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IPVoice Communications Inc. Files Extension for Annual Report Pending Closing of RKM Acquisition and Review by Outside Counsel
Business Wire - March 30, 2004 13:39
Pending Annual Report to Show 6th Consecutive Profitable Quarter and over 100% Year to Year Revenue Growth before Addition of Revenues from Acquisition
DALLAS, Mar 30, 2004 (BUSINESS WIRE) -- IPVoice Communications, Inc. (OTCBB:IPVO) today released a letter to shareholders that communicates the extension of the reporting deadline for the 2003 Annual Report in SEC Form 10KSB pending the closing of the previously announced RKM IT Solutions acquisition and a review of the report by outside counsel. The letter outlines financial highlights to be detailed in the pending report that include more than 100% year to year revenue growth and the sixth consecutive profitable quarter. The letter has been included in this press release and will be posted on the Company's web site.
Dear Fellow Shareholders:
The Audit for 2003 is complete and the Annual Reports or SEC Form 10KSB is being finalized. When the report is released in the next few days, the financials will show a sixth consecutive profitable quarter and well over 100% revenue growth from 2002 to 2003 before the benefit of revenues realized through acquisitions. Infotel Technologies PTE, Ltd. of Singapore, acquired in the fourth quarter of last year, has a September 30th fiscal year end. Very significantly, Infotel's first quarter revenue from October 2003 through December 2003 will be recorded with IPVoice's first quarter sales from January 2004 through March 2004.
The decision to delay the release of the Annual Report was necessary for two reasons. First, we plan in the very near future to finalize the acquisition of RKM IT Solutions, headquartered in Caracas, Venezuela, and believed it best to delay the Annual Report so that this acquisition would be included in the most current report. RKM is the third acquisition in the last three months and the fifth acquisition since the last Annual Report. Our second reason to delay the report was to allocate more time for preparation and review of the Annual Report as required due to differences in various acquired companies' reporting periods and changes involved in the integration of the various operations from March 2003 to March 2004.
As of March 2003, IPVoice had 35 employees and was operating at an annualized revenue run rate of roughly $2 million. Today, with the pending addition of RKM, the Company is approaching 150 employees and an annualized revenue run rate of more than $15 million. Due to the Company's limited resources previous to last year, all of the SEC reporting had been generated by our staff and myself. With the Company's progress the current SEC Form 10KSB will be the first SEC periodic report in the last two years to be reviewed by outside counsel.
Without the patience and support of the shareholders, the progress IPVoice has achieved over the last year would not have been possible. IPVoice management will continue in our commitment to keep shareholders informed and likewise look for shareholders' patience and support as we transition our internal operations in keeping with our progress and ongoing growth.
The SEC Form 10KSB and the 8K disclosure regarding the impending finalization of the RKM acquisition will be forthcoming very shortly. The rate of progress remains constant here in Dallas and the management and financial resources to sustain the current rate continue to expand. Most of all, everyone here working at IPVoice is enthusiastic about and committed to the IPVoice vision. We look forward to the continuous delivery of outstanding results in 2004.
Best Regards,
Philip Verges
CEO and Chairman IPVoice Communications Inc.
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