Wizcom Technologies Ltd. :Ad hoc: Wizcom Takes Further Measures to Reduce Operating Costs
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Wizcom Technologies Ltd. /
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Ad hoc: Wizcom Takes Further Measures to Reduce Operating Costs
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Rosh Ha'ayin, January 19(th), 2012 - Wizcom Technologies Ltd. (Prime Standard:
WZM, IL 0010830706) announces today that the Company's Management has decided to
close the R&D department and lay off its entire development team. The measure
is taken in order further to reduce operating costs by approximately US$
500,000 per year.
As a consequence, Wizcom will not be able to realize the launch of its new
product generation around the middle of 2012. Management explains the action
taken by the need to balance costs with the very significant reduction in
revenues in Q4 2011 and the Company's limited ability to raise additional funds.
By discontinuing R&D efforts, running costs of Wizcom (excluding Galil and
Wizcom Inc) will be reduced to less than US$ 180,000, in order to reach balance
with the proceeds from the current sales of reading pens and to reach break
even.
In addition, the Management is striving to reach an agreement with its major
debt holders in order to secure ongoing operations. The Company has current
liabilities through its outstanding bonds and to suppliers, in excess of US$ 2
million. Achieving a positive cash flow through further cost reductions is
condition precedent for such an agreement.
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Source: Wizcom Technologies Ltd. via Thomson Reuters ONE
[HUG#1578749]
Unternehmensinformation / Kurzprofil:
Datum: 19.01.2012 - 12:57 Uhr
Sprache: Deutsch
News-ID 105890
Anzahl Zeichen: 2173
contact information:
Town:
Rosh Ha'ayin
Kategorie:
Business News
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