Unpaid salaries [1], a stock price that stands at less than a penny, surface deals still not complete and yet Adwalker [2] still found time to announce ‘Generation 3 of the Adwalker Wearable Platform‘…
RNS Number : 2175S Adwalker plc 14 May 2009
14 May 2009
Adwalker Plc
(“Adwalker” or “the Company”)
Generation 3 Release
Further to the announcement made by Adwalker, a leader in wearable technology, on 1 May 2009 which referred to the development and launch of Generation 3 of the Adwalker Wearable Platform, the Company is pleased to announce that a prototype of its patented Generation 3 digital wearable unit (“Generation 3”) has been unveiled today. To view the prototype Generation 3 Unit, shareholders and other interested parties are directed to the Company’s website: www.Adwalker.com [2].
At its launch, which is anticipated to be in late 2009/early 2010, Generation 3 will incorporate improved functionality and additional features which will be encompassed within a modern unit design.
In order to maximise the impact of the launch of Generation 3, the Company has developed a new business model and marketing strategy. The Generation 3 units will be offered to existing and new customers on a pre-order basis. The unit will be provided to customers free of charge but in order to be able to use it the customers will be charged an activation fee (expected to be levied weekly) and will then be required to download applications and services for the unit from the online Adwalker Application Store, which is to be developed.
The Company anticipates that production of the Generation 3 units will only commence once a certain level of pre-orders have been received and those customers have contracted to a minimum activation period. This minimum level of pre-orders will determine the level of investment required to produce the new units, in turn the Company would then need to raise these funds from external sources.
In the pre-order phase, the Company will be targeting specific business sectors beyond the marketing services groups which comprise the majority of its existing customers. The Company’s initial research suggests that in the current economic environment and with the increasing maturity of the Adwalker product that companies will want to use Generation 3 as a sales and research tool.
Commenting on today’s update Chief Executive Simon Crisp said;
“The management of Adwalker have continuously maintained over the past few years that the digital wearable sector has significant potential. Generation 3 is an exciting development for the Company particularly given its design, enhanced features and functionality. Adwalker has an established profile in the wearable media sector, is a brand leader globally and owns its IP which is of particular importance given the activity within the industry.
New ideas often demand new technology and where necessary complete re-invention. Generation 3 and the revised business model is such a re-invention and we hope this will build on the foundations which the Company has laid through its significant R&D expenditure in the current Adwalker unit.
The key challenge for the Company will be to secure the necessary pre-orders and external finance to allow Generation 3 to be launched commercially”.
Further announcements will be made in due course.
We are not sure if anyone cares or indeed if Adwalker will be around for any of this to bear fruit.