(TSX Venture Exchange: "IVI")
Issued Common Shares: 30,658,460
CALGARY, Dec. 16 /CNW/ - Ivrnet Inc. (TSX Venture: IVI) ("Ivrnet") is pleased to announce the acquisition of a multi-million dollar asset in the form of biometric software. This software was acquired as a result of the collapse of a biometric software venture which allowed for the product to be obtained at minimal cost.
The software will effectively position Ivrnet as a technology leader in the current market with the ability to integrate this key component into their current hosted services. It will also be offered as a standalone security solution based on voice verification. Since late 2009, Ivrnet has successfully been integrating this next generation security product within a limited rollout into three of their existing products. This limited rollout involved the use of speaker recognition as a multi-factor authentication gateway and as a voice sample verifier. Ivrnet now plans to fully integrate the newly acquired speech biometric software into their entire line of speech products. An aggressive marketing campaign is set to begin in March 2011.
The creator of the software, Diaphonics, spent about $12 million developing the technology over several years time. Early in 2010, in the midst of the broader economic downturn, Diaphonics' venture-capital backers discontinued funding. As part of a prior agreement between the two companies, Ivrnet obtained the source code and full rights to use the software when Diaphonics stopped supporting the technology.
Currently marketing a vast line of speech applications, and now owning a breakthrough biometrics product, gives Ivrnet an enormous lead in the development of biometric security systems.
Voice biometrics uses the uniqueness of a person's voice much like a fingerprint is used to verify someone's identity. Such a system effectively becomes impenetrable when used in conjunction with other verification systems. Using a voice-print combined with other verification protocol, such as a password, significantly increases reliability and enables speech to serve as a primary security key in a wide range of applications.
Ivrnet has already been selling Diaphonics' software to the Alberta government as part of a customized application which verifies the identity of a person intended to receive financial assistance. The software is also used for quality control among sales representatives at car dealerships. Ivrnet's secure system records and catalogues every call; incoming and outgoing. Conversations can be immediately tracked to the salesperson who was dealing with a particular customer. This has removed lengthy disputes about who said what and conclusions can be determined in a moment with a quicker resolution.
Diaphonics began the development of the speech biometrics software, and its principles have now formed a new company. They have also indicated that they will be continuing their excellent business relationship with Ivrnet.
About Ivrnet Inc. - Ivrnet is a communications company that develops and operates intelligent software applications, delivered through traditional phone networks and over the internet. These applications facilitate automated interaction; personalized communication between people; mass communication for disseminating information to thousands of people concurrently; and accessible through nearly any form of communication technology, at anytime from anywhere in North America via voice, phone, fax, email, texting and the internet.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This information release may contain certain forward-looking information. Actual future results may differ materially from those contemplated. The risks, uncertainties and other factors that could influence the actual results are described in documents filed with regulatory authorities.
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David L. Snell
President and CEO