-- V:MDD MDI Technologies signs $222,641 (U.S.) Kentucky deal --
MDI Technologies Inc MDD.U
Shares issued 11,450,888 Apr 8 close $1.19
Wed 9 Apr 2003 V:MDD News Release
Mr. Todd Spence reports
MDI TECHNOLOGIES GAINS ASP BUSINESS IN KENTUCKY
A Kentucky corporation has signed a 24-month MDIConnect software agreement
valued at $222,641 (U.S.). Of this, $208,641 (U.S.) is deemed recurring revenue
and will be recognized over the course of the contract. If the contract is
renewed after the initial term, the recurring revenue component will continue.
"As bandwidth becomes available throughout the country, MDIConnect, our ASP
product, continues to have a dramatic impact on our ability to attract and
retain new business," said Di Anne Kerrigan, executive vice-president. "This
allows MDI to deliver our software content to the long-term care audience
through an efficient and cost-effective model," Ms. Kerrigan continued.
"The key to our business model is strength in each of our products. This ASP
contract adds $104,320.50 (U.S.) to our annual recurring revenue numbers with a
minimum two-year term. With MDI's history of client retention, we have the
opportunity to double the value of this contract over the next five years," said
Todd A. Spence, president and chief executive officer. "The mix of ASP and
shrink wrap product sales allows us to build a solid base of revenue for the
future while maintaining growth for the current year," Mr. Spence continued.
WARNING: The company relies upon litigation protection for "forward-looking"
statements.
(c) Copyright 2003 Canjex Publishing Ltd. |
