LifeWave Hi-Tech Medical Devices Ltd. (TASE:LIFE) has published a revenue warning for 2007 following the unexpected resignation of the manager and owner of the company's German distributor. Under an agreement signed earlier this year, the distributor had contracted had undertaken to place €19.5 million in orders over the next five years, and had already placed orders worth €400,000.
The resignation was known back in July, which already had placed LifeWave's German contract in doubt.
LifeWave's prospectus predicted that the company would have $1.5 million in sales in 2007. The company has reported NIS 650,000 revenue from the German distributor and €40,000 from a contract with an Austrian distributor. Altogether, the company has reported $220,000 revenue, 15% of projections.
LifeWave has also announced the appointment of Dr. Michel Afargan as CEO and acting chairman . Two months ago, chairman Aviv Bushinky resigned after Yitzhak Kaufman and Reuven Shulman, who control the company through RLB Investments Ltd., decided on his ouster. Dr. Afargan has a Ph.D. in the medical sciences and 17 years managerial experience in the life sciences, biomedical, and biopharmaceutical industries.
Published by Globes [online], Israel business news - www.globes-online.com - on November 11, 2007
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