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Smith Micro Software Announces Acquisition of Allume Systems Inc.
Company Combination Will Offer Wireless Carriers and Handset Manufacturers
Industry Leading Compression Technology in an Offering to Be Known as StuffIt
Wireless
ALISO VIEJO, Calif., July 5 /PRNewswire-FirstCall/ -- Smith Micro Software
Inc. (NASDAQ:SMSI), a developer and marketer of a wide range of software and
services for the wireless market, today announced it has acquired Allume
Systems, Inc., a wholly owned subsidiary of International Microcomputer
Software Inc. (IMSI) (OTC:IMSI) (BULLETIN BOARD: IMSI) . Allume is a leading
provider of compression software solutions that enable state of the art
compression, security and archiving of data including JPEG, MPEG and MP3
platforms. The Company's pioneering product suite known as StuffIt(R) has been
a de facto industry standard since 1986.
Allume recently announced the development of a new JPEG compression technology
that reduces the size of JPEG images up to 30% in size without any additional
reduction of image quality. The company is planning to expand the technology
to provide similar compression for MPEG and MP3 files. This technology plays
directly into Smith Micro's strategy of broadening its wireless product
offerings and provides for the first time to carriers and handset manufacturers
enhanced compression technology that could reside directly in the handset.
"We are very excited to bring Allume Systems, Inc. into the Smith Micro family,
said William W. Smith, Jr., Smith Micro's President and CEO. "Allume's
compression technology and their talented employees bring us a new opportunity
as we continue to expand our product offerings to wireless carriers and handset
providers. With the explosive expansion of camera wireless phones and mobile
devices, handset providers continue to need additional storage for all of this
data, be it pictures, full motion video or audio. The patent pending
technology from Allume provides a very cost effective answer for our customer
base."
Through the agreement, Smith Micro will pay $11 million in cash and $1.75
million in Smith Micro shares to purchase all outstanding shares of Allume.
During the first calendar quarter of 2005, Allume contributed $2.5 million to
IMSI's $6.4 million net revenue. We believe the acquisition is accretive
immediately to Smith Micro.
The company will hold a conference call today at 8:00 am EDT Tuesday, July 5,
2005 to further discuss the details of the Allume acquisition. Investors may
access the conference call over the Internet via the company's website
http://www.smithmicro.com/ or at
http://phx.corporate-ir.net/playerlink.zhtml?c=107760&s=wm&e=1093467.
About Allume Systems, Inc.
Founded in 1988, Allume Systems, Inc., develops and publishes award-winning
software solutions for Macintosh and Windows. Allume's leading brands are
StuffIt(R), Internet Cleanup(TM) and Spring Cleaning(R), Personal
ImageManager(TM). Formerly known as Aladdin Systems, Allume enables people and
businesses to communicate and manage their ideas and information. Allume's
software offers a range of solutions, empowering people and businesses in the
areas of information access, removal, recovery, security, productivity and
Internet distribution.
About Smith Micro Software
Smith Micro Software, Inc., headquartered in Aliso Viejo, CA, is a developer
and marketer of wireless communication and utility software products for
multiple OS platforms. The company designs integrated cross platform,
easy-to-use software for personal computing and business solutions around the
world. With a focus on the Internet and Wireless and Broadband technologies,
the company's products and services enable wireless communications, eCommerce,
eBusiness, Internet communications (voice-over-IP), video conferencing, network
fax, and traditional computer telephony. Smith Micro's complete line of
products is available through original equipment manufacturers (OEMs), direct
sales, retail stores, and value-added resellers (VARs). Smith Micro's common
stock trades on The Nasdaq Stock Market(R) under the symbol SMSI. For more
information, contact Smith Micro at (949) 362-5800 or visit the company's Web
site at http://www.smithmicro.com/.
This release may contain forward-looking statements that involve risks and
uncertainties, including without limitation risks and uncertainties relating to
the company's financial prospects and projections, the company's plans for
returning to sustained profitability and the company's ability to increase its
business in the Wireless and Broadband segments. Among the important factors
that could cause actual results to differ materially from those in the
forward-looking statements are new and changing technologies, customer
acceptance of those technologies, fluctuations or cancellations in orders from
distribution customers, new and continuing adverse economic conditions, and the
company's ability to compete effectively with other software companies. These
and other factors could cause actual results to differ materially from those
presented in any forward-looking statement and are discussed in the company's
filings with the Securities and Exchange Commission including its recent
filings on Forms 10-K and 10-Q.
Smith Micro, Smith Micro logo, StuffIt, Internet Cleanup, Spring Cleaning(R),
and Personal ImageManager are trademarks or registered trademarks of Smith
Micro Software, Inc. All other marks are properties of their respective
owners.
DATASOURCE: Smith Micro Software, Inc.
CONTACT: Bruce T. Quigley ,Vice President of Business Development and
Investor Relations of Smith Micro Software, Inc., +1-949-362-5800,
; or IR Inquiries, Charles Messman, or Todd Kehrli,
both of MKR Group, +1-818-556-3700, , for Smith Micro
Software, Inc.; or Media Inquiries, Steve Simon of S&S Public Relations,
+1-847-955-0700, , for Smith Micro Software, Inc.
Web site: http://www.smithmicro.com/