New Mexico Software Announces 2011 First Quarter Financial Results

ALBUQUERQUE, N.M., May 16, 2011 /PRNewswire/ -- New Mexico Software, Inc. (OTCBB: NMXC) announced today the company's financial results for the first quarter of 2011.

Revenue for the first quarter ended March 31, 2011 was $936,000, an increase of 4% compared to $903,000 reported in the same quarter a year ago. Net income was $10,000 compared with breakeven in the first quarter of 2010.

New Mexico Software Dick Govatski said, "We are completing the transition from providing software services to the entertainment industry and digital asset management for general business to providing a comprehensive array of medical software services, applications and telemedicine services.

"We began providing cardiological services near the end of the first quarter of 2010. With improved software and systems, we will continue to recruit more cardiologists to help manage the growth in requested cardiological services.

"In addition, we will be announcing several new products in the near future, including cloud services, mini-PACS systems that will be installed in rural hospitals and other smaller facilities, and teleneurology consultations.

"Overall these results provide us with a good start to 2011 and strongly reflect the dynamic and changing nature of our business model as we ramp up medical services applications and gradually wind down other aspects of our business. We are optimistic that this will be a good year for us. We are striving to maintain growth in our profitable services segments as we seek to build value for our shareholders," Govatski said.

About New Mexico Software, Inc.

New Mexico Software, Inc. develops and provides medical IT services and solutions that enable improved and faster communication within the preventative, comprehensive and critical healthcare segments. Through our medical subsidiary, TeleRad, we also provide telemedicine services including radiology, cardiology and nuclear scans. For more information, visit www.nmxc.net or www.nmxs.com or contact Dick Govatski, president and CEO, at 505-255-1999 or [email protected].

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For more investor-related questions contact Frank Hawkins, Hawk Associates, at 305-451-1888 or [email protected].

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This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statements of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to, among other things: (i) the company's financing plans; (ii) trends affecting the company's financial condition or results of operations; (iii) the company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors including the risk disclosed in the company's Forms 10-K and 10-Q filed with the SEC.

SOURCE New Mexico Software, Inc.