Applied Voice Recognition, Inc. Announces Agreement to Rescind and Temporarily Suspend Series B Preferred Stock Conversions.HOUSTON--(BUSINESS WIRE)--Oct. 1, 1998--Applied Voice Recognition, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: AVRI AVRI American Vintage Reissue (Fender guitars) ) announced today that Sovereign Partners Limited Partnership and Dominion Capital Fund, Ltd. have agreed that they will rescind To declare a contract void—of no legal force or binding effect—from its inception and thereby restore the parties to the positions they would have occupied had no contract ever been made. rescind v. all conversion requests pending since August 28, 1998 and will not convert any additional shares of the Series B Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. prior to the close of business on December 31, 1998. Sovereign and Dominion purchased a total of 3,000 shares of the Company's Series B Preferred Stock in a private placement which was completed on March 11, 1998. Since the completion of that private placement, Sovereign and Dominion have converted a total of 715 shares of Series B Preferred Stock into an aggregate of 1,169,983 shares of the Company's common stock, all of which have been sold in open market transactions. In addition, the Company notified Sovereign and Dominion of its intent to redeem the outstanding shares of the Series B Preferred Stock prior to December 31, 1998. However, the Company is under no obligation to complete such redemption prior to that date or thereafter. The Company undertook these actions in an effort to relieve some of the downward pressure on the price of the Company's common stock. AVRI develops and markets innovative voice recognition solutions for the healthcare information technology industry that allow professionals to immediately transform voice dictation into formatted text. Founded in 1994, AVRI has invested in excess of $11 million in establishing itself as a leader in voice recognition applications leading to its focus on the healthcare information technology marketplace. For more information regarding AVRI, please visit our website at www.voicecommander.com. This press release contains forward-looking statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc future revenues and operating information and their impact on future results. Actual results could differ materially from those projected in the forward looking statements as a result of risk factors such as market conditions, product life cycles, customer delays in purchasing products, technology shifts, potential difficulties in introducing new products, competition, price sensitivity and the uncertainty of continuing market acceptance of the Company's products by distributors, retailers and consumers. This press release is available on the KCSA KCSA Krannert Center Student Association KCSA Kentucky Crushed Stone Association (Frankfort, KY) KCSA Kyiv City State Administration KCSA Kalamazoo Christian School Association KCSA Kentucky-Canadian Studies Association Worldwide Public Relations public relations, activities and policies used to create public interest in a person, idea, product, institution, or business establishment. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most website at www.kcsa.com. |
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