integrates these together with its own software and specialist vocabulary packages in fields such as urology, cardiology, and ophthalmology.
AVRI plans to implement a common technology platform in all acquisitions based on the company's proprietary transcription product, VoiceCOMMANDER 99.
Subject to the availability of capital, AVRI intends to continue its aggressive acquisition program in 1999.
AVRI develops and markets innovative voice recognition solutions for the healthcare information technology industry that allow professionals to immediately transform voice dictation into formatted text.
The companies also announced that Jo Lernout, Co-Chairman and Founder of LHSPF, will serve as a member of the AVRI Board of Directors.
Under the terms of the investment agreement, AVRI will receive $3 million initially and $2 million by February 28, 1999, based on the achievement of certain milestones.
Connolly, Chairman and Chief Executive Officer of AVRI
, said, "AVRI
is pleased to have received the Peak Performer Award at the annual SpeechTEK conference and to be recognized along with companies such as Lernout & Hauspie, IBM and Philips Electronics.
Founded in 1994, AVRI
has invested in excess of $11 million in establishing itself as a leader in voice recognition applications leading to its focus on the healthcare information technology marketplace.
The development by AVRI of total systems; software, interfaces and human factors design, utilizing advanced physician friendly voice recognition technology;
Sterling concluded, "AVRI has designed the complete systems necessary to become a major competitor in the healthcare information technology market, and Sands is committed to helping AVRI realize its potential.