Fourth Spin-Off and Fifth Distribution to Shareholders Matawan, NJ, November 5, 2004 -- iVoice, Inc. (OTC Bulletin Board: IVOC), a leader in speech recognition technology, announced today that it intends to distribute to the company's shareholders all common stock shares of its newly formed subsidiary, SpeechSwitch, Inc. When completed, this would be the fifth common stock distribution issued by the company to its shareholders including Trey Resources, Inc., iVoice Technology, Inc., Deep Field Technologies, Inc. f/k/a iVoice Technology 2, Inc. and Corporate Strategies, Inc.
The iVoice board of directors authorized management to pursue a strategy designed to unlock the value in the company's speech recognition software by spinning it off into a new independent public company, SpeechSwitch, Inc. The assets that will become part of SpeechSwitch include the Speech SDK, Speech Enabled Auto Attendant and Name Dialer, plus two issued patents and two patents pending.
Subject to final review by the SEC, holders of iVoice common stock will receive shares of SpeechSwitch common stock on the record date, which has been tentatively set by the iVoice Board of Directors as December 1, 2004. The payment date will be as soon as practicable after the U.S. Securities and Exchange Commission declares the SpeechSwitch registration statement effective. The ex-dividend date will be established by the NASD pursuant to their authority over the OTC-Bulletin Board. The stock distribution will be detailed in a Form SB-2 to be filed with the SEC in the near future. The spin off transaction is not a reverse split of iVoice stock. SpeechSwitch plans to list its shares on the OTC Bulletin Board.
iVoice Chairman and CEO Jerry Mahoney said, "We are confident that this transaction will provide the three separated companies with the capital structure and focus required for long-term growth and success, which will offer compelling value to the market and enhanced opportunities for both companies."
"iVoice will retain its core patent pending technology, including its 'Talking Pill Bottle' technology and its patented technology, such as the 'Voice Item Locator.' iVoice expects that its primary business activity will be the licensing of its proprietary technology. iVoice plans to file additional patents in the field of talking products in the near future. Toward that end, the company has recently hired GlynnTech to assist in facilitating various licensing opportunities," Mahoney said.
"iVoice is still very interested in acquisitions, particularly in candidates that represent excellent growth potential, are in a viable and stable market segment and employ management teams committed to the organization's success. The prospective acquisitions may or may not be in the same industry as iVoice. The company still has over $6.8 million in cash on the balance sheet, which will be used to fuel our acquisition strategy."
Earlier this year, iVoice spun off Trey Resources, which closed on its first acquisition in June 2004 by acquiring an operating company with sales of over $2 million. iVoice has determined that the best way to create shareholder value, separate and apart from the operating performance of iVoice, is to implement these spin-offs by distributing shares of these subsidiaries. The successful Trey Resources spin-off demonstrated that the mechanism works and established further opportunities for both entities.
News 
Market Data 
Discover 
