Ace Comm Corp (MM) (NASDAQ:ACEC)
Historical Stock Chart
From May 2019 to May 2024
ACE*COMM Corporation (NASDAQ:ACEC),
a global provider of mobile applications, advanced OSS and revenue
management solutions, today announced the signing of a definitive
agreement with an investment fund that will provide capital to carry out
its research, development and delivery plan for products in the
value-added services (VAS) sector of the mobile telecommunications
market.
The financing includes a senior, secured convertible note bearing
interest at prime plus 3% and warrants, providing aggregate gross
proceeds to the Company of $4.2 million. Repayment of the note is to be
completed in three years.
Jim Greenwell, ACE*COMM’s Chief Executive
Officer, commented, “This investment provides
ACE*COMM with additional capital to continue successfully penetrating
the wireless market with our Patrol Suite™
products. We have been gaining momentum in this market segment, and the
financing will enable us to expand our sales and marketing efforts and
execute on our product development plan.
“With our recent cost reductions and an
improving revenue outlook for our traditional businesses, we are now in
a much stronger position to meet our business objectives of investing in
the wireless VAS market and returning our core businesses to
profitability.”
The Company will use the proceeds from the financing primarily to
deliver existing applications such as Parent Patrol®
and Enterprise Patrol™, which are already sold
to mobile operators, to expand this customer base and to develop new
mobile applications as part of its Patrol Suite product line.
ACE*COMM’s Parent Patrol is a Patrol Suite
application that helps parents balance access with safety. Parent Patrol
is a policy enforcement tool that lets parents personalize each child’s
phone use, independent of the handset choice, for voice, messaging and
data services. Parents use a graphical web interface to specify what
times of day their children can use their mobile phones, what services
are permitted, and what content may be viewed on the mobile phone.
Enterprise Patrol allows corporate communications managers to specify
and control company-owned mobile phone usage. Delegated access
management allows authorized individuals to designate acceptable-use
policies and cost controls for individuals or groups. Control can be
based on time of day, the type of service used, specific telephone
numbers, and classification of appropriate content.
About ACE*COMM
ACE*COMM is a global provider of value-added services, mobile content
delivery applications and advanced operations support systems (OSS)
solutions for telecommunications service providers and enterprises.
ACE*COMM’s solutions are applicable to a
range of legacy through next-generation networks that include wired,
wireless, voice, data, multimedia, and Internet communications networks.
These solutions provide revenue-generating mobile applications and the
analytical tools required to extract knowledge from operating networks—knowledge
customers use for cost reduction, improved operational efficiency,
acceleration of time-to-market for new services, and more effective
customer care.
For over 20 years, ACE*COMM technology has been effectively deployed for
more than 300 customers, spanning over 4,000 installations in 70
countries worldwide. ACE*COMM-installed products are currently enabling
the success of customers and partners such as Alcatel-Lucent, AT&T,
Cisco, General Dynamics, IBM, Level 3 Communications, Marconi, Motorola,
Northrop Grumman, Siemens and Verisign. Headquartered in the Washington,
DC area, ACE*COMM has corporate offices in Australia, Canada and the UK.
ACE*COMM is an ISO 9001 compliant company. For more information, visit www.acecomm.com.
ACE*COMM, the ACE*COMM logo, Parent Patrol and N*VISION are
registered trademarks of ACE*COMM Corporation.
Except for historical information, the matters discussed in this news
release include forward-looking statements that are subject to certain
risks and uncertainties that could cause the actual results to differ
materially from those projected, including, but not limited to: the
failure of anticipated demand to materialize, delays or cancellations of
orders due to various factors, including business and economic
conditions in the U.S. and foreign countries; industry-wide slowdowns,
any limitations on customers’ financial
resources, the continued convergence of voice and data networks, the
continuing success of the Company’s strategic
alliances for product development and marketing, customer purchasing and
budgetary patterns or lack thereof; pricing pressures and the impact of
competitive products; the timely development and acceptance of new
products; the Company’s ability to adequately
support its operations, and other risks detailed from time to time in
the Company’s Report on Form 10-Q and other
reports filed with the Securities Exchange Commission.