Wizzard Software Announces Financing
PITTSBURGH--(BUSINESS WIRE)--Feb. 10, 2005--Wizzard Software (OTCBB:WIZD) announced today that it has closed a Subscription Agreement by which three institutional investors purchased $1.4M in unsecured debt from the Company. The Subscription agreement including notes and warrants, if fully exercised, will bring the aggregate gross proceeds realized to approximately $3.96M for the Company.
Details of the financing are set forth in the Company's 8K filed yesterday with the Securities and Exchange Commission.
"This financing was executed on favorable terms and helps us achieve what I consider to be the Company's strongest financial position since becoming a publicly traded company four years ago," stated Gordon Berry, Wizzard Software CFO. "We have an increased cash position, continue to keep our operating expenses at a low level and we've started 2005 with our best January to date."
"With this financing we plan to focus on our goals for 2005 of profitability, strategic acquisitions as well as growing our shareholder equity to qualify for a larger, national exchange where our company can receive increased visibility and our shareholders increased liquidity," said Chris Spencer, Wizzard Software CEO. "We have recently identified several acquisition candidates and this financing will enable us to make select acquisitions and expand our marketing efforts for our Talking Pill Bottle and other products in order to meet our aggressive revenue growth targets for 2005."
About Wizzard Software
Founded in 1996, Wizzard Software has become a leader in the speech technology application development market. Wizzard architects solutions to business problems using its expertise in consulting, speech development tools and building speech based applications for the Desktop and Internet. Wizzard has achieved global recognition because of its expertise with voice communication whether it is via PC or telephone. Wizzard's successes have lead to expanding opportunities in both the government and commercial sectors. In April of 2004, Wizzard acquired MedivoxRx Technologies. Founded in 2000, MedivoxRx is the originator of "Rex", the talking prescription pill bottle, which "talks" to the patient allowing them to distinguish what type of medication is in the bottle and hear critical information on dosage amounts and refill parameters. Additional information on MedivoxRx can be found at www.rxtalks.com. More information on Wizzard Software can be found in the Investor's Corner www.wizzardsoftware.com.
Legal Notice
Legal Notice Regarding Forward-Looking Statements: "Forward-looking Statements" as defined in the Private Securities litigation Reform Act of 1995 may be included in this news release. These statements relate to future events or our future financial performance. These statements are only predictions and may differ materially from actual future results or events. We disclaim any intention or obligation to revise any forward-looking statements whether as a result of new information, future developments or otherwise. There are important risk factors that could cause actual results to differ from those contained in forward-looking statements, including, but not limited to risks associated with changes in general economic and business conditions, actions of our competitors, the extent to which we are able to develop new services and markets for our services, the time and expense involved in such development activities, the level of demand and market acceptance of our services, changes in our business strategies and acts of terror against the United States.
Contacts
Arthur Douglas and Associates
IR Contact - Art Batson, 407-478-1120
OR
Wizzard Software
Marketing Director - Danielle Lewis, 412-621-0902
