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Share Name | Share Symbol | Market | Type |
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Silver Storm Mining Ltd | TG:SVR | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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-0.007 | -6.51% | 0.1005 | 0.10 | 0.1045 | 0.1095 | 0.1005 | 0.1095 | 209,685 | 20:46:26 |
RNS Number:0285T ServicePower Technologies PLC 09 December 2003 SERVICEPOWER TECHNOLOGIES PLC ("SERVICEPOWER" OR THE "COMPANY") Trading and Business Update Business Update ServicePower, the recognised market leader in artificial intelligence based, field service scheduling applications, today announced it has signed a Memorandum of Understanding with General Electric Consumer Products, referred to as GECP; a business unit of the General Electric Company, (the "Memorandum") for ServicePower to take over the management of processing warranty claims and dispatching the work to their independent servicers across the US. The parties are working towards a contractual deadline of 31st December 2003 by which final definitive agreements must be completed or the business relationship cannot progress. Since 2001, ServicePower has been providing state-of-the art routing software for GECP's field service technicians. ServicePower is currently seeking to expand its relationship with GECP by providing warranty management solutions. The signing of this Memorandum followed by a Final Agreement would represent an important step forward in the achievement of this effort and in the growth of Service Power. * it is estimated the contract would generate revenue in excess of 10 million pounds over a 5 year period; * a definitive contract would be the largest contract award in the history of the ServicePower Company and would be a decisive breakthrough in the "Fulcrum" business concept; * ServicePower would manage a significant part of GECP major appliance, consumer electronics and personal computer warranty claims, not something ServicePower currently does; * Chris Smith, previously General Manager of GECP Warranty Management, has agreed to join ServicePower as CEO of this new business opportunity. He will be recruiting other senior executives from the warranty industry to ensure the Company has the quality and depth of management to ensure this project is a success. In addition to the above, and as a key step in making the expanded GECP relationship possible, the Directors are in advanced discussions to acquire a US company that has a long established position in the market for electronic claims processing and jobs dispatch. The US market for an electronic claims processing and dispatch system to independent servicers is huge; research shows 40% of all service work done in the US is carried out by independent servicers. The Directors believe it will give the Company the opportunity to demonstrate the "Fulcrum" business concept to manufacturers and independent servicers across the US, with the support of GECP. Trading Update In 2003 the Company has submitted tenders for an unprecedented number of contracts, but the larger US companies are insisting on a proof of concept and live pilot running prior to the purchase of a software license. The Company has a very high conversion record, but despite the record contract signings, the revenue for the full year will be less than current market forecasts because much of the revenue associated with these contracts will fall into 2004. Among the recent contract signing is a funded proof of concept that has been signed with a Fortune 100 account and another with a US company conducting insurance risk-assessment reports. These follow on from the previously announced contract with a world-renowned Fortune 100 company. The projects are proceeding well and it is expected that full contracts will be signed in 2004. The Directors have also previously stated that they are in the advanced stages of negotiation with several other Fortune 500 companies to place significant contracts in Q4, but these have deferred their capital expenditure projects into 2004. It is to avoid exactly this kind of business risk that the directors are keen to implement a "Fulcrum" business model based upon long-term contracts delivering regular monthly revenue and cash from a transaction-based pricing model. David Brisco, CEO said, "the signing of the Memorandum with GECP is a significant event for the Company as it gives ServicePower the opportunity to become the major service supplier to the independent servicer marketplace in the US. This will mean ServicePower will evolve from a software supplier to a total service provider". The Directors look forward to further updating the market in the near future. This, and the deferral of revenue generating contracts into 2004, gives the Directors confidence for 2004. Note: ServicePower refers to the company and SERVICEPower refers to the product. Contacts: David Brisco, Chief Executive Officer Tel: 0161 476 2277 ServicePower Technologies PLC Tom Price/Michael Brennan Tel: 020 7071 4300 Evolution Beeson Gregory Limited This information is provided by RNS The company news service from the London Stock Exchange END TSTBKLFBXLBEFBX
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