PDAware will be positioned as a high-end software package that enables project managers to review, maintain and synchronize their project data via wireless technology. There is currently no other company that produces this type of software with the management features we've developed.
It will be packaged and sold in retail markets where PDAs are sold, sold through traditional online software vendors, sold via the PDAware company Web site, sold via targeted direct mail campaigns, and also sold through cooperative agreements with leading PDA manufacturers.
The potential market for the product is very promising. Palm™ Computing had sold over 8 million units as of August of 2000 with an estimated 12 million total units in the market from all manufacturers.
Our financial projection for Year 1 is a net loss after taxes of $174,000. Year 2 is projected at a net profit after taxes of $1,019,031. Year 3 is projected at a net profit after taxes of $1,165,987.
The Management Team members have strong backgrounds in both computer hardware and software development. The CEO was the former Business Development Officer for XYZ Company, the VP of Product Development was formerly the Chief Software Engineer with ABC Company, the VP of Finance was previously Controller for CDE Widgets, and the VP of Marketing was formerly the Sr. Marketing Director for EFG Software.
The $1.2 million we are seeking will be used to begin production, packaging, and marketing, and for short term capital and overhead needs. An additional $125,000 is being provided by the owner.
