EAST HARTFORD, Conn., Dec. 20 /PRNewswire-FirstCall/ -- One IP Voice, Inc. (BULLETIN BOARD: OIVO) today announced that it filed for relief under Chapter 11 of the U.S. Bankruptcy Code on Wednesday, December 13, 2006 in Hartford and that, on December 19, 2006, a preliminary order to use cash collateral through December 29, 2006 was entered by the Court. One IP Voice has retained the firm Development Specialists, Inc. of Chicago, IL to assist it in pursuing strategic alternatives.
About One IP Voice Inc.
One IP Voice Inc. is now the parent company for Farmstead Telephone Group and OIPV Corp. One IP Voice Inc. was formed as a result of a name change that took effect on July 19, 2006. Further information about One IP Voice Inc. may be found at http://www.oneipvoice.com/ .
About Farmstead
Since 1984, Farmstead has been one of the nation's largest full service enterprise telecommunications providers with a comprehensive nationwide systems, services and parts network. Farmstead has garnered many prestigious awards for service, customer satisfaction and growth. Further information about Farmstead may be found at http://www.farmstead.com/ .
About OIPV Corp.
OIPV Corp. is a wholly owned subsidiary of One IP Voice Inc. providing Carrier-Based Hosted Voice over Intelligent Protocol (VoIP) solutions to Small to Medium Businesses nationwide. Further information about OIPV Corp. may be found at http://www.oneipvoice.com/ .
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1933 and Section 21E of the Securities Exchange Action of 1934, and is subject to the safe harbors created by those sections. These forward-looking statements include, among other things, the bidding process in Chapter 11 and proceeds to creditors; the company's cash position; and the company's ability to provide the service without interruption. Actual results may differ materially due to a number of factors, including, but not limited to, obtaining court approval of motions critical to the company's operations; whether or not other parties make adequate, competitive bids; the company's ability to maintain its relationships with its cable partners and critical vendors; the company's ability to retain key employees; the company's ability to grow and maintain its subscriber base; the company's ability to otherwise manage its operations without interruption; and other risks and uncertainties described in the Quarterly Report on Form 10-Q for the period ended September 30, 2006 and 8-K reports subsequently filed with the Securities and Exchange Commission.
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