iVoice Forms Subsidiaries to Facilitate Transactions

MATAWAN, NJ - iVoice Inc. (OTCBB:IVOC), a devloper of speech recognition technology, announced the formation of two subsidiaries, which will be used as vehicles to acquire other operating companies. The newly-formed, wholly-owned subsidiaries, iVoice Acquisition 1 Inc. and iVoice Acquisition 2 Inc., have been formed in Delaware and will be used to facilitate future potential acquisition transactions in accordance with iVoice's recently adopted acquisition strategy, designed to take advantage of acquisition opportunities which are available because of low industry valuations and a weak IPO market. The Company is in the process of evaluating several potential acquisitions. "Although no definitive purchase or merger agreements have been entered into as of this date, we are reviewing and negotiating with several potential candidates for the possibility of a transaction that would enable iVoice to expand its revenue and asset base," said Jerry Mahoney of iVoice. "The formation of these two new subsidiaries provides two separate vehicles to consummate transactions, and to facilitate the financing of such transactions".