EXO U Completes Initial Technology Rollout to 100,000 Students in Panama. Will recognize approximately CAD $2.1M in Revenue
MONTREAL, June 19, 2014 /PRNewswire/ – EXO U (TSXV: EXO), a provider of an innovative software suite that enables businesses and educational institutions to securely manage their mobile workforces and students by delivering ubiquitous applications spanning desktop and mobile computing environments, today announced the successful completion of its deployment contract signed in June 2013 with Panama’s National Secretariat for Science, Technology and Innovation (SENACYT). The deployment provides 100,000 students with the innovative EXO U Education Solution.
Completion of the initial phase of this project with the Panamanian government represents a major milestone for EXO U. The company intends to explore expanding the contract to include up to 400,000 students in Panama.
With the EXO U Education Solution, institutions have access to a platform that helps manage the integration and the use of technology. The Solution offers the capability to build a 21st century classroom with minimal infrastructure, even without Internet connectivity. It helps with the creation, distribution and management of content and applications across all platforms, gives teachers the means to effectively manage students in the classroom, and provides students with an engaging experience where they can securely collaborate and interact, enabling 21(st) century job skills development that are necessary to compete in the global economy.
In addition to the 100,000 licenses deployment, EXO U have installed three new digital classrooms into SENACYT, the Institute for Scientific Research and Technology Services (INDICASAT), and the University of Panama. These classrooms, similar to the one deployed in March 2013 in the University of Panama, are equipped with EXOdesks in order to offer a truly immersive digital experience. These classrooms will be used to create new educational applications using the EXO U development environment.
“We are pleased to successfully complete our project with the Panamanian government to provide their students with digital classrooms across Panama” said Shan Ahdoot, EXO U’s CEO. “We look forward to helping Panama achieve their educational goals of preparing their students for the digital world using our solution.”
With these two contracts, EXO U will book approximately CAD$2.1 million of revenue, with a portion in its last fiscal quarter of 2014 that ended on March 31, 2014 and the major portion to be recorded in its first quarter of 2015 that will end on June 30, 2014.
About EXO U
EXO U, with offices in Montreal, Quebec, and Palo Alto, CA, enables true mobility for businesses and government organizations by securely creating compelling ubiquitous applications that delight end-users. Our software simplifies development and management of the entire application lifecycle, freeing clients to focus on building engaging applications that work across different operating systems and form factors, thus increasing productivity for developers and reducing total cost of ownership for enterprises. The agnostic technology framework of EXO U offers a unified collaborative workspace to users with a unique, safe and attractive experience for current and future digital content and applications. For more information, visit http://www.exou.com and follow us on Twitter http://twitter.com/exo_u.
Certain statements made in this press release that are not historical facts are forward-looking and are subject to important risks, uncertainties and assumptions. The results or events predicted in these forward-looking statements may differ materially from actual results or events. As a result, readers are cautioned not to place undue reliance on these forward-looking statements. For additional information with respect to certain of these and other assumptions and risk factors, please refer to EXO U’s management’s discussion and analysis dated September 29, 2013 available under the Corporation’s profile on SEDAR at www.sedar.com. The forward-looking information contained in this press release represents EXO U’s current expectations. EXO U disclaims any intention and assumes no obligation to update or revise any forward-looking information, except by applicable securities laws.
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SOURCE EXO U Inc