Analyst Notes

October 2008. - Steven Mayne from Montague Pitman Stockbrokers in the online game show Trading Places: "Synchronica is cash-rich. It's got ongoing contracts, so I'll be holding it more for the long-term." Watch the video here [Start at 13:40]

October 2008. - Shares Magazine about the contract in India: "The GBP 11.7 million market cap has clinched a license agreement for Mobile Gateway with an unnamed Indian reseller which has contracted with a major mobile operator to provide a mass market mobile email solution by the end of the year."

October 2008. - Proactive Investors reports: "Today Synchronica announced a license agreement for its Mobile Gateway solution to an Indian reseller. The agreement will see the Indian reseller acquire 50,000 user licenses for Mobile Gateway at a price of USD 2.34 per user. The Indian company has been contracted by a 'major mobile operator' in India to provide a mass market mobile email solution by the end of 2008." Read the full report here

October 2008. - Dr. Paul Cornelius from FinnCap indicates: "The Indian mobile market represents one of the most significant emerging markets for Synchronica. Whilst the price points are on a sliding scale, this contract could be worth an annualized USD 1 million with the majority on a high-margin recurring basis. We therefore reiterate our price target of 8.75 pence."

September 2008. - Proactive Investors writes: "Today, Synchronica confirmed that the integration of AxisMobile was 'on track and progressing well'. Since announcing the deal, Synchronica has announced two contract wins through AxisMobile, one with the largest mobile operator in Russia, the second with a mobile operator in Belgium." Read the full report here

September 2008. - Richard Jeans from Edison Investment Research in an investment summary: "Synchronica (SYNC) acquired its AIM-quoted peer AxisMobile in August in an all-share deal which effectively doubles the size of the business, removes a key competitor from the market, extends the company's IP across basic phones, and adds functionality. SYNC also raised GBP 5.1 million in August, and management believes it has the financial resources necessary to see it through to positive cash generation."

September 2008. - David Ferris from Ferris Research notes: "Synchronica got a good deal. It paid a low price for good technology and removal of an important competitor. In addition, revenues from AxisMobile's customers should soon pay off the acquisition cost."

September 2008. - Dr. Paul Cornelius from FinnCap about the agreement with a Belgian mobile operator: "The contract is worth an initial EUR 200,000 for setup and customization in addition to a hosting fee of EUR 3,000 per month. Furthermore, under the terms of the contract, Synchronica will receive EUR 0.35 per subscriber per month. The unnamed network operator is understood to be a subsidiary of a pan-European telecom group and understood to be the fastest-growing mobile operator in Belgium."

September 2008. - Proactive Investors writes: "Synchronica has announced a number of contract wins in 2008, and today's contract was no less impressive. MTS, Russia's and the CIS's largest mobile operator, has awarded a contract to Synchronica valued at USD 0.73 million." Read the full report here

September 2008. - Robert Tyerman from Growth Company Investor about the MTS deal: "The AIM-quoted company, described here on Monday as close to a major order, is to provide mobile email for MTS subscribers in the Moscow area. In a second phase, Tunbridge Wells-based Synchronica will launch its service to MTS's 84 million subscribers across Russia and other former Soviet Union states." Read the full report here here

September 2008. - Alistair Dawber from The Independent about the deal with MTS: "Analysts at the house broker, FinnCap, say that the overall size of the transaction will be worth USD 2 million and that it will help the group to meet its GBP 3.8 million annual revenue target. Even though investors will note that the stock was up twelve percent on yesterday's news, the stock has the potential to reach 8.75 pence in the next twelve months according to FinnCap." Read the full report here

September 2008. - Dr. Paul Cornelius from FinnCap in an outlook following the USD 730,000 expansion order from mobile operator MTS: "With the Axis acquisition now under its belt, we believe 2008 should mark the inflection point for Synchronica as both device manufacturers and mobile operators scramble for service-led revenues such as push email and synchronization. We reiterate our fair value estimate of 8.75 pence."

September 2008. - Robert Tyerman from Growth Company Investor: "Analysts suggest loss-making Synchronica whose shares at 3.62 pence are a small fraction of past levels should move into the black in late 2009 and enjoy a profitable 2010. They could repay a punt for those who do not mind taking a risk even in today's volatile markets." Read the full report here

September 2008. - Proactive Investors about the licensing agreement with a subsidiary of a leading Asian-African mobile operator group: "This is Synchronica's third contract win in emerging markets in 2008 and continues to underpin the company's conviction to focus on markets were push email and synchronization software could capture considerable revenues." Read the full report here

August 2008. - Growth Business in an analysis of the acquisition of AxisMobile: Axis which has been looking for funding after losing GBP 3 million last year despite strong turnover growth will then wind itself up after receiving another 6.6 million Synchronica shares to cancel a debt owed to the parent Axis company by the operating subsidiary, plus GBP 156,500 cash, and distributing the Synchronica shares it is to receive to its own shareholders." Read the full report here

