iVoice, Inc.(fka IVOI)

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iVoice Improves Balance Sheet Through $500,000 Debt Repayment and Settlement of Outstanding Debt With Institutional Investor
iVoice Improves Balance Sheet Through $500,000 Debt Repayment and Settlement of Outstanding Debt With Institutional Investor
MATAWAN, NJ, Dec. 7, 2009 (Marketwire) --

MATAWAN, NJ -- (Marketwire) -- 12/07/09 -- iVoice, Inc. (OTCBB: IVOI), a developer and licensor of proprietary technologies, announced today that it has repaid approximately $500,000 in convertible debt to an institutional investor.

On November 13, 2009, iVoice, Inc. ("Company") entered into a Settlement Agreement dated November 12, 2009 with YA Global Investments, L.P., formerly known as Cornell Capital Partners, LP ("YA Global") whereby: in exchange for a $500,000 cash payment and entering into a non-interest bearing amended and restated debenture with a principal amount of $671,600, the Company was able to extinguish all other obligations owed to YA Global including disputed interest on other debentures previously paid-off, termination of various warrants, and reduction of the collateral securing the remaining debenture from all of the assets of the Company to only the $370,000 Secured Convertible Debenture issued by Thomas Pharmaceuticals, Ltd. and held by iVoice, Inc. Additionally, the Company and YA Global executed a general release effective through the date of the Settlement Agreement. This transaction leaves a balance of only $671,600 due to the institutional investor.

Link to 8K:

http://www.sec.gov/Archives/edgar/data/1105064/000118518509001252/0001185185-09-001252-index.htm

About iVoice, Inc.