WIZCOM TECHNOL. : Announces Results for Q1 of 2008

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      WizCom Technologies Ltd. Announces Results for Q1 of 2008
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Jerusalem, May 29, 2008 - WizCom Technologies Ltd. ("WizCom") (Prime
Standard: WZM, IL 0010830706), a leading global provider of handheld
scan and translation tools, announces the financial results for Q1 of
2008.

Financial Highlights

v  Revenues in  Q1 of 2008  decreased by 40%  to US$ 2,226  thousand,
compared with US$  3,720 thousand  in Q1  of 2007.   The decrease  is
mainly due to an exceptionally large order placed in Q1 of 2007 by  a
Chinese distributor.
v  Compared to Q4 of 2007,  revenues increased by 19% from US$  1,872
thousand to US$ 2,226 thousand.
v  Gross  profit  for  Q1  of  2008 came  in  at  US$  911  thousand,
equivalent to  a  41%  gross  margin.  This  compared  to  US$  1,363
thousand, or 37% for Q1 of 2007.  The increase in gross profit margin
is mainly due to the relatively lower margin as achieved on an  order
placed by the aforementioned Chinese distributor in Q1 of 2007.
v  Operating loss for Q1 of 2008 was US$ 256 thousand, compared to an
operating profit of  US$ 294 thousand  in Q1 of  2007. The  operating
loss was mainly related  to the increase in  the Company's cost  base
due to the adverse effects of currency fluctuation of 17%.
v  The net loss for Q1 of 2008 was US$ 264 thousand, as compared to a
net profit of US$ 200 thousand in Q1 of 2007.
v  Compared to Q4 of 2007, losses decreased from US$ 293 thousand  to
US$ 264 thousand
v  Cash at the  end of Q1  of 2008 was US$  0.7 million, compared  to
US$1.5 million in the Q1 of 2007.
v  Net  cash provided  by operating  activities amounted  to US$  261
thousand in the Q1 of 2008 compared to US$ 363 thousand in the Q1  of
2007.

Comments and Outlook

Mr. Michael Kenan, CEO of WizCom Technologies, stated: "The main
reason we posted a loss for the quarter was the adverse effect of
currency fluctuation issues related to the the US$."

"Nevertheless, we have made important progress operationally, as
reflected by the signing of two important exclusivity agreements
during the quarter with TDN in USA and Canada (replacing the 360
group) and with Innovations, the leading distributor of electronic
dictionaries in Argentina. Further agreements in Germany and Croatia
are expected to start contributing towards revenue growth throughout
the rest of 2008."

"The exceptionally large order we received in Q1 of 2007 slightly
distorts the picture as even though revenues declined compared to one
year ago, we have now posted quarter on quarter revenue growth of
19%.  We therefore believe that our efforts to improve our top and
bottom lines are starting to sort effect."

Mr. Kenan continued: "Furthermore, despite the loss, we have
succeeded to generate net cash from operating activities mainly due
to a decrease in trade receivable and other receivables.

"At the end of the 2007 financial year, the Board of Directors
approved the implementation of a cutback plan in order to control
costs in relation to generated revenues.  The plan consists of a
reduction in staff as well as other measures across all our
operations. These cutbacks will start showing results in Q2 of 2008
and will have their full impact in Q3 of 2008. We believe that the
reduction in staff will have no major effect on the financial results
for Q2 of 2008".



Mr. Kenan added, "Going forward, one of WizCom's main strategic
objectives will remain the expansion of our business in Eastern
Europe, the Americas and Asia Pacific, especially Japan. By expanding
in several geographic target markets, we believe to be able to
achieve revenue growth.  Combined with the cost control measures, we
expect to be able significantly to improve our profitability."

WizCom's financial statements for the Q1 of 2008 may be viewed 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.      SCHWARZ Financial Communication
Michael Kenan, CEO and VP Finance          Frank Schwarz
         8B HaMarpe St.                 Investor Relations
     Jerusalem 97774, Israel                  Germany

      Phone [phone]           Phone [phone]
      [e-mail]         [e-mail]
    http://www.wizcomtech.com


 
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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;



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