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EXHIBIT 99.1
[LETTERHEAD OF VOXWARE INC.,]
CONTACTS:
Voxware, Inc.
Bathsheba J. Malsheen
President and CEO
Nicholas Narlis
Senior Vice President and CFO
609-514-4100
Morgen-Walke Associates
Michele Katz/Cathy Dawson
212-850-5600
Voxware(R) Receives $4.0 Million in Equity Financing
From Castle Creek Technology Partners
PRINCETON, NJ -- August 15, 2000 - Voxware, Inc. (Nasdaq: VOXW), a leading
provider of voice-based solutions for e-logistics, today announced it has
completed a $4 million private placement of common stock and warrants to Castle
Creek Technology Partners LLC, a private investment fund focused primarily on
the technology sector.
The investor purchased 4,000 shares of Series A Convertible Preferred Stock,
which shares are convertible into shares of common stock, and received warrants
to purchase shares of common stock. The Preferred Stock will have a 7% dividend
payable in cash or equity, and is convertible into Voxware Common Stock at an
initial conversion price of $3.025 per share. The conversion price is subject
to reduction under certain circumstances based on market prices, and subject to
certain limits and conditions. In addition, Castle Creek has received a warrant
to purchase shares of Common Stock at an initial exercise price of approximately
$3.44 per share. In fifteen months, the exercise price will be reset to the
lesser of the initial exercise price or the market price of the Common Stock as
of the reset date. Voxware has the right to require conversion of the Preferred
Stock, and to redeem the warrant, if its Common Stock reaches certain price
levels over a specified period of time.
Bathsheba J. Malsheen, President and CEO of Voxware, Inc., stated "The
investment by Castle Creek provides us with the capital needed to significantly
accelerate the market adoption of voice-based solutions for logistics. We
intend to use this funding to continue to develop and market new real-time
voice-based applications for fulfillment. We are extremely pleased that Castle
Creek has recognized the enormous growth potential of this emerging market,
which is being driven by new customer requirements for flawless order
fulfillment and rapid delivery of goods."
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"We have investigated the potential of the market for voice-based applications
for logistics," added Tom Frei, Managing Director of Castle Creek, "and believe
that it is poised for growth. We believe that Voxware's management team, which
is comprised of leading supply chain and speech technology experts, is
positioned to establish the company as the dominant player in this area."
About Voxware, Inc.
Voxware is a leading provider of voice-based solutions for picking, receiving,
return goods processing, cross-docking and put-away operations in the
distribution and logistics industries. Voxware solutions are available for all
major market industry sectors, including consumer goods manufacturers (CGM),
consumer packaged goods (CPG), direct to consumer (e-commerce and catalog), food
and grocery, package handling, retail, third-party logistics providers (3PLs),
and wholesale distribution.
Voxware solutions are also deployed in package handling, mail sorting and
manufacturing inspection operations. Voxware's corporate headquarters are in
Princeton, New Jersey, with regional offices in Boston and the Netherlands.
Additional information about Voxware can be obtained on the Internet at
www.voxware.com, or by calling 609-514-4100.
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This news release contains forward-looking statements. Such statements are
subject to certain factors that may cause Voxware's plans to differ or results
to vary from those expected including the risks associated with Voxware's need
to introduce new and enhanced products and services in order to increase market
penetration and the risk of obsolescence of its products and services due to
technological change; Voxware's need to attract and retain key management and
other personnel with experience in providing integrated voice-based solutions
for e-logistics, specializing in the supply chain sector; the potential for
substantial fluctuations in Voxware's results of operations; competition from
others; Voxware's evolving distribution strategy and dependence on its
distribution channels; the potential that speech products will not be widely
accepted; Voxware's need for additional capital; and a variety of risks set
forth from time to time in Voxware's filings with the Securities and Exchange
Commission. Voxware undertakes no obligation to publicly release results of any
of these forward-looking statements that may be made to reflect events or
circumstances after the date hereof or to reflect the occurrence of unexpected
results.
Voxware and VoiceLogistics are registered trademarks of Voxware, Inc. All other
product names are trademarks of their respective owners.
