QUOTE allows mobile phone users to access stock market data anytime, anywhere.
Ottawa, Canada and Phoenix, USA: September 12, 2005 - ZIM Corporation (OTCBB: ZIMCF), an international mobile services company specializing in bulk and premium SMS (short message service) applications, and QuoteMedia, Inc. (OTCBB: QMCI), a leading provider of market data provisions and financial applications, today announced the launch of the first mobile phone text messaging service to deliver financial market data across all major mobile operators in the U.S. and Canada.
Called QUOTE, the new product is an SMS application that allows users to request stock market data through their cell phones by sending a text message to the short code "QUOTE" (78683) with specific ticker symbols of the stocks or stock market indexes they wish to follow. Users get immediate responses to their queries, with the option of also receiving updates three times a day, and will be billed 25 cents per text message. Users can build a portfolio of stocks to track
"This is a perfect example of extending critical data beyond the boundaries of the Internet and to a large and growing audience," said Dr. Michael Cowpland, president and CEO of ZIM . "SMS is a global standard, making anyone in the world a potential user of these services. We are extremely excited to be providing this cutting-edge service to QuoteMedia and its customers, and to the public at large."
Jointly developed by ZIM and QuoteMedia, the service is offered through the QuoteMedia websiteswww.quotemedia.com and www.quotesbysms.com, as well as through the websites of QuoteMedia’s clients, which include major banks and stock exchanges in North America. All the major service providers in the U.S., including Cingular, Verizon, T-Mobile Sprint and Nextel, and in Canada, including Rogers, Telus, Bell, Fido, Sasktel, MTS, Northern Tel, Aliant and Télébec, are now providing this service on their networks.
ZIM and QuoteMedia plan to offer similar services in Europe and South America by the end of this year. This would enable them to reach a combined target audience of over one billion mobile phones.
"SMS provides a powerful channel that allows us to multiply our audience and reach overnight," saidDave Shworan, CEO of QuoteMedia, Ltd. "Our financial market data can now extend to an audience of more than 300 million mobile phones in North America and, very shortly, will extend to an audience of one billion mobile phones in Europe and South America."
EMC forecasts that the mobile industry will break through the two-billion subscriber mark by early 2006. While text messaging has been very popular in Asia-Pacific and Europe, it is rapidly gaining popularity in North America as well. North American mobile data revenue is expected to grow from around $8 billion this year to $29 billion in 2010, according to Strategy Analytics.
About ZIM Corporation
ZIM is a leading mobile service provider, aggregator and application developer for the global SMS channel. Headquarted in Ottawa, the company also has an office in Sao Paulo, Brazil. ZIM is a public company listed on the OTCBB under the ticker symbol ZIMCF. The company was recently identified as the fastest growing public company in Ottawa, with 500% revenue growth over the last two years. ZIM’s products include mobile e-mail and office tools, such as ZIM SMS Chat, and message delivery services, such as bulk SMS, premium SMS and location-based services (LBS). ZIM is also a provider of enterprise-class software and tools for designing, developing and manipulating database systems and applications. Through its two-way SMS expertise and mobile-enabling technologies, ZIM bridges the gap between data and mobility. For more information on ZIM and its customers, partners and products, please visit: www.zim.biz.
About QuoteMedia, Inc.
QuoteMedia is a leading software developer and syndicator of financial market information and streaming financial data solutions to media, corporations, online brokerages and financial services companies. The company licenses interactive stock research tools such as streaming real-time quotes, market research, news, charting, option chains, NASDAQ level 2, TSX level 2, SEC filings, corporate financials, insider reports, market indices, portfolio management systems and data feeds. QuoteMedia provides data and services for companies such as the NASDAQ, the OTCBB, Forbes.com, Scotia Capital, Southwest Securities, NF Clearing, FBRDirect, AIM Trimark, Research In Motion (RIM), Zacks Investment Research, Schaeffer's Investment Research, ChoiceTrade, QTrade, WallStreet*E, KitcoCasey and others. For more information, please visit: www.quotemedia.com.
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements related to the anticipated growth of ZIM's markets and its product offering plan. All forward-looking statements made in this press release are made as of, and are based upon information available to ZIM as of, the date hereof. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those described or implied by any forward-looking statements. Factors that might cause such a difference include, but are not limited to, ZIM's limited operating history and expected future operating losses, ZIM's ability to obtain additional financing when needed, ZIM's ability to continue as a going concern, ZIM's reliance on wireless carriers to market and use its applications and services, ZIM's ability to successfully attract potential users to the QUOTE service, possible fee increases by third party service providers, the potential loss of services of Dr. Michael Cowpland and other key personnel, rapid developments in technology, including developments by competitors and ZIM's ability to protect its intellectual property rights. Please refer to ZIM's filings with the SEC for additional information regarding risks and uncertainties. Copies of these filings are available through the SEC's website at www.sec.gov. ZIM assumes no obligation to revise or update publicly the forward-looking statements included in this news release, other than as required by law.
Statements about QuoteMedia's future expectations, including future revenue, earnings, and transactions, as well as all other statements in the press release other than historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. QuoteMedia intends that such forward-looking statements be subject to the safe harbors created thereby. These statements involve risks and uncertainties that are identified from time to time in the company’s SEC reports and filings, and are subject to change at any time. QuoteMedia's actual results and other corporate developments could differ materially from that which has been anticipated in such statements.
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