Voice Powered Reaches Bankruptcy Agreements

Voice Powered Technology International Inc. reached several agreements as part of its bankruptcy court reorganization plan.

Voice Powered received a five-year loan of $350,000 from Franklin Electronic Publishers that will be used to help pay creditor claims and some administrative expenses stemming from its bankruptcy filing.

It was also agreed that 500,000 shares of Voice Powered’s convertible preferred stock was converted into 2 million shares of common stock. And Franklin was issued 72.2 million shares of Voice Power’s common stock, which amounts to 80% of the equity in the company, in exchange for Franklin’s secured claim in the bankruptcy filing.

Voice Powered, based in Tarzana, is a marketer of various voice recognition technology products, including an organizer and a voice powered calendar.