News announced today, and the Level II is showing very strong support at .0008
iVoice Provides Update on Company Streamlining and Five Common Stock Distributions
9/21/2004 8:27:00 AM
MATAWAN, N.J., Sep 21, 2004 /PRNewswire-FirstCall via COMTEX/ -- iVoice, Inc. ( IVOC ), a leader in speech recognition technology, today provided an update on the streamlining of the company created by the spin-off of five companies to shareholders. iVoice has determined that the best way to create shareholder value, separate and apart from the operating performance of iVoice, is to implement new business opportunities by distributing shares of spin-offs to the company's shareholders.
The five common stock distributions are part of a broader strategy relating to the transition of iVoice into a company focused on the development and licensing of proprietary technologies. The company's recently developed and patent-pending Talking Pill Bottle is a good example of the types of assets that iVoice is retaining. iVoice will also continue its previously announced acquisition strategy. To fund these initiatives, iVoice has over $6.8 million in cash to date.
iVoice CEO, Jerry Mahoney, said, "We have taken major steps to restructure the company in ways that we believe will be most favorable to shareholders. Once all the transactions are completed, we will still own our core patent- pending technology, including the Talking Pill Bottle and the Voice Item Locator. The primary business activity of iVoice will be licensing this proprietary technology. We plan to file additional patents in the field of talking products in the near future." Mahoney noted that the company has recently hired GlynnTech to assist in facilitating various licensing opportunities.
Mahoney continued, "The other major element in our strategy is finding and completing acquisitions that offer excellent growth potential, are in viable and stable market segments and have management teams committed to success. With over $6.8 million in cash on our balance sheet, we expect to have additional funds available after the closing of the sale of the speech engine and related intellectual property to NGM TEC."
Trey Resources
In February 2004, iVoice spun off Trey Resources, which closed on its first acquisition in June 2004 by acquiring an operating company with sales of more than $2 million. Trey subsequently announced a letter of intent to acquire an additional company. The successful Trey Resources spin-off demonstrated the feasibility of the mechanism and established further opportunities for both entities. iVoice shareholders received one share of Trey Resources for every 1,793 shares held in iVoice as of Feb. 9, 2004.
iVoice Technology, Inc.
On Sept. 7, 2004, iVoice announced the anticipated distribution to the company's shareholders of all common stock of a newly formed subsidiary, iVoice Technology, Inc. This move was designed to unlock the value in iVoice's interactive voice recognition (IVR) software technology by transferring this technology to an independent public company, iVoice Technology, and thereafter distributing the common stock of this subsidiary to the company's shareholders. iVoice Technology will initially focus on building a business around the IVR technology. Subject to final review by the SEC, holders of iVoice common stock will receive shares of iVoice Technology common stock on the record date, which has been tentatively set as November 1, 2004. The number of shares to be distributed to iVoice shareholders has not yet been determined. It is intended that the iVoice Technology common stock shares will trade on the NASD OTC Bulletin Board.
NGM TEC, Inc.
On Sept. 9, 2004, iVoice announced a letter of intent to sell its speech engine and related intellectual property to NGM TEC, Inc., a provider of identity verification solutions based on its proprietary voice biometric technology. NGM TEC's product line addresses the rapidly growing problem of identity theft. As part of the transaction, iVoice will become a significant shareholder in NGM TEC. The transaction, which is subject to the completion of favorable due diligence, the signing of a definitive agreement and customary closing conditions, is expected to close in October 2004. The total purchase price of $6.25 million is payable in a combination of cash, debt and stock. iVoice intends to distribute the shares it receives from NGM TEC to individual iVoice shareholders via a special common stock distribution. This will give iVoice shareholders a meaningful stake in NGM TEC. The record date and the number of shares to be distributed will not be determined until the close of the transaction. NGM TEC, Inc. plans for its common stock shares to trade on the NASD OTC Bulletin Board. The foregoing description of this transaction is qualified in its entirety by reference to the Current Report on Form 8-K dated September 3, 2004, which was recently filed with the Securities and Exchange Commission.
iVoice Technology 2, Inc.
On Sept. 13, 2004 iVoice announced that it intends to distribute to the company's shareholders all common stock of a newly formed subsidiary, iVoice Technology 2, Inc., as a way to unlock the value in its Unified Messaging software technology. Unified Messaging links telephone systems to computer networks and allows users wherever they may be to access voice mail and retrieve e-mail in a single operation through existing local area networks. Subject to final review by the SEC, holders of iVoice common stock will receive shares of iVoice Technology 2 common stock on the record date, which has been tentatively set as November 1, 2004. The payment date will be as soon as practicable after the SEC declares the iVoice Technology SB-2 registration statement effective. iVoice Technology 2 plans to list its shares on the NASD OTC Bulletin Board. The number of shares to be issued to iVoice shareholders has not yet been announced.
Corporate Strategies, Inc.
On Sept. 15, 2004 iVoice announced its fifth common stock distribution to shareholders of its entire holdings of 7.5 million Class A common stock shares of Corporate Strategies, Inc. to the company's shareholders. The record date for this distribution of Corporate Strategies common stock has been set for October 20, 2004 for shareholders of record of iVoice on that date. iVoice has invested $750,000 in Corporate Strategies in the form of 7.5 million shares of Class A common stock and a $500,000 5% secured convertible debenture. Corporate Strategies, located in Houston, Texas, provides merchant banking and diversified financial services involving accounts receivable factoring, mortgage lending, oil and gas investments and assorted other financial transactions. Corporate Strategies recorded sales in excess of $1.7 million in 2003 and pre-tax income in excess of $130,000. The foregoing description of this transaction is qualified in its entirety by reference to the Current Report on Form 8-K dated June 25, 2004, which was recently filed with the Securities and Exchange Commission.
About iVoice
iVoice, Inc. designs, manufactures and markets innovative speech-enabled applications and computer telephony communications systems. Customers include ADP, Michael's Stores, BJ's Wholesale Club, American Red Cross and JVC. Through a single integrated solution capable of processing thousands of interactions per hour, the company's products provide cohesive, easy voice access to messaging systems, including telephone calls, emails, faxes and voice mail. Interactive Voice Response products developed by iVoice allow PC databases to be accessed via voice or from a standard touch-tone telephone.
For more information on iVoice, please visit http://www.ivoice.com.
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Disclaimer: The opinions of the author are just that -- opinions. Do not base any trading actions on these words. Always do your due diligence before making any trading decisions.
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