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Deutsche Bank Extends Multi-Year Customer Relationship with Thinspace's (OTCBB: THNS) Propalms TSE and OneGate Products

Customer retention rate remains high for the Company's affordable, in-demand application delivery and virtualization products

PORT ORANGE, Fla., March 24, 2014 /PRNewswire/ -- Thinspace Technology Inc. (OTCBB: THNS; "Thinspace or the "Company"), formerly known as Vanity Events Holdings and Propalms Ltd., 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 is pleased to announce that one of its largest enterprise customers, Deutsche Bank, has extended its already four year long customer relationship with the Company, signing on for a continuance of its maintenance contracts for Propalms TSE and OneGate application delivery and virtualization products.

German global bank and financial services company, Deutsche Bank, is the largest foreign exchange dealer in world with around 100,000 employees globally. Of that, 7,800 employees, spread throughout 15 branches in India and operating under Deutsche Bank AG India, are responsible for check collection and data entry. Deutsche Bank AG India, through its more than 500 vendors, supports customers in tier 1 and tier 2 cities.

Deutsche Bank AG India, a Thinspace customer since 2010, deployed Propalms TSE for virtualizing applications and delivering applications from its Windows Terminal Server. "Having explored a few competitive products, Propalms TSE has proved to be the most highly cost effective, quick and simple solution for our back office requirements. Our nationwide users use TSE and VPN to connect to our data center and run back office applications with speed and simplicity. In addition, their customer support team is exception and over the years, has been very good in responding and resolving the support tickets. We are very satisfied with their product and are pleased to continue our relationship with Thinspace moving forward," commented, Derrick Crasta, CTO CTB, Deutsche Bank AG, India.

"We couldn't be more pleased with Deutsche Bank's decision to extend our long-term customer relationship for Propalms TSE and OneGate. As we provide product licenses to more and more new customers, and extend maintenance contracts with our current customers, it has become apparent that all of them have one thing in common: they are either looking for or looking to maintain an application delivery and virtualization solution that is efficient and effective. Whether they are a small or large corporation, our Propalms TSE can meet all of their needs. It is no surprise that we have and continue to maintain a high customer retention rate," stated Owen Dukes, Chief Executive Officer of Thinspace Technology.

In addition to affordability, simplicity and speed, Thinspace's Propalms TSE and OneGate provides Deutsche Bank an array of other key benefits including:

  • SSL 2048 bit encryption for application access
  • Clientless VPN drastically reduces support calls
  • More flexible VPN deployment
  • When combined with Propalms TSE, solves application delivery, application management and performance issues
  • Local support from Mumbai/Pune offices ensures immediate support for zero down time scenario

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.

Thinspace's Propalms product set has comparable functionality to Citrix as well as greater speed and simpler installation processes. However the Company's low production cost enables it to offer its product at a much lower, more competitive price than Citrix, currently some 50% less per user.

About Thinspace Technology Inc. Formerly known as Vanity Events Holdings and Propalms Ltd., Thinspace Technology Inc (OTC: THNS) "Thinspace" 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 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.thinspacetechnology.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, 2012, and its Quarterly Report on Form 10-Q for the quarter ended September 30, 2013.

SOURCE Thinspace Technology Inc.

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