NEW YORK, May 9, 2000 (PRIMEZONE) -- Voicenet, Inc. (OTCBB:VNET), announced today the results of its operations for the quarter ended March 31, 2000. For the three months ended March 31, 2000 net loss was $261,726 as compared to a net loss of $111,530 for the quarter ended March 31, 1999. Net loss per share increased to $.03 per share on 9,538,714 shares as compared to a net loss of $.02 per share on 6,667,300 shares for the quarter ended March 31, 1999. Net loss before depreciation and amortization was $92,126 for the quarter ended March 31, 2000 as compared to $21,130 for the similar period in 1999.
Frank Carr, Chairman and CEO of Voicenet stated: " For the quarter ended March 31, 2000 great strides were made in order to enhance long term shareholder value. The agreement with Telefonica, entered into by our parent company, will translate into future revenue to VNET based on the exclusive rights VNET has to market the technology in the Americas, our decision to apply for listing on the American Stock Exchange, and the appointment of Rt. Hon. Dr. Lord John Gilbert to our Board of Directors all bodes well for our Company. We completed March 31, with the highest level of working capital in the Company's history (in excess of $3,200,000) and should now begin to make significant progress in the America's based on the acceptance of our speech technology by Telefonica and others."
ABOUT VOICENET:
Voicenet is a voice technology company that has developed speech applications and a voice operating system ("VOS") platform which enables cellular and land based telephone users to access and create their e-mail and faxes on a real-time interactive basis. Voicenet's VOS architecture utilizes a best-of-breed structure employing licenced technology where appropriate from leaders in speech-to-text and text-to-speech software, including that developed by Voicenet's parent company licensing and marketing partner, Lernout & Hauspie, the world's leading voice recognition software company.
FORWARD LOOKING STATEMENT:
This press release contains forward-looking statements, which are made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Expressions of future goals and similar expressions including without limitation such words as: "expects", "believes", "seeks" and "anticipates", reflecting something other than historical facts are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements involve a number of risks and uncertainties, including the timely development and market acceptance of products and technologies, and other factors. The actual results may differ materially from any forward-looking statements due to such risks and uncertainties. The Company undertakes no obligations to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.