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Management Changes Implemented

Jerusalem, August 29th, 2008 - WizCom Technologies Ltd. ("WizCom")
(Prime Standard: WZM, IL 0010830706), a leading global provider of
handheld scan and translation tools, today announces the financial
results for the first six months of 2008 and the decision of the
Board of Directors to change the Management team. Mr. Michael Kenan
will step down as CEO, effective as of 31st August. Mr. Ronen Elad,
who is also a main shareholder of the Company, has agreed to take on
the position of CEO in addition to his responsibility as Chairman of
the Board. Ms. Yulia Omari as VP Finance will take over the
responsibilities of former CFO, Mr. Roy Cohen.

Financial Highlights

Compared to the same period last in 2007, revenues for the first six
months of 2008 decreased by 31% to US$ 4.3 million. The two main
reasons for drop in revenues were a technical problem that delayed
the delivery of third generation products to China as well as the
exceptionally large order WizCom received in Q1 of 2007. The
technical problem has now been solved and deliveries have restarted.
Gross profit for H1 of 2008 came in at US$ 1.6 million, equivalent to
a 38% gross margin and compared to a gross margin of 39% for the same
period in 2007.
Operating loss for H1 of 2008 was US$ 536 thousand, compared to an
operating profit of US$ 381 thousand for H1 of 2007. The operating
loss was mainly related to the increase in the Company's cost base
due to currency fluctuation issues, with the US$ losing 7% in the
first quarter and a further 6% in Q2 compares to the NIS. As WizCom
reports in US$ but carries most of its costs in NIS, this has had a
strong negative impact.
Net loss for H1 of 2008 was US$ 584 thousand, as compared to a net
profit of US$ 221 thousand for H1 of 2007.
Cash at the end of Q2 of 2008 stood at US$ 200 thousand, compared to
US$ 388 thousand as of December 31, 2007.
Net cash used in operating activities amounted to US$ 200 thousand,
compared to US$ 224 thousand as for the first six months of 2007.

Comments and Outlook

Mr. Ronen Elad, Chairman and CEO of WizCom Technologies, stated:
"First of all I would like to thank Mr Kenan and Mr. Cohen for the
work they have done for WizCom and wish them success for the future.
My main tasks as the new CEO of WizCom shall be to complete the
turnaround program, to develop our distribution channels and oversee
our entrance into new markets. The first signs are positive, but it
is too early to make any definite statements about this."

"Although we posted a loss and a significant drop in revenues, we are
starting to see the results of our turnaround strategy. We are
witnessing developments in order taking from our customer base that
should see us reduce the drop in revenues towards the end of the
year, and we expect to finish the year with around US$ 8.5 million in
revenues. Moreover, we have overcome the technical issues we had with
our third generation product and were able to restart shipping to
China at the beginning

of Q3. This in addition to the cost cutting measures we have
implemented in Q2 and that will start to have an impact from Q3
onwards, should, we believe, see us return to profitability."

"As to our cash position, even if we have witnessed a decrease over
the past six months, we do expect that we will generate a positive
cash flow over the next six months. We are, however, exploring
options to strengthen our balance sheet. The appointment of Ms. Omari
as VP Finance will ensure a smooth transition of operations, as she
has been with the Company since summer 2007."

WizCom's financial statements for H1 of 2008 will be published at the
Company's website: www.wizcomtech.com.

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.

Ligature Ltd. is a world leader developer of Optical Character
Recognition (OCR) technologies and applications. The company offers
innovative approach to OCR based solutions for specialized markets
partnering with OEMs, VARs and system integrators incorporating
CharacterEyes into software applications and hardware products.

Galil Microwaves Israel (2003) Ltd. is a third party manufacturer and
assembler of electronic modules for microelectronic and microwave
components.

For further information please contact:

WizCom Technologies Ltd.
Ronen Elad, CEO
8B HaMarpe St.
Jerusalem 97774, Israel
Phone +972-2-5328222
http://www.wizcomtech.com

SCHWARZ Financial Communication
Frank Schwarz
Investor Relations
Germany

Phone +49-611-1745-398-11
Schwarz@schwarzfinancial.com


 
--- End of Message ---

WizCom Technologies Ltd.
8B Hamarpe St. Jerusalem 

WKN: 915856; 
ISIN: IL0010830706; Index: Prime All Share, TECH All Share;
Listed: Freiverkehr in Börse Berlin, Freiverkehr in Börse Düsseldorf, 

Freiverkehr in Hanseatische Wertpapierbörse zu Hamburg, Freiverkehr 
in Niedersächsische Börse zu Hannover, 
Freiverkehr in Bayerische Börse München, Freiverkehr in Börse 
Stuttgart, 
Prime Standard in Frankfurter Wertpapierbörse, Geregelter Markt in 
Frankfurter Wertpapierbörse;
http://hugin.info/130210/R/1247321/270105.pdf


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