ORLANDO, Fla., Jan. 29, 2007 (PRIME NEWSWIRE) -- RedChip Independent, a division of RedChip Companies, Inc., announced today that it has terminated coverage on One IP Voice Inc., formerly (OTCBB:OIVO), due to bankruptcy filed by OIVO.
Lisa Springer, MBA, CFA, RedChip Senior Research Analyst, wrote in the report:
"On December 20, 2006, One IP Voice (OTCBB:OIVO) announced that it had filed for relief under Chapter 11 of the U.S. Bankruptcy Code. The Company has retained the services of the firm Development Specialists, Inc. to assist in pursuing strategic alternatives.
The Company reported operating losses of $2.4 million during the 2006 third quarter, up from $646,000 in the 2005 year third quarter. Approximately $1.25 million of the operating loss for this year's third quarter is due to the continuing build out of the IP telephony business. Net losses totaled $1.8 million, or $0.42 per share, during the September 2006 quarter, versus net losses of $2.6 million, or $0.75 per share, for the same quarter last year."
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RedChip Independent Research Disclosure
The analysts contributing to this report do not hold any shares of OIVO. Additionally, the analysts contributing to this report certify that the views expressed herein accurately reflect the analysts' personal views as to the subject securities and issuers. RedChip certifies that no part of the analysts' compensation was, is, or will be, directly or indirectly, related to the specific recommendation or views expressed by the analyst in the report. Additional information on the securities mentioned in this report is available upon request. This report is based on data obtained from sources we believe to be reliable, but is not guaranteed as to accuracy and does not purport to be complete. As such, the report should not be construed as advice designed to meet the particular investment needs of any investor. Any opinions expressed herein are subject to change. OIVO is not a client of RedChip Companies, or any of its affiliates.