RALEIGH, N.C.-Summus Inc., which sells software and platforms for wireless applications, announced it will likely not meet its previously announced revenue expectations for this year and next year.
Summus blamed the slow pace of wireless carrier service rollouts as well as delays in new wireless devices. The company also blamed its inability to raise its targeted $15 million in new capital.
In May Summus said it expected to earn gross revenues of $8 million in the third and fourth quarters of this year and $100 million next year. The company reported revenues for the quarter ending in September that decreased $80,844 to $36,435, a decline of about 69 percent from the same quarter last year.
Separately, Summus announced that its Exego software, which allows users to access, store, send and share computer files, will be available to mobile phones using the Symbian operating system.
