ADVANCED VOICE RECOGNITION SYSTEMS, INC. (OTCMKTS:AVOI) Files An 8-K Entry into a Material Definitive AgreementItem 1.01. Entry Into a Material Definitive Agreement
Advanced Voice Recognition Systems, Inc., a Nevada corporation (“AVRS”, “we” or “us”), previously reported in its Quarterly Report on Form 10-Q filed with the U.S. Securities and Exchange Commission on November 14, 2017 that it had received notice that Meyers & Associates, LLC, a Colorado limited liability company (“M&A”), filed Complaint number 2017CV32482 in Arapahoe County District Court in the State of Colorado on October 30, 2017 against AVRS and Walter Geldenhuys, who is the President, Chief Executive Officer and Chief Financial Officer of AVRS. The Complaint relates to legal fees that AVRS purportedly owed M&A.
On January 31, 2018, AVRS, Mr. Geldenhuys and M&A entered into a Settlement Agreement to which the parties mutually agreed to release certain specified claims and AVRS and Mr. Geldenhuys agreed to deliver a promissory note to M&A in the original principal amount of $52,385.46 (the “Promissory Note”), which accrues interest at the rate of 12% compounded annually. to the terms of the Promissory Note, AVRS and Mr. Geldenhuys are jointly and severally obligated to pay M&A one thousand dollars ($1,000) per month on the first day of each month beginning February 1, 2018 and continuing through July 1, 2018, and to pay all remaining unpaid principal and accrued interest on August 1, 2018. Copies of the Settlement Agreement and Promissory Note are furnished herewith as Exhibits 10.1and 10.2, respectively, and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
Exhibit No. Document
10.1 Settlement Agreement
10.2 Promissory Note
Advanced Voice Recognition Systems, Inc ExhibitEX-10 2 a01312018_10x1.htm SETTLEMENT AGREEMENT Agreement and Mutual Release This Agreement and Mutual Release (Agreement) is made effective this day of January,…To view the full exhibit click here
About ADVANCED VOICE RECOGNITION SYSTEMS, INC. (OTCMKTS:AVOI)
Advanced Voice Recognition Systems, Inc. is a software development company. The Company specializes in creating interface and application solutions for speech recognition technologies. The Company’s principal proposed product is speech recognition software and related firmware, which allows for dictation into a range of applications, including disk operating system (DOS) applications running in Windows, UNIX and mainframe applications accessed through terminal emulation programs, various custom applications, and all Windows 3.x, 95, 98, 2000, XP, Vista and Windows 7 programs. This product is designed to allow for deferred dictation, where the text is saved with the associated audio, and the users can resume when stopped and can play back dictated content. Similarly, the recognized text and associated audio can be saved to be used when text is corrected.