Cogiscan experienced a very significant increase in revenues in 2011 and we already added a number of new employees to support our growing customer base. Our key OEM equipment partners also experienced a similar growth. We expect this trend to continue in 2012 and we are planning to add more resources as needed.
Also, we are in the process of introducing a number of very exciting products, including the LabelScan vision system that can capture a complete supplier label and automatically recognize the different fields of data. This product will revolutionize the way that manufacturers receive materials in their factories by eliminating a complete layer of human intervention and the associated errors.
The global economy still includes many uncertainties and the electronics industry will continue to be cyclical. However our short and long-term growth looks extremely positive because of the increasing need for traceability in all categories of electronic products. Nowadays, companies simply cannot afford the risk of costly product recalls because of the impact on their bottom line.
