Shareholders and Board Validate Wizcoms Strategic Redirection

Wizcom Technologies Ltd. / Shareholders and Board Validate Wizcoms Strategic Redirection . Processed and transmitted by Thomson Reuters ONE. The issuer is solely responsible for the content of this announcement. Rosh Ha'ayin, May 03, 2011. Wizcom Technologies Ltd. (Prime Standard: WZM, IL 0010830706), a leading global provider of handheld scanning and translation tools, reports on the recent Annual Meeting of the Shareholders of the Company.  At the event, shareholders resolved all issues positively, bar the renewal of the appointment of Mr. Ronen Elad to the Board of Directors. Over 47% of the outstanding voting rights were present (in person or by proxy) at the assembly. At the AGM, the Company was given shareholder approval for the issuance of a convertible bond of up to €2 million.  Management anticipates the process for the placement of this issue is to commence soon, with more information published shortly. Gideon Ben Zvi, Chairman for Wizcom, stated, "The voting at the AGM was a clear validation of the shareholders' faith in the new direction the Company has been moving in. Following the AGM, we no longer have internal disturbances arising from past conflicts of interest. The new Board is fully occupied with members who have a single interest in making Wizcom successful. The new Board structure also improves our corporate governance." "The Company is now in an excellent position to pursue its strategy aggresively.  This would not have been possible without the tremendous efforts in the past year by Shimon Amouyal and his team. Wizcom is now finally able to focus solely on future business and R&D plans and given the successes of the past year, we as the Board are fully confident that Management will achieve the sustained turnaround the Company has been working towards." "During the past two years, we have implemented a number of activities to bring the Company back on track.  On the commercial side, we have developed new distribution channels, redeveloped our US office sales model, are selling directly through our web shop, opened new markets and refocused our energy and resources on markets where our products can make an important difference to users, although we still serve general markets.  We have also launched a number of new products and, very importantly, redesigned some of our products so that their functionality can be expanded and upgraded through the new Wizcard.  This development allows us to go after software based repeat sales, which we believe will carry a higher margin than our existing product lines." "On the operational side, the change from a single, exclusive supplier to two non-exclusive suppliers has greatly reduced the threat of dependency on one party.  We now also have a completely renewed management team, with an expanded skill set that covers all aspects from R&D and production, through sales & marketing to financing.  Concerning the latter, I am very pleased that several Management and Board members have expressed their belief in and commitment to the Company by putting their money where their mouths are, having invested in our last financing round.  We are looking to engage in a more active dialogue with the investment community and we are in a position where we believe we have great things to share going forward." 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 + 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 SCHWARZ Financial Communication Frank Schwarz Investor Relations Germany Tel +49-611-1745-398-11 --- 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: This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. 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 [HUG#1511560]