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Hansen Gray & Company approves spin out of Smart Homes Systems.

Publication: M2 Presswire
Publication Date: 31-JAN-05 		Format: Online - approximately 999 words
Delivery: Immediate Online Access

Article Excerpt
M2 PRESSWIRE-31 January 2005-Hansen Gray & Company: Hansen Gray & Company approves spin out of Smart Homes Systems(C)1994-2005 M2 COMMUNICATIONS LTD

RDATE:01282005

ATLANTA, GEORGIA - Hansen Gray & Company, Inc. (OTC: HGCP) announced today that its board of directors has approved a spin out of Smart Home Systems, (formerly known as Cyberquest, a subsidiary of Hansen Gray and Company). As part of this initiative, Hansen Gray has assigned the assets and intellectual property acquired from VoiceTel Systems, a developer of voice recognition software primarily for the smart home industry, to Smart Home Systems, Inc. Upon completion of the spin out, Hansen Gray will own 13.8 million shares of Smart Home`s common stock. Smart Home is in the process of filing with the NASD to become a publicly-traded company.

In connection with the transaction, Hansen Gray & Company Class A preferred shareholders will receive 8.6 million of the 13.8 million...

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