| ANTs software inc. Reports Second Quarter 2008 Financial Results |
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Second-Quarter Loss Per Share was ($0.04); Earnings Excluding Non-Recurring Debt Costs Were $0.00 Per Share BURLINGAME, Calif., August 18, 2008 – ANTs software inc. (OTCBB:ANTS), a leader in database consolidation solutions, today announced its financial results for the second quarter and six months ended June 30, 2008. Total revenue was $5.4 million for the second quarter, compared to $21 thousand for the second quarter of 2007. Reported net loss was $2.7 million, or ($0.04) per basic and diluted share, compared to a net loss of $4.7 million, or ($0.08) per basic and diluted share. Excluding one-time charges related to debt, net income was $300 thousand or $0.00 per share in the second quarter 2008 versus a net loss of $4.7 million or ($0.08) per share for the same period last year. Total cash and cash equivalents equaled $5.0 million as of June 30, 2008 compared to $2.5 million as of March 31, 2008. Joseph Kozak, Chairman and Chief Executive Officer of ANTs software inc. stated, “ANTs delivered strong results for the second quarter and first half of 2008, far surpassing all revenues generated in the history of the company. We completed a series of strategic transactions which included: debt restructuring, an equity financing, the licensing and sale of ANTs Data Server technology and assets, and we added a line of managed and professional services from our newly acquired subsidiary, Inventa Technologies, Inc. “Integration of Inventa is proceeding well. The positive impact that it will have on our results going forward is evident: the synergies of combining Inventa’s workforce and client base with ANTs’ greatly enhances our efforts to expand our presence in the database consolidation market. We intend to fully make use of these combined assets going forward. “We are confident that the strategy we have in place and investments we are making today will ensure a bright future for ANTs. While we do not expect revenue in the near-term to match what we achieved in the second quarter because of the ADS-related revenue, we do expect revenue in the range of $1.1 million to $1.3 million for the third quarter and full-year revenue in the range of $7.6 million to $8.0 million. We believe we have a solid business made even stronger with Inventa and rest assured we will continue to execute on our focused, strategic plan to create value for our shareholders.” Non-Recurring Debt Costs ANTs software inc. believes the non-GAAP (Generally Accepted Accounting Principles) measures related to the exclusion of one-time debt costs provide useful information to both management and investors by excluding certain expenses that may not be indicative of its core operating results. The non-GAAP measures included in this press release have been reconciled to the GAAP results in the attached table. These measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results. About ANTs software inc. Company contact: Todd Fromer / Marybeth Csaby # # # This press release is neither an offer to sell, nor a solicitation of offers to purchase securities. The private equity financing mentioned herein was made in reliance upon Rule 506 and Section 4(2) of the Securities Act of 1933, as amended (the “Act”) and the securities sold in connection with such financing have not been registered and will not be registered under the Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This press release contains forward-looking statements within the meaning of the federal securities laws, including statements concerning financial projections, product development activities and sales and licensing activities. Such forward-looking statements are not guarantees of future performance, are sometimes identified by words of condition such as “should,” “could,” “expects,” “may,” or “intends,” and are subject to a number of risks and uncertainties, known and unknown, that could cause actual results to differ materially from those intended or anticipated. Such risks include, without limitation: that the Company may not meet the revenue projection; that that the combination with Inventa might not meet the Company’s business goals; the market will not respond positively to the ANTs Compatibility Server, challenges arising from competition, problems encountered in commercializing the ANTs technology, potential of undetected infringing technology or non-infringing competitive technologies, difficulties experienced in product development, roadblocks experienced in sales and marketing activities, longer than expected sales processes, difficulties in recruiting knowledgeable and experienced personnel, possible problems in migrating applications using the Compatibility Server, potential problems in protecting the Company’s intellectual property, and problems securing the necessary financing to continue operations should revenues not be sufficient to offset expenses. Further information concerning these and other risks is included in the Company’s filings with the Securities and Exchange Commission, including the Company’s most recent Annual Report on Form 10Q for the fiscal quarter ended June 30, 2008. The Company undertakes no obligation to update or revise such forward-looking statements to reflect events or circumstances occurring after the date of this press release. ANTs software, inc.
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