Tuesday, July 1, 2008

MTM to supply Army with security software

By Mass High Tech Staff

MTM Technologies Inc. reports it has landed a contract from the U.S. Army for data security software.

The Stamford, Conn.-based IT services company will provide the Army with its Mobile Armor security software. The software integrates with Microsoft Windows, Linux, Blackberry, Palm OS and Microsoft Windows Mobile operating systems, and is intended to encrypt all data on Army desktop computers, laptops, smart phones, PDAs and removable storage devices. MTM (Nasdaq: MTMCD) will work with the Army’s Computer Hardware, Enterprise Software and Solutions (CHESS) program on the deployment.

In May, Nasdaq notified MTM of its failure to comply with the minimum $1-per-share bid price requirement needed for continued listing. Last month, the company received $6.5 million through loans and increased debt facility, and later completed a 1 for 15 reverse stock split. The company’s stock closed at 2.82 on June 30.

MTM reported a 2008 net loss of $14.4 million on revenue of $242.7 million.