At the time there is still a lot of uncertainty in the global markets. Companies have a lot of cash reserves but they are reluctant to spend it. In difficult times individuals and corporations tend to become more conservative and they want to minimize risks. This probably explains, at least in part, the current surge of interest in traceability systems. This represents a relatively small investment that can be seen as an insurance policy against expensive product recalls.
Many companies have been talking about it for years and now they are finally moving forward with implementations. And we are not talking only about high-reliability products -- this trend is now becoming mainstream in commercial and industrial products as well.
Cogiscan is extremely well positioned to take advantage of this renewed interest in traceability systems because we are the clear industry leader in this area. Many other companies offer traceability products as part of a larger offering but Cogiscan is the only global supplier that is strictly focused on track, trace control applications.
In 2012 we invested a lot of time and effort to increase our capabilities with a brand new building and many new employees. In 2013 we will take our business to the next level by tackling increasingly larger projects with a greater scope of functionality. Also, we look forward to support our long-term partner Juki as they start to sell the award-winning IFS product in Asia after years of success in Europe and the Americas.
