Mind CTI

(Nasdaq:MNDO) today announced that the Greek company

Exonet Communications

has implemented the MIND-iPhonEX billing and customer care solution.

The deal's aggregate value is several thousands of dollars. Mind has already recognized most of the respective revenues.

Mind's system will enable Exonet to offer its enterprise customers advanced voice and data services.

Exonet is planning to offer other added-value services in Greece and expand its services in the Balkans and Turkey.

Mind CFO Elad Naggar says that the telecoms market has not really recovered, but that Europe is in better nick than the United States. Greece is a good example for this, he said.

He explained that Greek firms do not face the problem afflicting American companies with established networks that placed orders for equipment without ensuring financing resources.

In Greece, if you don't have financing, you don't deploy a network or acquire equipment, Naggar said.

Naggar added that companies in the Balkans are not in the same financing straits as their American counterparts.

Mind is confident about Exonet's ability to pay outstanding amounts, Naggar said.

Exonet is using Mind's convergence solution, which billing ordinary calls and data communications.

Naggar believes that the agreement with Exonet is the first of many. Exonet itself plans to expand. By year-end it hopes that its network will be deployed over some 40 points.

Mind trades at a company value of $58 million. The stock today opened at $2.8, down 80% from its peak.