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Formjet announces new distribution deals in the Republic of Ireland

for its

Panda Security subsidiary 

Formjet Plc the AIM listed alternative software vendor is pleased to announce that it has opened offices in the Republic of Ireland, initially to sell Panda Security solutions through two new Ireland-based mainstream distributors, Option Electronics Limited and Asbis Limited. 

Highlights:

• Panda Software (UK) Ltd takes advantage of terms of Contract signed with Panda International in January 2008 for the extension of its exclusive territory to include the Republic of Ireland.

• Asbis is a major distributor of software in Ireland and throughout Europe.

• Option Electronics will provide accommodation and warehousing to enable fast and cost effective launch into Ireland.

• Distribution agreements take immediate effect for all Panda Security products.

• Locally employed Panda sales and technical support teams will focus on the corporate market with distribution's main focus being retail and consumer channels.

• Cost effective synergies with Crawley office on technical support, product knowledge, training and finance.

• Prepares basis for launch of all of Formjet product ranges into Ireland by end Q2 2009.

• Incremental sales expected for Panda Software (UK) Ltd as a result of this link up.

Lyndon Chapman Formjet Chairman and Panda Software (UK) Ltd Country Partner explained: 

'This is an important development in the Group's continuing expansion of cost-effective routes to market. Panda is Formjet's original subsidiary and this geographical expansion is extremely encouraging. David West's team at Option Electronics allows us instantly to benefit from a tried, tested and well-connected sales force that are already operating and respected in their local market. Moreover, Asbis is a very important distribution outlet and we are delighted to have them onboard. We expect our presence in Ireland to develop even more productively in the coming months with the launch of Ability and Edalive through Option.' He added that 2008 had been a very competitive year for the IT security sector with a number of newcomers taking market share. 'I am therefore delighted that these new distribution deals in our enlarged territory will spearhead our ambitions for Panda in 2009.'

 ENQUIRIES:

Formjet plc                                                               Tel: 01293 848 860

Lyndon Chapman, Executive Chairman

Tony Lee, Chief Executive
www.formjetplc.com

Dowgate Capital Advisers Ltd                               Tel: 020 7492 4777

Liam Murray, Nominated Adviser

www.dowgate.co.uk  

Old Park Lane Capital                                            Tel: 020 7493 8188

Michael Parnes, Joint Broker

www.oldplc.com 

Dowgate Capital Stockbrokers Ltd                       Tel: 01293 517 744

Neil Badger, Joint Broker

www.dowgate.co.uk  

Notes to Editors:

Formjet plc

Formjet plc is a UK-based company with a highly distinctive business model. It acquires territorial rights to 'alternative' software products, and markets, sells, distributes and supports these products in place of the vendor in worldwide markets. The strategy has at its heart the proposition that the Company can acquire product lines in territories of at least one country without the expense of either product development or the creation of IPR. 

Alternative Products 

• Panda Software (UK) distributes Panda Software antivirus and Internet security products in the UK. With its high margins and recurring annual renewal revenues, Panda is an important contributor to the Group's sales and profitability.  

• Ability Software International (ASI) distributes a powerful suite of office products which, as well as being sold under their own branding, form an integral part of the white label opportunities that Formjet is creating. Ability Software International has also developed the ASI Business Software range. This comprises eight titles, which include fully comprehensive office and graphics suites, Internet security, a business plan development application, small business accounting, appointment book management and staff records management software. In September the Company also added a remote access tool called BeAnywhere to this range. Significant growth in 2008 and further growth targeted in 2009.

• EdAlive edutainment software has opened up a new and growing market for Formjet and now covers a wide range of core subjects including maths, word skills and spelling.

Alternative Routes to Market

• Formjet Innovations is the specialist distribution arm of the Formjet Group focusing on its alternative product range and associated alternative routes to market. The focus here is on creating 'white label' software, targeting retail and brand leaders of importance. 

 

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