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SHARE CODE : PIM
ISIN CODE : ZAE000022257
IN LINE with its June 2001 statement of intent to focus its energies on core
products and services directly associated with secure electronic payments,
Prism Holdings has mothballed its Eclipse e-procurement product.
Duncan Todd, Corporate Strategy Director for Prism says Prism's motivation
in the development and release of Eclipse v1.1 was to harness a potential
revenue stream generated by the transactions between businesses utilising
Eclipse to trade securely with each other.
"Although the product received excellent technical reviews from procurement
specialists, we have not identified a suitable partner in the e-procurement
arena with the ability to deliver such a sophisticated procurement product
to market in the short-term.
"This was the first time Prism engaged in speculative product development.
With market sentiment turning strongly from continued investment in projects
that may only deliver income in the future, Prism has reluctantly taken the
difficult decision to close down the Eclipse project and disband its team of
truly outstanding developers."
Prism retains its shareholding in UK-based procurement consultancy SJF
Limited, with which it embarked on development of Eclipse as a joint venture
prior to acquiring 100% of the company last October. Revenues generated by
SJFL's consultancy operations funded Eclipse's development. The latest move
regarding Eclipse will therefore be cash neutral for Prism.
Ends
issued by : Citigate Ballard King (011) 883 5013
for : Prism Holdings (011) 548 1000
contact : Duncan Todd, Group Corporate Strategy Director, Prism Holdings
(082 600 0002)
Hilary King, Citigate Ballard King (082 414 9623)
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