The company has filed for bankruptcy and requested that a receiver be appointed.
Wizcom Technologies Ltd. (XETRA: WZM), which has developed a translating pen, has filed in court for bankruptcy and asked for a receiver to be appointed. Due to the strike and the backlog caused in the courts, no response has yet been received.
The writing has been on the wall for some time. The company has had liquidity problems and its recovery plan failed. The company's troubles began to really catch up with it in December when CEO Shimon Amouyal stepped down, while CFO Yaron Hertz was cut and other employees and consultants not directly involved in R&D were fired.
Published by Globes, Israel business news - www.globes-online.com - on February 13, 2012
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