Samoyed Energy Corp. (OTCBB: SMYD) announced the signing of a letter of intent for a business agreement with Advanced Voice Recognition Systems, Inc. (AVRS). The result of the signed agreement would include transactions concerning current shareholders of AVRS becoming owners of an aggregate of 140,000,000 shares of SMYD common stock, or approximately 86% of the then outstanding common stock of SMYD.
AVRS already has in place and developed a speech recognition system for computerized transcriptions that it believes are unique. Unlike an ASR (automatic speech recognition) commercial type product, AVRS has taken a fresh approach to the objective of speech recognition and conversion to text. The technologies are referred to as Universal Human Interface Technology (UHITTM), which apply patented, patent pending and proprietary algorithms, software, hardware and marketing concepts. The UHITTM technologies are planned to offer broad and practical solutions for multi-user business, military, law enforcement and other network systems.
Having researched and studied the successes and failures of standard ASR and AVRS’s UHIT based programs, the company plans to place most of their attention on the medical profession. This is due to the fact that the medical profession has an extensive use of dictation and its need for multiple applications of speech recognition technology in the abundance of reports, documents, and medical bills. The company has already conducted tests at the Mayo Clinic Scottsdale, UCSD Medical Center, and selected transcription companies and VAR’s.
The letter recognizes intent only, and is dependent on the two parties entering into a formal exchange agreement. If the agreement is not signed within 60 days, then the proposed business combination will expire.
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