LOS ANGELES, Nov. 10, 2005 (PRIMEZONE) -- IVI Communications, Inc. (OTCBB:IVCM) (German WKN# A0DNWJ) is pleased to announce that it has retired 13.7 million of its common shares, reducing its total number of outstanding shares from about 68 million to approximately 54 million shares. This decrease reduces the outstanding shares by approximately 20%.
IVCM held a controlling interest in another company, Broadspot World Wide Wireless, Inc. ("Broadspot"). As part of a transaction that IVCM entered into to sell its controlling interest of Broadspot, 13,734,669 million shares of IVCM common stock were returned to IVI Communications and subsequently cancelled. The Broadspot shares, which were sold to a Nevada investment group, constituted IVCM's entire interest in Broadspot.
Nyhl Henson, IVCM President and CEO states, "The number one priority of IVI Communications is to build value for all of its stakeholders. The cancellation of these shares and reduction of the total outstanding represents our commitment to that priority. It is an anti-dilutive measure that greatly improves our capital structure and should provide both immediate and long-term benefits for our shareholders."
If you would like more information on IVI Communications, Inc., please visit our website at www.ivn.net, or contact Investor Relations at Blue-Sky Solutions, LLC, Stephanie Soleas, (877)4-BLUE-IR, ivcm@blueskyir.com.
Forward-Looking Statements
This press release contains certain 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 reflecting something other than historical fact 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 that could cause actual results to differ materially from those currently anticipated. Factors that could cause or contribute to such differences include, but are not limited to the effect, if any, of the reduction in outstanding common stock on IVCM, the ability to integrate acquired businesses within the IVCM's existing operations, the ability to retain the existing customers of acquired companies, market acceptance of products and technologies, competitive factors, the company's ability to continue to secure sources of financing and other factors described in the company's filings with the Securities and Exchange Commission. 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 press release.