I'm pretty sure I read this elsewhere today, but just got this release myseld

VoIP Completes $4.7 Million Private Placement
Financing Includes Assignment of $1.9 Million Secured Note and Working Capital

VoIP, Inc. (OTCBB:VOII) announced today that it has recently completed a series of private placements of a convertible debentures with institutional investors totaling $4.7 million, net of original issue discount. The financing includes the assumption by the investors of a Note Payable having an outstanding principal balance of $1,917,581 formerly held by Cedar Boulevard Lease Funding LLC (the “Cedar Note”). The proceeds of the financing were used to repay outstanding promissory notes with a total principal balance of $1.7 million. The remaining proceeds will be used for working capital. Under the terms of the agreements, the debentures are convertible into shares of restricted common stock. As a result of the financing and a previous amendment to the Cedar Note, approximately $234,000 in monthly cash payments were eliminated.

"We believe the Company is now well positioned to grow its business, including expanding relationships with many high profile customers and capitalizing on new opportunities," said Anthony J. Cataldo, VoIP, Inc.'s Chairman and CEO. "This transaction eliminates a great deal of uncertainty regarding our financial condition, which should favorably impact our relationships with customers."

Additional details on the transactions will be filed shortly by VoIP with the Securities and Exchange Commission on a Form 8-K.

About VoIP, Inc.
VoIP, Inc. is a leading provider of turnkey Voice over Internet Protocol (VoIP) communications solutions for service providers, resellers and consumers worldwide. The company is also a certified Competitive Local Exchange Carrier (CLEC) and Inter Exchange Carrier (IXC). Through its wholly owned subsidiary, VoiceOne Communications, LLC, the Company provides a comprehensive portfolio of advanced telecommunications technologies, enhanced services, broadband products, and fulfillment services to the VoIP and related communications industries. Current and targeted customers include IXCs, CLECs, Internet Telephony and Conventional Telephony Service Providers (ISPs and ITSPs), cable operators and other VoIP Service Providers in the United States and countries around the world. The Company enables these customers to expand their product/service offerings by providing VoIP's nationwide Multi-Protocol Label Switching (MPLS) and other services such as voice termination/origination, e911 emergency call service for VoIP, CALEA, Broadband Voice, IP Centrex and other advanced communications services and technologies. For information on VoIP, Inc. please visit the company's web site: http://www.voipinc.com.

Safe Harbor Statements about the Company's future expectations and all other statements in this press release other than historical facts, are 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. The above information contains information relating to the Company that is based on the beliefs of the Company and/or its management as well as assumptions made by and information currently available to the Company or its management. When used in this document, the words 'anticipate,' 'estimate,' 'expect,' 'intend,' 'plans,' 'projects,' and similar expressions, as they relate to the Company or its management, are intended to identify forward-looking statements. Such statements reflect the current view of the Company regarding future events and are subject to certain risks, uncertainties and assumptions, including the risks and uncertainties noted. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove to be incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected, intended or projected. In each instance, forward-looking information should be considered in light of the accompanying meaningful cautionary statements herein. Factors that could cause results to differ include, but are not limited to, successful performance of internal plans, the impact of competitive services and pricing and general economic risks and uncertainties.