MATAWAN, N.J., June 23, 2004 (PRIMEZONE) -- iVoice, Inc. (OTCBB:IVOC), a leader in speech recognition technology, announced today that the Company reduced its convertible debt by $1.3 million by returning the funds to an institutional investor.
Upon review of the Company's financial resources and available strategic business opportunities, management determined that the Company currently has sufficient financial resources available in the near term to take advantage of these strategic business opportunities. Accordingly, since these funds are not immediately necessary, rather than paying interest on the $1.3 million convertible debt and creating additional share dilution, the Company has instead returned these funds to the investor, thereby reducing the Company's outstanding convertible debt and available cash balances.
The Company's still has a strong cash position with adequate financial resources to fund the Company's cash requirements for the foreseeable future. The remaining cash balances will be used to for general working capital needs, financing future growth, strategic acquisitions and possible investments in other companies. The Company is still on track to close the investment in a Texas based Merchant Banking Company that was previously announced and expects to be able to release further news on this transaction in the near future.
About iVoice, Inc.:
iVoice, Inc. designs, manufactures and markets innovative voice and computer telephony communications systems for businesses and corporate departments. The Interactive Voice Response (IVR) products developed by iVoice allow information in PC databases to be accessed via voice or from a standard touch-tone telephone. The products are designed to be simple for the end user and provide a cohesive system to access messaging systems using your voice.
This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, our plans, strategies and prospects, both business and financial. Although we believe that our plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, we cannot assure you that we will achieve or realize these plans, intentions or expectations. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Many of the forward-looking statements contained in this news release may be identified by the use of forward-looking words such as "believe," "expect," "anticipate," "should," "planned," "will," "may," "intend," "estimated," and "potential," among others. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this news release include market conditions and those set forth in reports or documents that we file from time to time with the United States Securities and Exchange Commission. All forward-looking statements attributable to iVoice, Inc. or a person acting on its behalf are expressly qualified in their entirety by this cautionary language.