6341 Baar, ch
+41 (41) 560-1020
ROBUST Q3 DEVELOPMENT
Robust Q3 development
Despite the current deterioration in economic conditions, OPENLiMiT delivered a robust performance. Strong sales development was accompanied by news of a new contract with Sixt Car Rental and new partnerships with VfSt (IT service organisation of the German registrar's office) and TC TrustCenter.
Outlook for 2009 and 2010
Electronic signature technology will be a key component in e-Goverment and the migration of German Government departments to electronic media as well as several private business projects(e-Invoicing, arrears billing, electronic archiving). OPENLiMiT's signature software is the only product of its type to have been approved by the German Federal Office of Information Technology Security (BSI) on the basis of its compliance with EU Common Criteria EAL4+. OPENLiMiT will release software supporting IBM's Lotus Forms next month. In addition, Q1 2009 sees the release of a new long-term archiving solution. These new products and the multiplatform middleware software solution (release planned for mid-2009) mean that OPENLiMiT is well positioned to meet the growing demand for signature software during 2009 and 2010.
Maintaining Strong Buy rating
Current poor economic conditions mean that we cannot exclude the possibility that some of the revenues planned for 2008 are postponed until 2009. However, we leave our forecasts unchanged for the time being. Our Strong Buy rating is primarily based on our view of the company's medium- and long-term prospects, which remains very positive.
Risks to our price target include but are not limited to: delay in large projects, erosion of the company's present competitive lead, further dilution of shareholders' interests and the failure of electronic signature applications to achieve widespread market acceptance.
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