LONDON, Aug. 29, 2017 (GLOBE NEWSWIRE) — One Horizon Group, Inc. (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://onehorizoninc.com.