don't rejoice to quick
phorm have published their results for 2007, it is at
http://www.iii.co.uk/investment/detail?code=cotn:PHRM.L&display=news&it=le
a couple of bits out of it make interesting reading
"Phorm, Inc. ("Phorm" or the "Company")
Preliminary Results
Phorm (AIM: PHRM and PHRX), the advertising technology company, today announces
its preliminary results for the year ended 31 December 2007.
Operational Highlights:
Year to 31 December 2007
* Reorganisation of the Company from 121Media, Inc. to Phorm, Inc
completed
* Focus on preparation of OIX and Webwise technology and development
of relationships with ISPs, publishers and advertisers
* Successful $30 million equity fundraising completed
* Several senior appointments made
Q1 2008
* OIX and Webwise successfully launched in February 2008
* Exclusive agreements announced with ISPs BT, Talk Talk and Virgin
Media, representing nearly 70% of the UK broadband user base
* Consumer trials are expected to begin in the near term, followed by
roll-out across these networks
* Significant progress made with the advertising and publishing community
* Advanced talks with other ISPs both in the UK and internationally
* Independent report by Ernst & Young published, supporting Phorm's
commitment to privacy protection
* Positive initial feedback received from a number of regulatory bodies
* Successful $65 million equity fundraising completed
Executive Chairman's statement
Introduction:
During the year under review, Phorm made significant progress, both in terms of
its corporate development and in executing the Company's Internet Service
Provider (ISP) relationship strategy, providing a solid foundation on which to
take the business forward to the next stage of its development. As a result of
our hard work, I am extremely happy to report that on 14 February 2008, we
announced exclusive agreements with BT, Talk Talk and Virgin Media, further
details of which I have provided below."
"Furthermore, we continue to be in advanced discussions with a number of other
ISPs, both in the UK and internationally, and following extensive due diligence
we have moved into the trial phase with a number of them. It is worth noting
that we believe we are selected as the preferred partner by leading ISPs over
our competitors based on the capabilities of our technology, our team and our
approach to privacy. We will provide an update on these discussions in due
course, when appropriate."
"A key differentiator of Phorm's technology is our ability to dispel the myth
that in order to provide relevant advertising on the internet you need to store
data. The fundamental principles behind our platform support the highest
standards in user privacy and anonymity:
* Phorm will not and cannot ever store any personal information which can
identify a user
* Users will have a clear choice whether to turn Webwise on or off
* Our technology complies with all relevant data protection and privacy laws
including RIPA (Regulation of Investigatory Powers Act) and the
Data Protection Act
It is very pleasing to see that our commitment to these principles, and to open
and transparent disclosure, has been recognised by leading privacy advocate
Simon Davies, Managing Director of privacy consultancy 80/20 Thinking and
director of Privacy International. Mr Davies and 80/20 Thinking recently
conducted an interim Privacy Impact Assessment of our technology.
Also, as part of our commitment to the privacy of internet users, we
commissioned Ernst & Young to conduct an independent examination of our systems
and assertions. The following components of our privacy programme were examined:
* Phorm's privacy policy, controls and procedures
* Phorm's compliance with its stated privacy policy
* Phorm employees' privacy policy training and compliance
* Data retention, integrity and security policies and procedures.
The resulting attestation report we received from Ernst & Young confirmed that
our systems have been designed specifically to protect the identity and other
sensitive information of consumers - a great validation of our offering.
Furthermore, we have initiated a dialogue with the Information Commissioner's
Office who are pleased with the way that we have engaged with technical experts
and concerned individuals following the announcement of the service. We have
also met with many other leading stakeholders in the area of online privacy, to
share details of our technology and the response to date has been very
encouraging.
Finally, during the course of 2007, we appointed leading global professional
services firm Deloitte & Touche LLP as auditor to Phorm."