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FOR IMMEDIATE RELEASE
KarenSoft Moves Forward To Execute Its Expansion Plan
Georgetown, Penang - 10 May 2004 - KarenSoft Technology Berhad (Stock name: KRNSOFT),
listed on the Bursa Malaysia Mesdaq Market,
set to execute its expansion plan by having
presence in China, Iran and Thailand coupled
with new products launches, said its Executive
Chairman and Chief Executive Officer,
Mr Chee Chong Hwa, during KarenSoft's
Sixth Annual General Meeting (AGM) held
at the Northam Hotel here today.
"In term of overseas expansion, we are now physically present in Yangzhou, China. A new wholly owned subsidiary has been incorporated recently on 20th April 2004, namely KarenSoft China Venture Sdn Bhd to invest in our China operations," Chee said. He added, with the recent signing of MoUs with the Iranian partner, Simaye Sharif, KarenSoft has been exhibiting in Islamic Republic of Iran now to set fits foot in the Middle East market.
He added that the expansion is followed by new product development such as the recently launched KarenSoft Membership-based ERP system which was jointly developed with Malaysian Institute of Accountant (MIA). Chee says, he sees a tremendous market for this product not only in Malaysian but also internationally and targets six new customers for this application.
As a recognized and active RosettaNet partner, KarenSoft has rolled out its first RosettaNet ready project. The solution is fully developed to integrate with any ERP system via KarenSoft Adapter. Added Chee, there are currently about 60 local companies potentially looking for adoption of this RosettaNet solution.
In term of revenue, KarenSoft grew by 16% when it grossed RM5.238 million for the year ended 31 December 2003 compared to RM4.505 million for the previous financial year. However, KarenSoft incurred a loss after tax of RM0.595 million compared to a profit of RM1.502 million the preceding year. Chee said, barring any unforeseen circumstances, the outlook of the company would still be satisfactory due to the overseas expansion as well as introduction of new products to the market.
KarenSoft Technology Berhad, listed on the Bursa Malaysia Mesdaq Market since 24 January 2003 is a leading Malaysian Enterprise Solutions Provider since 1991. Based in Prai with branches in Penang, PJ and Cyberjaya. KarenSoft aims to be a leading ERP2 (ERP+CRM) solutions provider in the APAC region. An MSC-status company, KarenSoft was also included in the 2002 and 2003 Delloitte Touche Tohmatsu's Asia Pacific FAST 500, a survey of APAC fastest growing technology companies. In this survey KarenSoft clinched the # 4 (2002:# 6) spot amongst 11 (2002: 13) Malaysian Companies which made the ATF 500 and ranked # 84 (2002:# 119) out of 250 companies in APAC.
For more information please contact:
Chee Chong Hwa, CA(M),CPA
Executive Chairman/Chief Executive Officer
KarenSoft Technology Berhad
MSC-Status Company
Listed on KLSE Mesdaq Market (Stock Code: 0014/KRNSOFT)
Mobile : 012-4890605
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