Voxware Engages Ladenburg Thalmann to Support Capital-Raising Activities.Business/Technology Editors PRINCETON, N.J.--(BUSINESS WIRE)--Jan. 12, 2001 Engagement Part of Voxware's Plan to Comply with Nasdaq(R) Rules Voxware, Inc. (NASDAQ: VOXW), the provider of VoiceLogistics(TM), a noise-robust speech-based solution for supply chain applications, announced today New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of investment bank Ladenburg Thalmann Ladenburg Thalmann is a small New York City investment bank and broker founded in 1876. The firm became a member of the New York Stock Exchange in 1879 and was a major Wall Street player into the 1950s. has been engaged by Voxware to assist in seeking additional capital for the company. The engagement of Ladenburg Thalmann is part of Voxware's plan to achieve and sustain compliance with the Nasdaq Market listing requirements Listing requirements Requirements, including minimum shares outstanding, market value, and income, that are laid down by an exchange for any stock to be listed for trading. . Voxware received a letter from the Nasdaq on November 28, 2000, notifying them that the company's net tangible assets Net Tangible Assets Calculated as the total assets of a company, minus any intangible assets such as goodwill, patents and trademarks, less all liabilities and the par value of preferred stock. Also known as "net asset value" or "book value". no longer met the minimum required for continued listing under the exchange's Marketplace Rule 4450(a)(3). The Nasdaq letter requested Voxware to submit a specific plan outlining the company's approach for achieving and sustaining compliance with all Nasdaq National Market listing requirements. Voxware submitted a plan to the Nasdaq on December 11, 2000, which requested until February 12, 2001 to allow the company sufficient time to achieve compliance with the listing requirements. On January 8, 2001, Voxware received a letter from Nasdaq denying their request for continued listing on the Nasdaq National Market, and that its securities are, therefore, subject to delisting from the Nasdaq National Market. Voxware has appealed the ruling, pursuant to the procedures set forth in the Nasdaq Marketplace Rule 4800 series, and requested a hearing before a Nasdaq Listing Qualifications Panel ("Panel") to review the staff determinations. The appeal and hearing request will stay the delisting of the company's securities on the Nasdaq National Market pending the Panel's decision. "We are pleased to once again be engaged with Ladenburg Thalmann. Voxware has had a productive relationship over the years with the firm. I believe Ladenburg Thalmann brings to bear vast resources and considerable experience to assist Voxware in meeting our financing needs," said Voxware's CFO See Chief Financial Officer. and Senior VP, Nick Narlis. "Our plan includes negotiation with the holders of our redeemable 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. which is currently excluded from the calculation of our net tangible assets," said Nick Narlis. "We have spoken with them and are exploring a number of alternatives. In addition, we are continuing our efforts to secure additional corporate financing with potential investors, wherein the proceeds would be used to either pay off outstanding securities, or increase our assets and capital. This is an ongoing process we are normally engaged in, however we are increasing the pace and focus of these activities beyond what has been planned in order to address the issue raised by Nasdaq." There can be no assurance that any of Voxware's efforts will be successful or that any action by Voxware would not result in substantial dilution to existing stockholders. About Voxware, Inc. Voxware is a leading provider of interactive voice-based solutions for picking, receiving, return goods processing, cross-docking and put-away operations in the distribution and logistics industries. Voxware solutions are available for all major market industry sectors, including consumer goods consumer goods Any tangible commodity purchased by households to satisfy their wants and needs. Consumer goods may be durable or nondurable. Durable goods (e.g., autos, furniture, and appliances) have a significant life span, often defined as three years or more, and manufacturers (CGM (1) (Computer Graphics Metafile) An ISO/IEC standard format for 2D graphics images introduced in 1987. Primarily a vector graphics format for technical illustrations and geophysical visualizations, CGM also supports raster graphics and text. ), consumer packaged goods Noun 1. packaged goods - groceries that are packaged for sale foodstuff, grocery - (usually plural) consumer goods sold by a grocer plural, plural form - the form of a word that is used to denote more than one (CPG CPG central pattern generators. ), direct to consumer (e-commerce and catalog), food and grocery, package handling, retail, third-party logistics providers (3PLs), and wholesale distribution. VoiceLogistics(TM) is Voxware's wireless, web-based interactive speech interface solution that enhances speed, accuracy and productivity of logistics and fulfillment operations. VoiceLogistics also seamlessly integrates with the WMS WMS Warehouse Management System WMS Web Map Service (open geospatial consortium specification) WMS West Middle School (Rochester Hills, MI) WMS Workforce Management Software WMS Wechsler Memory Scale and IT systems of virtually any distribution and logistics operation. The VoiceLogistics system includes the VoiceLogistics wireless RF client (patent pending), Voxware's patented noise-robust speech recognizer, designed specifically for high performance in industrial environments, their VoiceXML browser, the VoiceLogistics server, the VoiceLogistics suite of VoiceXML applications for logistics and fulfillment operations, and Voxware's professional services for installation, integration and implementation. Voxware solutions are also deployed in package handling, mail sorting and manufacturing inspection operations. Voxware's corporate headquarters are in Princeton, New Jersey
Princeton, New Jersey is located in Mercer County, New Jersey, United States. Princeton University has been sited in the town since 1756. , with regional offices in Boston, Massachusetts and the Netherlands. Additional information about Voxware can be obtained on the Internet at http://www.voxware.com/. About Ladenburg Thalmann Founded in 1876 and a NYSE NYSE See: New York Stock Exchange member since 1879, Ladenburg Thalmann is a full service investment banking and brokerage firm based in New York. Ladenburg Thalmann's investment banking department specializes in middle market companies and emerging growth businesses. The research department focuses on the media and entertainment technology, telecommunications, retail, special situations and healthcare sectors. In addition to being a member of the NYSE, Ladenburg Thalmann is a member of the NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). , SIPC (Simply Interactive PC) An earlier umbrella term from Microsoft and Intel for a PC that works like a home appliance. For example, it has a sealed case, uses external connectors for expansion and boots in just a couple of seconds. and all other principal exchanges. This news release contains forward-looking statements. Such statements are subject to certain factors that may cause Voxware's plans to differ or results to vary from those expected including the risks associated with Voxware's need to introduce new and enhanced products and services in order to increase market penetration and the risk of obsolescence ob·so·les·cent adj. 1. Being in the process of passing out of use or usefulness; becoming obsolete. 2. Biology Gradually disappearing; imperfectly or only slightly developed. of its products and services due to technological change; Voxware's need to attract and retain key management and other personnel with experience in providing integrated voice-based solutions for e-logistics, specializing in the supply chain sector; the potential for substantial fluctuations in Voxware's results of operations; competition from others; Voxware's evolving distribution strategy and dependence on its distribution channels; the potential that speech products will not be widely accepted; Voxware's need for additional capital; and a variety of risks set forth from time to time in Voxware's filings with the Securities and Exchange Commission. Voxware undertakes no obligation to publicly release results of any of these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unexpected results. Voxware(R) and VoiceLogistics(TM) are trademarks of Voxware, Inc. All other product names are trademarks of their respective owners. |
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