August 2008. - Stuart Watson from Proactive Investors in an in-depth analysis of the recent deals: "There's potentially a lot of upside in these new relationships. For example, the wider Zain group has over 45 million subscribers. The Chinese handset manufacturer expects to ship 16 million units this year and will offer Mobile Gateway, in partnership with major mobile operators, to China's market of 580 million subscribers." Read the full report here

August 2008. - Proactive Investors writes: "Synchronica will issue 85,102,041 new ordinary shares to AXIS to complete the acquisition which will be funded by raising GBP 5.1 million from two institutional placings. The company reports that these placings of 169,466,399 new (1.0p) ordinary shares at 3 pence per share are supported by a number of existing and new investors." Read the full report here

August 2008. - Robert Tyerman from Growth Company Investor: "According to Chief Executive Officer Carsten Brinkschulte, the enlarged company will be able to strengthen its competitive position in key markets and exploit opportunities for cross-selling and upselling among its different customers." Read the full report here

August 2008. - FinnCap reports about Synchronica's acquisition of AxisMobile and concludes: "This acquisition and placing creates a well capitalized market leader in the rapidly expanding mobile email space for the mass market."

August 2008. - Malar Velaigam from Investors Chronicle about the AxisMobile acquisition: "The deal will give Synchronica access to AxisMobile's three million end-users. It also provides Synchronica with technologies for lower-end phones and attachments, allowing it to provide a full service product offering." Read the full report here

July 2008. - Proactive Investors Proactive Investors reports that Synchronica has licensed Mobile Gateway to Emircom: "Emircom has offices in the UAE, Qatar, Saudi Arabia, Syria, Sudan, Lebanon, and Pakistan and is one of the fastest-growing systems integrators in the region." Read the full report here

July 2008. - Proactive Investors writes about Synchronica licensing Mobile Gateway to two major mobile phone operators in Africa: "Mobile Gateway enables the most basic mobile phones to use email. This service is ideal for emerging markets where PC penetration is low." Read the full report here

June 2008. - Oliver Haill from Growth Company Investor about the contract with a large Chinese mobile phone manufacturer: "Synchronica's chief executive Carsten Brinkschulte said he believes the deal 'offers massive potential for recurring and growing revenue streams'." Read the full report here

June 2008. - Mike Jeremy from Daniel Stewart & Company concludes: "The China deal should provide an important boost at a critical phase in the worldwide marketing of Synchronica's offering, the most interesting feature of which, in our view, is software that enables standard mobile handsets to read email." Read the full report here

June 2008. - Dr. Paul Cornelius from FinnCap states: "The non-exclusive worldwide agreement with a leading Chinese consumer electronics group to distribute the Mobile Gateway solution via handset manufacturers and mobile network operators to both business users and consumers marks a tipping point for Synchronica's fortunes."

June 2008. - Dr. Paul Cornelius from FinnCap sees Synchronica perfectly placed to benefit from the proliferation of open standards: "This is exactly where Synchronica needs to be, as the seamless delivery of these types of datasets over different networks to numerous handsets is key when dealing with high-growth emerging markets […]"

May 2008. - David Brett from Thomson Financial News interviews Carsten Brinkschulte, CEO of Synchronica, about Synchronica's strategy beginning to reap rewards: "Recent contracts signed with Sun Microsystems, SmartTrust, and Brightstar Corp. will enhance the company's distribution channels […]" More

February 2008. - The 451 Group about Synchronica's shift from development to market: "Synchronica is a fairly longtime player in the mobile data sync and email space. It has spent the last year putting together the necessary R&D to drive low-cost mobile services. Now it's turning to the business side of the equation and emerging markets."

February 2008. - Tim Bradshaw from Investors Chronicle notes: "Synchronica […] says 15 mobile operators are exploring its technology. The shares are below our buy tip (8 pence, 22 August 2007), but big deals with operators look likely, and its finances were strengthened by January's placing. Buy at 7 pence." Read the full report here

February 2008. - Derek J. Brown from Seymour Pierce sets Synchronica on outperform: "The positive trading update and successful placing further underpin our confidence in the long-term investment case. We expect profitability in 2009."

January 2008. - The Sun mentions Synchronica in its share tips for 2008: "Synchronica is not expected to make a profit until 2009 so, at 5.25 pence each, the shares are a huge risk. But contract wins this year could make that price seem cheap twelve months from now." Read the full report here

January 2008. - Derek J. Brown from Seymour Pierce expects an increasingly strong performance from Synchronica over the coming months: "The catalyst to put the stock back on the buy list will be the news flow that drives material upgrades to earnings. For the time being, we move to outperform and set a target price of 8 pence for the shares."