Mr. Jay Hutton reports
VOICE MOBILITY ANNOUNCES AVST SETTLEMENT
Further to the press release dated Nov. 21, 2017, Voice Mobility International Inc. has reached an agreement with Applied Voice & Speech Technologies Inc. (AVST) to amend certain terms in the software and intellectual property licence agreement entered into by the parties on Jan. 31, 2011.
In consideration of the amendments to the licence agreement, the company received a payment of $916,000 (U.S.). The amended licence agreement continues until Jan. 31, 2021, unless terminated earlier, in accordance with its terms, but the company does not expect any additional financial recovery.
Approximately $850,000 (U.S.) of the consideration has been used by the company to settle a portion of its senior secured debt, and the balance is being used by the company for working capital purposes.
Subsequent to this transaction, the company continues to operate Tagline, a unified communications service offering for small business, which provides approximately $20,000 per quarter in gross revenue.
The company remains indebted to creditors in the approximate amount of $12.4-million.
We seek Safe Harbor.
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