Wizcom Technologies Ltd.: Wizcom Releases Revenue Preview
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Wizcom Technologies Ltd.: Wizcom Releases Revenue Preview
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* Breach of Contract by Asian Supplier Has Impact on Growth
* Revenue Increase in Areas with Newly Appointed Sales Managers
* Investments in R&D for 2012 Product Launch to Continue
Rosh Ha'ayin, October 27th, 2011 - Wizcom Technologies Ltd. (Prime Standard:
WZM, IL 0010830706) today provides an update to shareholders prior to the
release of its Q3 results.
One of Wizcom's Asian distribution partners has failed to fulfill its obligation
to purchase pre-set quota of the Company's products. Management therefore
considers its partner in breach of contract. Due to the relative large size of
this customer, the breach will have a negative impact on revenue growth. As
aconsequence, Management expects Q3 revenues to be around US$ 1.4 million,
compared to 1.3 million for Q2, with the impact carrying over into Q4. This
would correspond to a growth rate of approx. 40% compared to previous year's
first nine months.
Shimon Amouyal, CEO for Wizcom, stated, "This is a serious matter and we have
already taken steps to remediate the situation. We are considering legal action
against the distributor, and at present we are in the investigative phase to
assess the potential merits of such an action. Restructuring and financing
activities over the last two years have, however, created a stable financial
position and the situation is therefore not threatening to the Company.
However, this is a set-back for our turnaround roadmap and will delay us
returning to profitability."
Wizcom has appointed a new regional sales manager, as announced previously,
whose task it will be to select new non-exclusive distributors and drive sales
in the region. The recent strengthening of the sales organizations in the UK,
Russia and the US has had a positive impact, though as it is early days yet, the
full impact of these appointments is yet to come through.
Another measure the Company is taking is the continuation of its cost control
program. Certain changes in the organization will reduce operating costs, though
investments in sales and R&D will continue. The Company is on track to meet its
internal deadline of a major new product launch in 2012.
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:
Wizcom Technologies Ltd.
Shimon Amouyal, CEO
13 Hamelacha St.
Rosh Ha'ayin, 48091, Israel
Tel +972-3-9103330
shimona(at)wizcomtech.com
http://www.wizcomtech.com
SCHWARZ Financial Communication
Frank Schwarz
Investor Relations
Tel +49-611-1745-398-11
Schwarz(at)schwarzfinancial.com
--- End of Message ---
Wizcom Technologies Ltd.
13 Hamelacha St. Rosh Ha'ayin Israel
WKN: 915856;ISIN: IL0010830706;Index:Prime All Share,TECH All Share;
Listed: Freiverkehr in Börse Stuttgart,
Freiverkehr in Börse Berlin,
Freiverkehr in Börse Düsseldorf,
Freiverkehr in Bayerische Börse München,
Prime Standard in Frankfurter Wertpapierbörse,
Regulierter Markt in Frankfurter Wertpapierbörse;
Press Release as PDF:
http://hugin.info/130210/R/1558370/481425.pdf
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Source: Wizcom Technologies Ltd. via Thomson Reuters ONE
[HUG#1558370]
Unternehmensinformation / Kurzprofil:
Datum: 27.10.2011 - 08:01 Uhr
Sprache: Deutsch
News-ID 80840
Anzahl Zeichen: 4766
contact information:
Town:
Rosh Ha'ayin
Kategorie:
Business News
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