LAKE FOREST, Calif.--(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”
“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 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.