SOURCE: iVoice Technology, Inc.

June 06, 2007 06:25 ET

iVoice Technology Enters Into Letter of Intent to Acquire Proprietary Aluminum Products Designer

Prosperity Ventures, Inc. to Become Wholly Owned Subsidiary of iVoice Technology, Inc.

MATAWAN, NJ--(Marketwire - June 6, 2007) - iVoice Technology, Inc. (OTCBB: IVOT) announced today that it signed a non-binding Letter of Intent to acquire Prosperity Ventures, Inc., d/b/a Tropical Screen, Stronghold Manufacturing, Inc., Aero Consulting, LLC and Screen Enclosure Technologies, LLC, Florida limited liability corporations (hereinafter collectively referred to as ("Prosperity Ventures"). iVoice Technology, Inc. ("iVoice Technology") previously was a wholly owned subsidiary of iVoice, Inc. (OTCBB: IVOI) prior to the spin-off from iVoice that was completed in August 2005 as a special stock dividend distribution to iVoice shareholders. The transaction, which is subject to due diligence, the usual and customary conditions, and entering into a definitive agreement, is expected to close in August 2007. It is anticipated that Prosperity Ventures will merge into a wholly owned subsidiary of iVoice Technology.

Jude Kleila, founder of Prosperity Ventures, stated, "No one in the world understands the designing and engineering of screen enclosures better. We are providing a high tech solution to a mother nature problem."

The STRONGHOLD™ SYSTEM is the first and only method for building screen enclosures that is proven to be 100% compliant to the Florida Building Code 2004 and Aluminum Design Manual 2005. The STRONGHOLD™ SYSTEM inspired our development team to author a change to the Florida Building Code in December 2006. The STRONGHOLD™ SYSTEM has revolutionized the design and engineering of aluminum screen structures. With 3-D finite element analysis we can analyze the stresses placed on screen enclosures, all the way down to every 6 inches of every member, every connection and every screw or bolt used to put the enclosure together.

Prosperity Ventures and its staff are dedicated to exceeding the building standards and customer expectations through exceptional service and dedication to excellence. We strive to continue being on the cutting edge of research and development.

Jerry Mahoney, CEO of iVoice Technology, remarked, "We are excited to be working with Prosperity Ventures." Mahoney added, "We continue to work to find and complete acquisitions that offer excellent growth potential, that are in viable and stable market segments and have management teams committed to success."

About iVoice Technology, Inc.:

iVoice Technology, Inc., previously was a wholly owned subsidiary of iVoice, Inc. (OTCBB: IVOI) prior to the spin-off from iVoice that was completed in August 2005 as a special stock dividend distribution to iVoice shareholders. iVoice Technology, Inc. was incorporated in New Jersey on November 10, 2004 as a wholly owned subsidiary of iVoice, Inc. iVoice Technology, Inc. designs, manufactures, and markets innovative Interactive Voice Response (IVR) applications and computer telephony communications systems.

Certain information included in this press release, may contain forward-looking statements about our current and expected performance trends, growth plans, business goals and other matters. These statements may be contained in our filings with the Securities and Exchange Commission, in our press releases, in other written communications, and in oral statements made by or with the approval of one of our authorized officers. Information set forth in this press release contains various "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The Private Securities Litigation Reform Act of 1995 (the "Act") provides certain "safe harbor" provisions for forward-looking statements. The reader is cautioned that such forward-looking statements are based on information available at the time and/or management's good faith belief with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements. Forward-looking statements speak only as of the date the statement was made. We assume no obligation to update forward-looking information to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information. Forward-looking statements are typically identified by the use of terms such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "might," "plan," "predict," "project," "should," "will," and similar words, although some forward-looking statements are expressed differently. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct.

Contact Information