Thin set for check out

AFTER several months delay, Thin Technologies is finally ready to take its highly advanced retail check out system to the market.

The company announced completion of its commercial-isation trials, which includes a 30-day warranty period, to the stock market (ASX: TTL) last week.

However, the delay has affected the forecast results for the financial year ending June 30, which will vary considerably from the projected financial information set out in the prospectus, says Thin Technologies.

The revenue for the 2001 financial year will be considerably under the projections contained in the prospectus, however the operating and capital expenditure will also be significantly under projections.

The completion had been delayed as a result of the high degree of complexity encountered throughout the build process by the contracted specialist developers.

While this has resulted in an extended development timeframe and the roll out has not commenced as per the prospectus, extra functionality has been added to the solution.

CEO of TTL Christian Singleton said TTL now had a product with the potential for greater market penetration.

“Thin Technologies point of sale register is basically a Java-based retail management system run from a cash register with built-in EFTPOS and bar-code scanning,” he said.

“It is Internet-enabled so owners can track stock control, cash flow, and an audit trail in real time from the cash register or from any Internet browser and comes in three levels of sophistication to cater for stand-alone shops to multi-nationals and franchised operations.

“The extended development time, while delayed from our forecasts, reflects the detailed design required to achieve commercialisation.

“Having a product on the verge of being ready for sale means we can now activate our marketing and product development.”

With a cash position of $7.7 million at December 31 and no long term liabilities, TTL remains in a strong financial position to complete the commercialisation and roll out of its POS solution.

He said the company continued to maintain a lean operating struc-ture, and expected to commence strategic marketing of the completed solution to the general SME market and specific targets before June 30.

As disclosed in the prospectus, projected financial information was prepared on a basis limited to the deployment of the Thin POS solution solely in Australia, and assumed the roll out of the product in the Australian marketplace would occur in accordance with the projected timeframe. The directors are evaluating the most effective method of distribution.

TTL staged successful field trials in September and October, with selected clients who trialed a pre-release version to confirm its useability and presentation.

Certification of the EFTPOS component of the solution was completed by DCS Technologies Limited in November.

The Java-based EFTPOS component passed the rigorous certification process required by the National and International Banking Industry before any new or modified electronic payment system could be deployed and routed via the electronic banking network

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