Dragon To Withdraw Its Registration Statement Filed with the
Securities and Exchange Commission
Dragon Systems(R), Inc. today announced a delay in its initial public offering, in order to pursue negotiations with several potential strategic investors. This decision will allow Dragon to engage in technology and business initiatives that will significantly expand and accelerate its markets with major industry alliances.
"As a profitable and rapidly growing company, Dragon Systems' business is financially sound. Dragon Systems has just completed its highest revenue quarter in the company's history and holds a leading position in the U.S. retail market for PC-based speech software, said Dr. Janet Baker, CEO and Co-Founder of Dragon Systems. "At this time, we believe it makes more sense to accept strategic corporate investments to accelerate our growth, and to allow us to capitalize on the huge growth potential of the speech market and result in an even more successful IPO in the future."
As a result of this delay, Dragon Systems will withdraw its registration statement filed with the Securities and Exchange Commission for the initial public offering of its common stock.
"Seagate Technology fully supports and endorses Dragon's decision to move forward with these strategic initiatives prior to going public," said Steve Luczo, President and CEO of Seagate Technology. Seagate Technology of Scotts Valley, CA. holds approximately a 35% stake in Dragon Systems. About Dragon Systems, Inc.
Dragon Systems, Inc (http://www.dragonsys.com), is a worldwide leader in PC speech recognition. Dragon Systems develops and markets high-performance, cost-effective speech and language technology that, in multiple world languages (including American English, British English, French, German, Italian, Spanish and Swedish), enable users to create text, issue commands, enter and access data simply by speaking. The company also licenses technology worldwide through developers, distributors, resellers, OEMs (Original Equipment Manufacturers) and ISVs (Integrated Software Vendors). Dragon Systems ports its technology across multiple operating systems and hardware platforms -- from hand-held devices and PCs to workstations, and is pursuing leading-edge research and development projects for computer and telecommunications applications. Since introducing Dragon NaturallySpeaking, the first large vocabulary continuous speech recognition system able to create general purpose text, in 1997, the Company has received over 80 major industry awards worldwide.
Founded in 1982, Dragon Systems is headquartered in Newton, Massachusetts; its Dragon Systems UK Ltd. subsidiary, which is focused on speech recognition for telephony and high-noise environments, is based in Cheltenham, England; Dragon Systems GmbH is located in Munich, Germany, Dragon Systems also has offices in France. Dragon Systems can be found on the world wide web at: www.dragonsys.com or www.naturalspeech.com. |
