IPVoice Communications Inc. Issues Demand Letter to Berlin Stock Exchange for Immediate Delisting; IPVoice Equity Listed on Berlin without Company's Authorization
DALLAS -- (Business Wire) -- May 13, 2004
IPVoice Communications, Inc. (OTCBB:IPVO) today
announced that the Company sent a demand letter to the Berlin Stock
Exchange demanding the immediate delisting of its stock. IPVoice was
made aware that the Company's stock was recently listed on the Berlin
Exchange without the Company's authorization or knowledge.
"Unfortunately, it has become apparent that there are parties in
the public markets intent upon profiting through the illegal
manipulation of certain equities," commented Philip Verges, CEO of
IPVoice. "Whether through intensive misinformation, companies
emanating from the Internet, or by unauthorized listing of companies
on off-shore exchanges, the potential harm to shareholders is
apparent. Since the April 1 crackdown by the SEC on domestic
shorting strategies, a number of companies such as ours have
discovered that their stock was listed on the Berlin Exchange without
the company applying for that listing. There are concerns that these
recent listings are not purely coincidental, but rather part of a
concerted effort for certain parties to have an avenue to trade
outside of recent pro-active SEC regulations initiated to discourage
the naked activity shorting strategies widely known to occur with
OTCBB listed equities. It is the fiduciary responsibility of
management to protect shareholder value by not only building a
profitable company, but also to assure that its equity is traded where
necessary regulatory protections and assurances are in place. We will
inform shareholders once the Berlin Exchange has complied with our
demand."
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 six consecutive profitable quarters 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 of Qwest Communications
(NYSE:Q). The Company recently acquired Medical Office Software Inc.
diversifying its communications technology offering into the
healthcare industry. RKM 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 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.
Contacts:
IPVoice Communications, Inc., Dallas
Investor Relations, 972-386-3372 ext. 211
ir@ipvoice.com
www.ipvoice.com |
