ATLANTA, Jan. 28 /PRNewswire-FirstCall/ -- Hansen Gray & Company, Inc. (OTC: HGCP) announced today that its board of directors has approved a spin out of Smart Home Systems, (formerly known as Cyberquest, a subsidiary of Hansen Gray and Company). As part of this initiative, Hansen Gray has assigned the assets and intellectual property acquired from VoiceTel Systems, a developer of voice recognition software primarily for the smart home industry, to Smart Home Systems, Inc. Upon completion of the spin out, Hansen Gray will own 13.8 million shares of Smart Home's common stock. Smart Home is in the process of filing with the NASD to become a publicly-traded company. In connection with the transaction, Hansen Gray & Company Class A preferred shareholders will receive 8.6 million of the 13.8 million shares of Smart Home Systems common stock, in return for canceling 8.6 million shares of Hansen Gray Class A Preferred stock. The transaction will reduce Hansen Gray's outstanding shares by about 14% from approximately 61 million to 52 million. The board of directors of Hansen Gray expects to dividend the remaining 5.2 million shares it receives to its shareholders of record on February 4, 2005. The Company acquired the assets of VoiceTel Systems in July, 2004. The spin out of Smart Home Systems is being made in anticipation of Hansen Gray & Company completing the acquisition of 100% of iCurie Lab Holdings, Ltd., parent company of iCurie Lab, Inc. Hansen Gray expects to change its name to iCurie Lab in conjunction with the acquisition. "This transaction represents an important part of our restructuring, and should enable investors to evaluate Hansen Gray and iCurie solely on the potential and promising opportunities of nanotechnology," said Mark E. Gray, CEO of Hansen Gray & Company. "As a result of this transaction, we have significantly reduced the number of shares outstanding, while allowing our shareholders to directly participate in an exciting home networking opportunity. Management is using its best efforts to complete the other steps necessary to effect the merger with iCurie." VoiceTel's advanced software takes voice recognition to a new level with the ability of its commander unit to operate successfully in high noise environments. In addition, VoiceTel's far field capabilities exceed any currently available and can recognize voice commands from up to 30 feet away with an accuracy level of over 90%. Newly tapped Smart Home Systems president, James Hunter commented, "We could not be more pleased with the acquisition of this important intellectual property from Hansen Gray & Company. As we move forward to integrate smart home technology into both new home construction and after-market products, our line-up of products will include "One Touch, Hands Free and Remote Access" solutions for most consumer electronic products in your home. The voice recognition technology in the VoiceTel commander integrates with a wide array of infra-red controlled devices including all components of most home theatre systems." About Hansen Gray & Company Hansen Gray & Company, Inc. (OTC: HGCP) is a publicly-traded venture capital firm based in Atlanta, Georgia. The firm has previously acquired a 45% investment stake in iCurie Lab Holdings, Ltd., which has developed The iCurie Cooled(TM) Micro Cooling System (ICMCS), a patented nanotechnology cooling system for microchips, to address a significant challenge to ever- increasing computer processing speeds - heat. The company recently announced a definitive agreement to complete the acquisition of 100% of iCurie Lab Holdings, Ltd., parent company of iCurie Lab, Inc., subject to certain conditions. Additional information on the firm is available at www.hansengray.com or by calling (678) 542-2000. About Smart Home Systems, Inc. Smart Home Systems, Inc. is a development stage company planning to enter the growing market for home networking and addressable "smart home" products. The company plans to feature one touch, hands free, and remote access platforms for the growing smart home industry. About iCurie Lab Holdings, Ltd. iCurie Lab Holdings, Ltd. is a holding corporation based in London, England. Through iCurie Lab, Inc, it operates a technology research and development laboratory specializing in next generation cooling technologies. The Company's technology has a wide array of cooling applications in development including computer chips, cellular telephones, automotive, refrigeration, heating and air conditioning and specialized defense applications. Additional information on iCurie and the technology is available at www.icurie.com . This press release contains forward-looking statements, involving risks and uncertainties including any statements regarding the Company's future debt or equity financings. Such statements are based on management's current expectations and are subject to certain factors, risks and uncertainties that may cause actual results, events and performance to differ materially from those referred to or implied by such statements. In addition, actual future results may differ materially from those anticipated, depending on a variety of factors which include, but are not limited to, our ability to attract investors, our future operating results, the ability to reach mutually agreeable financing terms, the ability to meet all closing conditions to complete the financing and general economic conditions affecting consumer spending, including uncertainties relating to global political conditions, such as terrorism and the conflict with Iraq. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company does not intend to update any of the forward - looking statements after the date of this release to conform these statements to actual results or to changes in its expectations, except as may be required by law.
SOURCE Hansen Gray & Company