Wizcom Receives Bridge Funding from Existing Shareholders
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Wizcom Technologies Ltd. /
Wizcom Receives Bridge Funding from Existing Shareholders
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Rosh Ha'ayin, January 03(rd), 2012 - Wizcom Technologies Ltd. (Prime Standard:
WZM, IL 0010830706) announces today that Chairman Mr. Gideon Ben-Zvi and the
Izaacson Group, both veteran shareholders of the company, have committed to
provide US$ 160,000 to Wizcom through a convertible loan.
Pursuant to earlier reporting, Wizcom requires additional funding to accomplish
the development of the new product.
Under the leadership of Acting CEO, Mr. Tiran Fartouk, Wizcom has implemented
drastic measures aimed at creating a significantly down-sized but cash flow
positive organization, which will support the development of the previously
announced third product generation, slated for launch in 2012.
To ensure the Company can continue working towards achieving these goals, a
short-term bridge loan was required, which has now been committed to by Mr. Ben-
Zvi and the Izaacson Group. The convertible bonds are issued as an extension
and under the terms of the financing program approved by the company's general
meeting on April 20th, 2011.
Tiran Fartouk commented: "The coming months are crucial for the Company, both in
terms of securing our financial health by achieving cash flow positive
operations and by securing the funds necessary to launch our much anticipated
third generation of products. We are highly appreciative of the continuing
financial support of Mr. Ben-Zvi and the Izaacson Group, which allows us to
continue towards completion of our turnaround program and the launch of the new
product, that will open new horizons for the company."
About Wizcom Group:
Wizcom Technologies Ltd. is the world's leading producer of personal, portable
scanning pens that help people read and process text. These pocket-sized, user-
friendly devices enable people to understand and use printed material, anytime
and anywhere, without disrupting their reading process. Our pens help students
of English as a first or second language, as well as people working in
multilingual environments, enhancing their fluency and expediting reading
comprehension.
For further information, please contact:
SCHWARZ Financial Communication
Frank Schwarz
Investor Relations
Telefon +49-611-1745-398-11
Schwarz(at)schwarzfinancial.com
Press Release as PDF:
http://hugin.info/130210/R/1574750/490267.pdf
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Source: Wizcom Technologies Ltd. via Thomson Reuters ONE
[HUG#1574750]
Unternehmensinformation / Kurzprofil:
Datum: 03.01.2012 - 11:32 Uhr
Sprache: Deutsch
News-ID 100629
Anzahl Zeichen: 3464
contact information:
Town:
Rosh Ha'ayin
Kategorie:
Business News
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