Applied Voice Recognition, Inc. Announces Completion of $5
Million Private Placement
HOUSTON, Sept. 2 /PRNewswire/ -- Applied Voice Recognition, Inc. (OTC Bulletin Board: AVRI) today announced the completion of a $5,053,000 private placement of 1,590,625 shares of common stock and 312,500 shares of Series A Convertible Preferred Stock. Equity Services Ltd. served as placement agent for the Preferred Stock, and Sanders
Morris Mundy, Inc. served as a placement agent for a substantial portion of the common stock sold in the placement. The company plans to use a portion of the funds in the launch and promotion of the new continuous speech version of VoiceCOMMANDER(TM).
``We are very optimistic about our part in this rapidly expanding industry,'' said AVRI Chief Executive Officer Tim Connolly. ``This funding will enhance our ability to implement our aggressive sales and marketing strategy for the VoiceCOMMANDER line.''
The Preferred Stock is initially convertible into 5.4 shares of common stock per share of preferred stock, is non-voting, pays a 4% annual cumulative dividend payable in common stock, and is redeemable after three years at $8 per share plus accrued and unpaid dividends.
Applied Voice Recognition, Inc. develops, markets and supports original applications designed to solve business problems through the use of voice recognition technology. AVRI's primary software line is the VoiceCOMMANDER(TM), a fully featured office suite that combines dictation capabilities with command and control functionality.
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