Mondas has been transformed during the past few years both by organic growth and the acquisitions of Eclipse Learner Systems and Blue Curve, which have resulted in a number of Board changes and significant restructuring of the trading operations of the Company.
The Company's expanded product range has enabled Mondas to make significant international sales to growing markets within the financial services sector.
This growth has seen the Company's turnover increase from £3.97 million for the year ended 30 April 2004 to approximately £6.3 million (unaudited) for the year ended 31 December 2006.
The above developments have altered the business considerably and the Board believes that to recognise these changes and to reposition the Company for the next phase of its development the name of the Company should be changed. Accordingly, the Board proposes that the name of the Company be changed to corero plc.
In order to action the change of name a special resolution must be passed at a general meeting of the Company and accordingly an Extraordinary General Meeting will be convened to be held in February 2007, details of which will be posted shortly.
Jarlath McGee, chief executive, commented: "The Company has made great strides over the last couple of years. We have extended our business both in terms of what we offer our customers and our widened geographical reach beyond the UK. We see the name change as a positive step for the future."