velatte product and services orders
    utilizing IBM's internal order fulfillment systems with royalties
    back to Prophecy from worldwide sales. Velatte is the first non-IBM
    product to be announced through this program.

    In Prophecy International's long history of alliances with major
    software vendors, this is potentially the biggest alliance signed to
    date and Prophecy expects that sales by IBM under this agreement will
    make a substantial contribution to its revenues beginning in the
    2002-03 financial period.

    Prophecy International believes that the Promotion and sale of the
    Velatte product by way of access to the IPASS program provides a
    significant endorsement of the role of the Velatte product in today's
    application development and middleware arena.

    PRODUCT DESCRIPTION

    Velatte is a product that allows organizations to produce Java-based
    software applications without the traditional development phase and
    reduces the need for Java coding. Velatte is receiving considerable
    attention, following its announcement at the World Congress on IT
    2002 in Adelaide during February and subsequently at the JavaONE
    conference in San Francisco in April 2002.

    Velatte has been ported to IBM's middleware products supporting
    IBM's DB2 database and market leading application server solution
    Websphere.

    ABOUT PROPHECY INTERNATIONAL

    For more details on Prophecy International visit www.prophecyopen.com
    or www.velatte.com
    call Paul Turner, Chief Financial Officer on 61 8 8364 4411
    or Impress Media Australia on 61 8 8431 4000.
 
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