Kuala Lumpur

10th May 2005

 CWORKS SYSTEMS Bhd secures RM2m contract

CWorks Systems Bhd (CWorks), the top local CMMS player, was listed today with a debut price of RM0.74.  At the listing ceremony, CEO Abdul Rani Achmed announced that an agreement has just been signed with Metronic Global Bhd (Metronic) worth RM 2.015 million in which CWorks and Metronic will collaboratively develop software connected to asset management in FY2005. “This significant contract will help us sustain strong earnings growth this year”, said CEO Abdul Rani Achmed.

CWorks is the top local Computerised Maintenance Management Systems (CMMS) player and the company develops and markets its own brand of solutions for facilities management and plant maintenance. A unique and competitive business model allows cost to remain low for both the company and the end user, a key factor behind the rapid market acceptance seen for CWorks’ products. The company reported turnover of RM1.85million in FY2004 with a net profit of RM1.29 million.

“We are already seeing strong interest for our Spanish and Mandarin version solutions. By installing our most basic software, a company can typically expect cost savings of 10% - 15%”, said Abdul Rani Achmed. “We aim to use the listing proceeds to increase sales volume locally and abroad and gain market share over the next two to three years, he added.

 CWorks has customers from over 49 countries including the USA, United Kingdom, Canada, South Africa, Taiwan, Ireland, Saudi Arabia and United Arab Emirates the CWorks’ client list includes multinationals like Colgate-Palmolive, Vickers Specialist Engines and homegrown Proton.

 “Plans are underway to establish a call centre to function as an online implementation and support provider for our products worldwide as well as a management centre for CWorks ONLINE. This is part of our strategy to develop CWorks into a truly global Malaysian brand,” concluded Rani.

 As part of its listing exercise on the MESDAQ Market of Bursa Malaysia Securities Bhd, CWorks issued 12.92 million new ordinary 10sen shares at 67sen each, consisting of 11.92 million shares for institutions and high net worth individuals and 1 million shares for Malaysian retail investors. The 1 million shares reserved for retail investors were oversubscribed by 1.2 times.   

-ENDS-