(PR NEWSWIRE) Fonix Corporation Finalizes Sale Of its Healthcare Solutions
Fonix Corporation Finalizes Sale Of its Healthcare Solutions Group to Lernout &
Hauspie
SALT LAKE CITY, Sept. 2 /PRNewswire/ -- Fonix Corporation (Nasdaq: FONX)
today announced the completion of the sale of the Fonix Healthcare Solutions
Group, headquartered in Woburn, MA, to Lernout & Hauspie Speech Products
(Nasdaq: LHSP; EASDAQ: LHSP) (L&H(TM)). L&H purchased the Fonix Healthcare
Solutions Group for $24 million in cash, with an additional $4 million
earn-out spread over two years based upon performance.
The sale of the Healthcare Solutions Group provides additional funds for
Fonix to focus on the sales and marketing of its products and technologies
including the award winning AcuVoice(R) text-to-speech, automated speech
recognition, and other interactive advancements for Internet, telephony and
embedded systems.
"This sale is of great importance to the future of Fonix. It gives us an
immediate infusion of capital that will allow us to execute our Internet and
Embedded business strategies as well as reduce certain Company liabilities,"
said Thomas A. Murdock, president and CEO of Fonix.
The purchase agreement adds the Fonix Healthcare Solutions Group's award-
winning PowerScribe(R) Radiology and Emergency Medicine products, customer
base, sales, marketing, customers services and development staff to L&H's
Healthcare Solutions Group. Approximately 40 employees from the Fonix
Healthcare Solutions Group (including 16 from research and development) are
expected to become part of the L&H Healthcare Solutions Group in Burlington,
MA.
About Fonix Corporation
Fonix Corporation (www.fonix.com) based in Salt Lake City, UT, with
offices in Boston, MA, and Cupertino, CA, provides solutions to make human
interaction with computers and other intelligence appliance simpler and more
convenient. The Fonix suite of products and services, including speech
recognition, handwriting recognition and text-to-speech technology, provide
natural, intuitive solutions that allow people and their technological tools
to speak to and interact with each other in human terms. Fonix technology
enhances products offered by Fonix and its OEM partners and is included in
computer and Internet based systems and devices for consumer, professional and
industrial markets.
About Lernout & Hauspie
Lernout & Hauspie (L&H) is a global leader in advanced speech and language
solutions for vertical markets, computers, automobiles, telecommunications,
embedded products, consumer goods and the Internet. The company is making the
speech user interface (SUI) the keystone of simple, convenient interaction
between humans and technology, and is using advanced translation technology to
break down language barriers. The company provides a wide range of offerings,
including: customized solutions for corporations; core speech technologies
marketed to OEMs; end user and retail applications for continuous speech
products in horizontal and vertical markets; and document creation, human and
machine translation services, Internet translation offerings, and linguistic
tools. L&H's products and services originate in four basic areas: automatic
speech recognition (ASR), text-to-speech (TTS), digital speech and music
compression (SMC) and text-to-text (translation). For more information,
please visit Lernout & Hauspie on the World Wide Web at www.lhs.com or
www.lhsl.com.
Note: The statements released by Fonix Corporation that are not purely
historical are forward-looking within the meaning of the "Safe Harbor"
provisions of the Private Securities Litigation Reform Act of 1995, including
statements regarding the Company's expectations, hopes, intentions, and
strategies for the future. Investors are cautioned that forward-looking
statements involve risk and uncertainties that may affect the Company's
business prospects and performance. It is important to note that the
Company's actual results could differ materially from those in such
forward-looking statements. Other risk factors including general economic,
competitive, governmental, and technological factors as discussed in the
Company's filings with the SEC on Forms 10-K, 10-Q and 8-K. The Company does
not undertake any responsibility to update the forward-looking statements
contained in this release.
SOURCE Fonix Corporation
-0- 09/02/1999
/CONTACT: Michelle Aamodt of Fonix, 801-328-0161, invrel@fonix.com/
/Web site: lhs.com
/Web site: fonix.com
(FONX LHSP)
CO: Fonix Corporation; Fonix Healthcare Solutions Group; Lernout & Hauspie
Speech Products
ST: Utah, Massachusetts
IN: CPR HEA
SU: TNM
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