LONDON, Aug. 29, 2017 (GLOBE NEWSWIRE) -- One Horizon Group, Inc. (NASDAQ:OHGI) announced today that it has begun the implementation of a sizable contract it won in June 2017 to provide secure messaging software to a Hong Kong-based customer. The contract is expected to produce revenue in excess of $500,000 in the second half of 2017.
Martin Ward, Principal Executive Officer of One Horizon Group, commented, “As a result of this contract and expected future growth, combined with lower overheads and reduced cash outlays resulting from the recent disposition of VoIP subsidiaries, we expect the Company to be cash flow positive in the near term. We are focused on growth opportunities in the resale of software for online and Software-as-a-Service (SaaS) businesses in the China and Hong Kong markets, primarily centered on the gaming, security and education sectors.”
One Horizon Group also announced that on August 15, Mr. Ward was issued 859,802 shares of the Company’s common stock as repayment for $662,048 in debt owed him by the Company, with the conversion price based on the stock’s closing price on August 14.
About One Horizon Group, Inc.
One Horizon Group, Inc. (NASDAQ: OHGI), founded in 2012, is a leading developer of secure instant messaging software. It provides real-time communication for millions of online users in high growth sectors in China and Hong Kong. For more information on the Company please visit http://www.onehorizongroup.com.
Safe Harbor Statement
This news release may contain “forward-looking” statements. These forward-looking statements are only predictions and are subject to certain risks, uncertainties and assumptions that could cause actual results to differ from those in the forward looking-statements. Potential risks and uncertainties include such factors as uncertainty of consumer demand for the Company’s products, as well as additional risks and uncertainties that are identified and described in Company’s SEC reports. Actual results may differ materially from the forward-looking statements in this press release. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company does not undertake, and it specifically disclaims, any obligation to update any forward-looking statements to reflect occurrences, developments, events or circumstances after the date of such statement.