Wizcom Receives Bridge Funding from Existing Shareholders
Dienstag, 03.01.2012 11:35 von GlobeNewswire
Wizcom Technologies Ltd. / Wizcom Receives Bridge Funding from Existing Shareholders . Processed and transmitted by Thomson Reuters ONE. The issuer is solely responsible for the content of this announcement.
Rosh Ha'ayin, January 03rd, 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@schwarzfinancial.com
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.
Source: Wizcom Technologies Ltd. via Thomson Reuters ONE
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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,
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