MATAWAN, N.J., June 30, 2004 (PRIMEZONE) -- iVoice, Inc. (OTCBB:IVOC), a leader in speech recognition technology, announced today that the Company has invested a total of $750,000 in Corporate Strategies, Inc., a merchant banking firm located in Houston, Texas.
Corporate Strategies is a diversified financial services organization, which is involved in accounts receivable factoring, mortgage lending, oil and gas investments, and assorted other financial transactions. Corporate Strategies had sales in excess of $1.7 million in 2003, and pre-tax income in excess of $130,000.00.
The investment was in the form of common stock and convertible debt. Corporate Strategies is obligated to register the securities purchased by iVoice within the coming 12 months. Jerry Mahoney, CEO of iVoice, said, "Corporate Strategies is led by Tim Connolly, a merchant banker with over 25 years experience in small company corporate finance. We have a great deal of confidence in his ability to wisely utilize the capital invested to realize the great potential of Corporate Strategies and thereby maximize the return for all the shareholders of Corporate Strategies, ourselves included."
Tim Connolly, CEO of Corporate Strategies, added, "iVoice's confidence and capital provides us with new resources to finance small business growth throughout the USA. We are excited to have iVoice as new equity owners in Corporate Strategies as we begin our new phase of aggressive growth."
IVoice, which has previously announced that it has $7.3 million of cash available on its balance sheet, continues to have a strong cash position with ample financial resources to fund the Company's cash requirements for additional opportunities. The cash will be used for general working capital needs, financing future growth, strategic acquisitions and possible investments in other companies.
About iVoice, Inc.
iVoice, Inc. designs, manufacturers and markets innovative voice and telephony communications systems for businesses and corporate department Interactive Voice Response (IVR) products developed by iVoice allowed 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 cohesive system to access messaging systems using your voice.
About Corporate Strategies, Inc. Merchant Bankers
Corporate Strategies is a Merchant Bank in the traditional European sense of the word. As the term has evolved from the 15th Century to today, Merchant Banking describes an enterprise that not only finances a company's product or service, but also assists in developing a comprehensive business strategy. Corporate Strategies is comprised of seasoned executives with extensive experience in merchant banking, including business development and strategy, mortgage lending, public and private company corporate finance, capital markets research, human resources, due diligence and transaction execution. We provide consulting services, working capital financing, and in select cases, we make direct equity investments in our client companies.
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.