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iVoice Enters Into Letter of Intent to Acquire Compound Management Services Company 5/3/2007
Spectrum BioScience to Become Wholly Owned Subsidiary of iVoice, Inc.; Spectrum Offers Services to Assist the "Drug Discovery" Industry
MATAWAN, NJ, May 03, 2007 (MARKET WIRE via COMTEX News Network) -- iVoice, Inc. (OTCBB: IVOI) announced today that it signed a non-binding Letter of Intent to acquire Spectrum BioScience ("Spectrum Bio"). The transaction, which is subject to due diligence, the usual and customary conditions, and entering into a definitive agreement, is expected to close in July 2007. It is anticipated that Spectrum Bio will merge into a wholly owned subsidiary of iVoice.
Spectrum Bio's business model is to dramatically improve customer efficiency by automating manual processes and integrating sample management solutions involved in drug discovery. Spectrum Bio has recognized the need for vigorous environmental controls during sample processing to ensure compound integrity and increase data quality and operational effectiveness. Several manufacturing processes such as laser etching bar codes on glass vials to robotically dispersing research samples into miniaturized micro-titer plates will increase efficiency in drug discovery for large established pharmaceutical companies and smaller biotechnology companies. Spectrum Bio's success is driven by in-depth understanding of customers' needs and a commitment to deliver solutions that provide lasting value.
Bonnie Robeson, Founder of Spectrum BioScience, stated, "Spectrum Bio has been founded to assist the 'drug discovery' industry in their efforts to secure, inventory and prepare their vast compound libraries to become the next generation of drugs to enter the marketplace. The most recent robotic and automated manufacturing instrumentation will place Spectrum Bio in the forefront for accuracy, turn around time and flexibility to meet client needs."
Jerry Mahoney, CEO of iVoice, remarked, "Spectrum Bio's total compound management solutions free customers to focus on their core business; discovering and bringing new drugs to market, we are excited to be working with Spectrum Bio." Mahoney added, "We continue to work to find and complete acquisitions that offer excellent growth potential, that are in viable and stable market segments and have management teams committed to success. With over $10.8 million in cash on our balance sheet, we believe we have the financial resources to move forward on this front."
Posts: 1364 | From: Somebody from Europe | Registered: Sep 2005
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