IPVoice Communications Inc. Reports on Merger and Acquisition Pipeline Totaling $30 Million in Annualized Revenue.Business Editors/High-Tech Writers
DALLAS--(BUSINESS WIRE)--June 7, 2004
IPVoice Releases Update on Signed Letters of Intent Not Including
Previously Announced Wireless Frontier Internet
IPVoice Communications, Inc. (OTCBB OTCBB
See OTC Bulletin Board (OTCBB). :IPVO) today announced having a total merger and acquisition pipeline signed under various Letters of Intent (LOI LOI Letter of Indemnity (international trade and carriage business)
LOI Letter Of Intent
LOI Loss On Ignition
LOI Letter of Inquiry
LOI Lack Of Information
LOI Lack of Interest
LOI Letter of Invitation
LOI List Of Items ) representing more than $30 million in total annualized annualized
Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. revenue. IPVoice has been aggressively pursuing merger and acquisition opportunities to expand the company's current telecommunication, healthcare and homeland security Noun 1. Homeland Security - the federal department that administers all matters relating to homeland security
Department of Homeland Security
executive department - a federal department in the executive branch of the government of the United States offerings, as well as to ramp up Ramp Up
To increase a company's operations in anticipation of increased demand.
A company might 'ramp up' operations if they just signed a contract creating substantially more demand for their product.
See also: Demand, Economies of Scale the supporting systems integration, software development and customer service capabilities. Much of IPVoice's recent merger and acquisition progress has gone previously unannounced as IPVoice has recently decided to make a practice of only announcing LOI's after due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. is complete. IPVoice reports that the current $30 million signed under various LOI's is all within a sixty day horizon of anticipated closing. IPVoice is specifying that the $30 million in potential annualized revenue growth does not include the previously announced Wireless Frontier Internet LOI (OTCBB:WFRI).
IPVoice remains committed to building a wireless Internet strategy. However, after conducting its due diligence and reevaluation of expected synergies, IPVoice has cooled to the Wireless Frontier Internet acquisition. IPVoice management has determined the Wireless Frontier customer footprint and associated revenue numbers are not as compelling as originally anticipated. IPVoice remains interested in Wireless Frontier, but has ceased negotiations. However, should Wireless Frontier return with a working proposal closer to IPVoice's post due diligence valuation, IPVoice will still consider the merger and acquisition opportunity. Alternatively, IPVoice has signed a Letter of Intent with a private wireless Internet provider Internet provider - Internet Service Provider with current contracted revenue equal to that of Wireless Frontier.
"We have already announced the Sensitron and Netsco LOI's," said Philip Verges CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of IPVoice. "These two acquisitions respectively expand our current healthcare and homeland security offerings. The yet to be announced To be announced (TBA)
A contract for the purchase or sale of an MBS to be delivered at an agreed-upon future date but does not include a specified pool number and number of pools or precise amount to be delivered. wireless Internet LOI complements our current Voice over IP (VoIP) strategy and will either replace or enhance our efforts with Wireless Frontier. Shareholders should anticipate a joint announcement regarding the specifics of our wireless Internet deal with in the next two weeks. With just over an annual $15 million revenue run rate today and a forecasted $50 million annual run rate by year end, shareholders are understandably expectant on developments regarding IPVO's progress with its acquisition strategies. With this announcement, we will begin to regularly communicate our merger and acquisition plans and developments, to include the cooperative financing plans and progress to support these acquisitions."
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 resulted in the Company posting six consecutive profitable quarters through 2003 and establishing an annualized $15 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 Chief Operating Officer (COO)
The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Qwest Communications (NYSE NYSE
See: New York Stock Exchange :Q). The Company recently acquired Medical Office Software Inc. diversifying its communications technology offering into the healthcare industry. RKM RKM - Rom Kernel Manual IT Solutions of Caracas, Venezuela was also recently acquired as IPVO's entry into the Latin American market.
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 The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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.