Voice Assist, Inc. (speech enabled handsfree safe driving solutions) today announced that it has closed a private placement yielding gross proceeds of $800,000. The terms include the sale of 5,333,333 shares of restricted common stock priced at $0.15 per share. In addition, the company has issued five year callable warrants to purchase up to an additional 5,333,333 shares of common stock at $0.50 per share, which would provide the company with up to $2.6 million of additional working capital if exercised.
“We are excited to participate as a significant strategic shareholder in Voice Assist,” said Paul Arena, Chief Executive Officer of Augme Technologies, Inc.. “This funding should allow Voice Assist the growth capital to accelerate its market penetration and sales cycle and to continue to innovate its speech platform into the smartphone, automotive and other mobile device industries. We are also impressed with Voice Assist’s intellectual property covering speech-driven browsing of cloud-based address books, music libraries and speech-driven updates to social networks including Facebook, Twitter and leading CRM platforms including Salesforce.com. We see a tremendous growth opportunity in these sectors and feel that Voice Assist is well positioned to become a market leader.”
“We believe the growth capital and relationship opportunities provided by strategic investors such as Augme Technologies can support the integration of speech control functionality into mobile marketing,” said Michael Metcalf, Chief Executive Officer of Voice Assist, Inc. “We also appreciate the participation in this private placement by a group of seasoned telecom and digital media executives who understand how our technology can be applied not only to mobile devices but also to landlines, VoIP lines and in other modes of communication.”
The funding package was managed by Source Capital Group, Inc., a boutique investment bank focused on emerging growth companies involved in the Communications, Internet, Digital Media, Energy, and Clean Tech industries. “We’re excited about Voice Assist because its technology can be used on any phone, which opens up a massive market opportunity unlike other solutions, which only run on the data channel of a smartphone,” said Vik Grover, CFA, Senior Managing Director.
