India's SVC Bank Purchases 1000 Thinspace TSE Licenses to Reach Entire Country

PORT ORANGE, Fla., Nov. 24, 2014 /PRNewswire/ -- Thinspace Technology Inc. (OTCQB: THNS); (Thinspace or the "Company"), a global provider of reliable, scalable and affordable application delivery, virtualization, and cloud client technology to public and private sector companies and organizations of all sizes, today announced that in April 2014, India's The Shamrao Vitthal Cooperative Bank  Ltd. ("SVC Bank") purchased, and over the past six months, implemented 1,000 Thinspace TSE licenses to deliver their core-banking software application to branches and customers across the country.

With a pan-India presence comprising 158 branches spread across all major cities and towns in the country, SVC Bank is a pioneer in the co-operative banking sector with roots going back to 1906. It is also the first bank in the country to develop Banking Software that provides a Single Window Core Banking Solution – aptly branded as 'Genius'. Over the years, SVC Bank has successfully inter-connected all of its branches and ATMs, and joined the NFS Network to provide its customers with convenient access to a network of more than 110,000 ATMs throughout India. Today, SVC Bank remains the ONLY Co-op Bank providing RTGS and NEFT services to its customers on a STP (Straight through Processing) mode. 

SVC Bank selected Thinspace TSE for its implementations because of its easy deployment, local, high quality support, web based management and Opex-model pricing. For customers like SVC, TSE makes scalability easy and affordable, and avoids high upgrade costs, lack of support and real-time support associated with the competition.

"Thinspace has successfully provided the end-to-end secure and easy access solutions which is aptly suited to SVC Bank's environment, addressing all micro and macro requirements. Moreover, it comes with the best in high standard, quality support that understands SVC's business and growth needs. Thinspace is uniquely placed to addressing all concerns for SVC and creates a highly desirable win-win situation for both companies," Mohan Bhat, Director Propalms Technologies Pvt. Ltd.

Thinspace Technology Chief Executive Officer, Chris Bautista, commented, "We strive to provide the best desktop experience for the end-user, simple and easy management for the IT team, and a complete yet affordable solution for the CIO. SVC Bank sees the value in our solution. We are pleased to provide them with our easy, affordable desktop virtualization platform and look forward to continuing to service them and their growing customer base in the time ahead."

Encouraged by the success of the implementation in all the branches of the bank and the automated MIS generated by the software, The Reserve Bank of India granted SVC Bank special permission  in 2006 to share their technological skills with - and offer Genius software to - fellow Co-operative Banks. Thus far, Genius has been successfully implemented and is now running in several Co-operative Banks in various parts of the country.

SVC Bank has won several awards for its Technology Implementations from reputed institutions like The IBA, Banking Frontiers, DataQuest, PC Quest, CTO Forum, CIO and many more. For more information on SVC Bank's technology please visit http://www.svcbank.com/Technology.aspx

Thinspace Technology operates in high growth B2B markets of application delivery, virtualization and cloud client technology that make it easier, more flexible and more affordable for companies and IT Managers to conduct and streamline computing operations securely from any server - anywhere in the world.  IDC predicts that 2014 is the year where desktop virtualization is going to become main stream given its advantages currently in demand: low cost, flexibility, secure and green. According to Gartner research, the global desk top virtualization market is expected to surpass $65 billion in 2015.

About Thinspace Technology Inc.

Thinspace Technology Inc. is a global provider of reliable, scalable and affordable application delivery, virtualization, and cloud client technology to public and private sector companies and organizations of all sizes. Operating on the belief that application delivery and cloud computing solutions should be flexible, dynamic and above all, simple to use, Thinspace understands and is passionate about solving customer problems affordably in the most efficient and effective manner possible. The Company's list of private and public sector customers include NASA, PWC, Deutsche Bank, Toyota, as well as, NHS, local councils, universities, schools, and housing associations. With over 5,000 enterprise customers worldwide, Thinspace is recognized as a leading player in application delivery, virtualization, and cloud technology markets. The Company is headquartered in Port Orange, Florida with international offices in U.K., Canada, and India. For more information on the Company, please visit www.thinspace.com.

Forward-Looking Statements:

This press release includes forward-looking statements concerning the future performance of our business, its operations and its financial performance and condition, and also includes selected operating results presented without the context of accompanying financial results. These forward-looking statements include, among others, statements with respect to our objectives and strategies to achieve those objectives, as well as statements with respect to our beliefs, plans, expectations, anticipations, estimates or intentions. These forward-looking statements are based on our current expectations. We caution that all forward-looking information is inherently uncertain and actual results may differ materially from the assumptions, estimates or expectations reflected or contained in the forward-looking information, and that actual future performance will be affected by a number of factors, including economic conditions, technological change, regulatory change and competitive factors, many of which are beyond our control. Therefore, future events and results may vary significantly from what we currently foresee. We are under no obligation (and we expressly disclaim any such obligation) to update or alter the forward-looking statements whether as a result of new information, future events or otherwise.

The Company is subject to the risks and uncertainties described in its filings with the Securities and Exchange Commission, including the section entitled "Risk Factors" in its Annual Report on Form 10-K for the year ended December 31, 2013.

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SOURCE Thinspace Technology Inc.

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