SOURCE: SpeechSwitch, Inc.

May 03, 2006 06:25 ET

SpeechSwitch, Inc. Announces Agreement With Lamson Holdings LLC, for Sale of Selected Patents

MATAWAN, NJ -- (MARKET WIRE) -- May 3, 2006 -- SpeechSwitch, Inc. (OTC BB: SSWC) announced today that it recently authorized an agreement with Lamson Holdings LLC, for the sale of selected patents. SpeechSwitch, Inc. ("SpeechSwitch") previously was a wholly owned subsidiary of iVoice, Inc. 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 and the usual and customary conditions, is expected to close in May 2006.

On March 21, 2006, the Company entered into a Patent Purchase Agreement with Lamson Holdings LLC, for the sale of certain United States Letters Patents and/or applications for United States Letters Patents and/or foreign patents and applications. The patents and/or patent applications being transferred in this purchase agreement are owned by SpeechSwitch and relate to various Voice Activated/Voice Responsive systems developed by SpeechSwitch's predecessor iVoice, including voice-based computer address book systems and other voice-based technology.

A portion of the proceeds are to be disbursed to GlynnTech, Inc. which served as SpeechSwitch's licensing agent, to assist SpeechSwitch, Inc. in unlocking the potential value of the pending and issued patents. Also, some of the patents were co-invented by the President of GlynnTech, Inc., Ken Glynn.

About SpeechSwitch, Inc:

SpeechSwitch previously was a wholly owned subsidiary of iVoice, Inc. prior to the spin-off from iVoice that was completed in August 2005 as a special stock dividend distribution to iVoice shareholders. SpeechSwitch, Inc. was incorporated in New Jersey on November 10, 2004 as a wholly owned subsidiary of iVoice, Inc. It is engaged in the design, manufacture, and marketing of specialized telecommunication equipment. Our products use standard open-architecture PC platforms and Microsoft Windows 2000 operating systems, thereby facilitating the rapid adoption of new PC-based technologies while reducing overall product costs. We concentrate our product development efforts on software rather than hardware because we believe that the most efficient way to create product value is to emphasize software solutions that meet customers' needs. We have recently adapted our applications to integrate with different manufacturer telephone switches through the use of Telephony Application Program Interface or "TAPI." The use of TAPI, allows SpeechSwitch to integrate our applications into different telephone manufacturers Private Branch Exchange systems or "PBX's," eliminating the need for costly additional external hardware. We have traditionally used standard PC-related hardware components in our products, in part, to limit our need to manufacture components. Our manufacturing operations consist only of the installation of our proprietary software and, if required, a voice board, into a fully assembled PC system which we obtain from several different vendors. The Company obtains system components such as PCs, circuit boards, application cards, fax boards, and voice boards from various suppliers. Our flagship product is our Speech-enabled Auto Attendant product. The Auto Attendant engages callers in a natural language dialog and is ready to transfer a caller to an extension for the party the caller is trying to reach at any time. Callers can interrupt the Auto Attendant at any time by barging in on the prompts and simply saying the name of the person or department they wish to speak to.

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. Factors that could cause or contribute to such differences include, but are not limited to those risk factors that are set forth in the section entitled "Forward Looking Statements -- Cautionary Factors" in the Company's Form 10-KSB for fiscal year ended December 31, 2004 and other filings with the Securities and Exchange Commission from time to time. 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.

For more information on SpeechSwitch, please visit http://www.speechswitch.com

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