IP Applications Achieves Revenue Growth with Voyus

IP Applications Corp., announced it completed the integration of the Remote Services business purchased from Voyus as announced on September 14, 2004.

"Remote Services revenue has been on a steady rise throughout 2004. We are delighted to be adding talented, remote services expertise to our team and are confident we will continue to experience growth in this area."
With September 2004 billing complete, IP Applications' recurring revenue reached $525,000, up 67% over August 2004 billings.

This increase in monthly revenue was due, in part, to the integration of the Remote Services business as well as steady growth in core service offerings.

Shay Prasad, CFO of IP Applications said, "September was a record month for IP Applications. In addition to achieving revenue expectations related to the acquisition, we also successfully converted a large customer that will be announced shortly."

Additional operational milestones achieved in September 2004 include the replacement of an aging phone switch, the upgrading and enhancement of production systems and the establishment of a disaster recovery facility.

To achieve this, IP Applications has entered into leasing agreements with Sun Microsystems Finance, Network Appliance Solutions and Cygnal Technologies Inc. for a total obligation of $1,000,000 payable over a 36 month period.

IP Applications provides comprehensive outsourcing solutions that enable service providers to deliver high quality Internet services.