Voice Assist Closes $800,000 Strategic Private Placement
May 22 2012 - 7:00AM
Business Wire
Voice Assist, Inc. (OTCBB: VSST), an award-winning leader in
speech enabled handsfree safe driving solutions, today announced
that it has closed a private placement yielding gross proceeds of
$800,000. The terms include the sale of 5,333,333 shares of
restricted common stock priced at $0.15 per share. In addition, the
company has issued five year callable warrants to purchase up to an
additional 5,333,333 shares of common stock at $0.50 per share,
which would provide the company with up to $2.6 million of
additional working capital if exercised.
“We are excited to participate as a significant strategic
shareholder in Voice Assist,” said Paul Arena, Chief Executive
Officer of Augme Technologies, Inc., (OTCBB: AUGT). “This funding
should allow Voice Assist the growth capital to accelerate its
market penetration and sales cycle and to continue to innovate its
speech platform into the smartphone, automotive and other mobile
device industries. We are also impressed with Voice Assist’s
intellectual property covering speech-driven browsing of
cloud-based address books, music libraries and speech-driven
updates to social networks including Facebook, Twitter and leading
CRM platforms including Salesforce.com. We see a tremendous growth
opportunity in these sectors and feel that Voice Assist is well
positioned to become a market leader.”
“We believe the growth capital and relationship opportunities
provided by strategic investors such as Augme Technologies can
support the integration of speech control functionality into mobile
marketing,” said Michael Metcalf, Chief Executive Officer of Voice
Assist, Inc. “We also appreciate the participation in this
private placement by a group of seasoned telecom and digital media
executives who understand how our technology can be applied not
only to mobile devices but also to landlines, VoIP lines and in
other modes of communication.”
The funding package was managed by Source Capital Group, Inc., a
boutique investment bank focused on emerging growth companies
involved in the Communications, Internet, Digital Media, Energy,
and Clean Tech industries. “We’re excited about Voice Assist
because its technology can be used on any phone, which opens up a
massive market opportunity unlike other solutions, which only run
on the data channel of a smartphone,” said Vik Grover, CFA, Senior
Managing Director.
About Voice Assist, Inc.
Voice Assist (OTCBB: VSST) is an award-winning speech platform
designed to be used from any phone, eliminates the need to press
buttons on smartphones, tablet PCs or other network-connected
devices. Mobile developers and cloud-based service providers can
leverage Voice Assist’s platform to provide voice access to any
application through its rapid application development environment
and mobile widgets making it easy to add powerful voice interface.
Voice Assist also offers its hands-free safe driving application
and CRM-by-voice applications direct to the public and/or through
resellers and private label OEM relationships.
For more information on the company, visit
www.voiceassist.com.
Forward-Looking Statements
Forward-Looking Statements in this news release, such as “This
funding should allow Voice Assist the growth capital to accelerate
its market penetration and sales cycle and to continue to innovate
its speech platform into the smartphone, automotive and other
mobile device industries.” involve risks and uncertainties,
including, but not limited to the functionality of our technology,
risks and effects of legal and administrative proceedings and
governmental regulation, future financial and operational results,
competition, general economic conditions, and the ability to manage
and continue growth.
Should one or more of these risks or uncertainties materialize,
or should underlying assumptions prove incorrect, actual outcomes
may vary materially from those indicated. 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 we
file from time to time with the SEC. We undertake no obligation to
revise or update such statements to reflect current events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
Voice Assist is a registered trademark of Voice
Assist, Inc. All rights reserved. All other products and company
names herein may be trademarks of their registered owners.
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