IPVoice Communications Inc. Announces Initial Investment from Newly Formed Innoprise Fund in Conjunction with $1.5 Million Contract
Business Editors/High-Tech Writers
DALLAS–(BUSINESS WIRE)–March 23, 2004
Innoprise Fund LLP to Fund IPVoice Communications Inc. Merger and
Acquisition Strategy by Providing $500,000 to Digital Computer
IPVoice Communications, Inc. (OTCBB:IPVO) today announced that the Innoprise Fund LLP will provide Digital Computer Integration Corp. (DCI), a Homeland Security firm recently acquired by IPVoice, with $500,000 in financing to support a recently signed $1.5 million contract. Consistent with their specialization the contract requires DCI to deliver a non-standard integrated computer system used by the United States Armed Services. This contract supports DCI’s overall $6 million revenue forecast for 2004.
The Innoprise Fund LLP was formed to support IPVoice’s unique merger and acquisition strategy. The Innoprise Fund LLP has already signed $11 million in total subscriptions to date toward an overall goal of $20 million. The Innoprise Fund has been established independent of IPVoice to provide financing to IPVoice emerging technology subsidiaries and partners, therefore minimizing the necessity for dilution in IPVoice’s capital structure.
“This is the first Innoprise investment since last month’s announcement of the formation of the Fund,” said Philip Verges CEO of IPVoice. “We anticipate the Innoprise Fund will be instrumental in setting IPVoice ahead of our competitors in the emerging communication technology marketplace.”
About IPVoice Communications Inc.
IPVoice is a six-year-old company that has reported as a research and development concern for most of its history. In 2002, IPVoice launched a new business plan, which has resulted in the Company posting five consecutive profitable quarters and establishing an annualized $10 million in revenue. The Company is actively acquiring early-stage proprietary technology companies and financially distressed systems integration companies in specific global markets. In 2003, IPVoice acquired Infotel Technologies in Singapore and IP Global Voice, led by CEO Peter Geddis, a former Executive Vice President and Chief Operating Officer of Qwest Communications (NYSE:Q). The Company recently acquired Medical Office Software Inc. (MOS) diversifying its communications technology offering into the healthcare industry. IPVoice plans to acquire additional companies similar to Infotel, IP Global Voice, and MOS as part of an overall plan to continuously launch emerging communication technologies.
DCI is a fourteen-year-old corporation located in Plano, Texas that specializes in the development of non-standard products for use in the United States and Allied military applications, as well as homeland security and public safety applications. Custom solutions have included mission critical command and control computers, emergency vehicle mobile computing solutions and WIFI systems.
This press release contains statements (such as projections regarding future performance) that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to the risks inherent in the integration of Infotel Technologies into IPVoice Communications, Inc business, the ability of IPVoice to restore and stabilize the client base of Infotel and re-establish relationships with key suppliers, the development and market acceptance of the products and services of the combined companies, demand for the telecommunication and other products and related services, domestic and foreign government spending, budgetary and trade policies, economic and political changes in the domestic and international markets where the Company competes, successful deployment of advanced technologies, competitive product and pricing pressures as well as other risks and uncertainties, including but not limited to those detailed from time to time in the Company’s filings with the Securities and Exchange Commission.
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