DEERFIELD BEACH, Fla., Jan. 24, 2003 (PRIMEZONE) -- Voiceflash Networks, Inc. (Other OTC:VFNXE), today announced that the corporation would liquidate by filing with the Clerk of the Circuit Court in Broward County, Florida, an Assignment for the Benefit of Creditors under Chapter 727 of the Florida Statutes, pursuant to an action by its board of directors. The Assignment, which the company anticipates to be filed January 24, 2003, on behalf of Voiceflash and its wholly owned subsidiaries, United Capturdyne Technologies, Inc., and Value Stream Systems, Inc., names Michael Phelan of Michael Moecker & Associates, Inc. as Assignee. The company determined that its liabilities exceeded its assets and that its current cash flow was insufficient to meet the obligations of the company and its subsidiaries to their respective creditors.
President Robert J. Kaufman was authorized by the board to execute and file all petitions and documents pertinent to the company's insolvency on behalf of shareholders, creditors, and other interested parties.
The company has retained the law firm of Tew Cardenas Rebak Kellogg Lehman DeMaria Tague Raymond & Levine, L.L.P., of Miami, Florida, as counsel in this Assignment proceeding.
Lawrence Cohen and Maxwell Jeffrey Korbin II have resigned as directors, citing differences with management and alleging that the company's financial statements for the fiscal year ended July 31, 2002, may be materially false and misleading, and that the company may have improperly recognized and accounted for fiscal 2002 revenues and reserves. Management disagrees with the characterization.
Voiceflash Networks, Inc. (dba The DataFlash Corporation) through its subsidiary, United Capturdyne Technologies, Inc., processed Automated Clearing House (ACH) transactions for merchants. The company's other subsidiary, Value Stream Systems, Inc., marketed pre-paid MasterCard(tm) product to consumers. The company's stock trades on the OTC Bulletin Board under the symbol VFNXE.OB.
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