SOURCE: SpeechSwitch, Inc.

August 31, 2010 11:40 ET

SpeechSwitch, Inc. (USOTC: SSWC) Progress Report

FLEMINGTON, NJ--(Marketwire - August 31, 2010) - Ken Glynn, President of SpeechSwitch, Inc. (PINKSHEETS: SSWC), reported today that the Company is making progress in many areas, as follows:

(1) Retail Sales: The Company met with one of the owners of the Shoppes at Flemington regarding the progress of the GREENSMART™ retail store at that location. Due to the delays in advancing the finishing work and fit-out at the current location at that mall, the store would not be completed for about five to six months. This was unacceptable and resulted in favorable renegotiations for SpeechSwitch. The parties agreed that the current binder be modified to allow the Company to take a similar space three doors down from the original location. Ken stated that "this gives us completed space with reduced fit-out costs, gets us open three to four months sooner, and at a reduced rent. Also, because we sell iPhone Solar Rechargers and AT&T sells iPhones, we are very happy to be one door way from AT&T at this new location. We should be opening the store by mid-November instead of February. This opens up the Christmas market for 2010 to us and should have a significant impact on our end of year bottom line." 

(2) Photovoltaic Installations: The Company has negotiated with solar panel installers to work through SpeechSwitch reps and GREENSMART™ store presentations for the sale and installation of home, office and commercial solar panel systems.

(3) Cancer Drug Delivery System Patent Portfolio Development: The Company has completed the proposed product risk analysis and preliminary history on the now patented advanced liquid drug delivery system for chemotherapy and other drugs, and has engaged an FDA consultant to develop an FDA 510K application. Part of the process will involve advancing from demonstrative prototypes to production prototypes. 

(4) Other: The sales team will provide a monthly update beginning next week for August and significant sales progress is anticipated. 

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 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

  • Contact:
    Ken Glynn
    908 788 0077