Hanwang Technology has signed a two-year exclusive distribution agreement to market Wizcom products in China.
Quicktionary developer Wizcom Technologies Ltd. (XETRA: WZM) today announced that Hanwang Technology Co. Ltd. has signed a two-year exclusive distribution agreement to market Wizcom's portable scanning and translating pens in China, and will buy $4 million worth of products during this period.
Hanwang, one of China’s leading software companies, will market Wizcom products under the Beijing Hanwang brand.
A decade after it was founded, Wizcom still has little revenue, posting a net profit of $157,000 on $3.9 million revenue in the first half of 2006. It posted a net loss of $1.1 million on $3.4 million revenue in the first half of 2005, and a net loss of $913,000 on $7 million revenue in 2005 as a whole. The company has $1.6 million in cash after generating a cash flow of $363,000 in the first half, and its shareholders’ equity amounts to 70% of its balance sheet total. The company has 70 employees in Israel and the US.
Published by Globes [online], Israel business news - www.globes.co.il - on October 10, 2006
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