Posted on GoArticles.com. See full article here
IPO Candidate WhiteSmoke Generates Revenue of $3.3 Million Last Quarter
By Katherine Belle
WhiteSmoke Inc., an English writing and translation software company seeking to go public in the U.S., published their latest numbers from quarter 1 of 2011 in the company's latest initial public offering prospectus on Monday, June 27th, 2011. The company offering is being underwritten by Rodman & Renshaw LLC and EarlyBirdCapital Inc., popular companies in the IPO scene.
WhiteSmoke has applied for Nasdaq listing under the ticker symbol “WHSM” while targeting the Education, Government and Business markets, all showing a growing demand for what this small hi-tech company offers. WhiteSmoke Inc. claims in their prospectus that though there are other companies they consider competitors in similar markets, they have yet to see anything similar to or at the level of their own solution. The Education, Government and Business markets are huge, and with the statistics in the “Industry” section of their prospectus showing the growing need for English as a common language on a worldwide scale, it seems this company has a bright future ahead of them.
The company has developed a PC solution that corrects grammar, spelling, style, punctuation and structure errors in texts as well as translates full texts and single words to and from nine languages. In addition, their product includes a Templates tab allowing the user to choose from a multitude of letter templates for instant use. A Mac version identical to their current PC version will be available by the end of this fiscal year. Also predicted to be launched by the end of this year is the WhiteSmoke Facebook application. In addition, applications for iPhone, iPad and Android are predicted to be launched by the end of 2012.
WhiteSmoke Inc., mentioned Monday that additional funding is needed to finance operations for the next 12 months. Evolution Venture Capital Fund, investors of WhiteSmoke Inc., have told the company that they are willing to provide the company with funding they require.
In addition to their flagship product, WhiteSmoke Writer, the company also offers a free trial version available for download together with toolbar applications from third-party monetization companies. Since the launch of this free product last year, it has become a huge revenue source for the company.
WhiteSmoke generated a total revenue of $3.3 million last quarter, a substantial grown from less than $1 million the year before and expect to continue to grow their operations by opening offices and hiring personnel worldwide.