DANBURY, CT, Oct. 31 /PRNewswire-FirstCall/ — Cognitronics Corporation (Amex: CGN) announced today that it has signed a definitive agreement to acquire privately held ThinkEngine Networks, Inc., an innovative provider of carrier-grade Voice over Internet Protocol (VoIP) solutions.

ThinkEngine’s VSR1000, an advanced call processing platform provides TDM to IP gateway, conferencing, media server and voice recognition functionality into one platform. The VSR1000 platform together with Cognitronics’ CX Network
Media Servers creates a leadership position in the Advanced Intelligent Network to Voice over Internet Protocol (AIN to VoIP) voice processing market.

Cognitronics is acquiring ThinkEngine Networks in a stock, cash and note transaction aggregating approximately $4.7 million. The acquisition has been approved by the board of directors of each company and is subject to customary
closing conditions. Cognitronics expects the acquisition to close in the current quarter.

“From a market perspective, this transaction represents diversification for Cognitronics,” said Brian J. Kelley, president and chief executive officer of Cognitronics. “With the VSR1000, we now have a broader product offering which leverages our core AIN expertise with a purpose-built, SIP-based, VoIP solution. We intend to market the VSR1000 to our existing customers and, as importantly, diversify into new markets with new channel partners. We are confident that the VSR1000’s total cost of ownership is unparalleled in the industry and will present exciting opportunities for service providers as they continue to build their VoIP networks.”

“We believe that Cognitronics’ strong reputation and brand recognition in the voice processing business, strong customer focus, and commitment to technological excellence will provide the ideal combination to bring the benefits of our VoIP solutions to more customers than ever before,” said Michael Mitchell, chief executive officer of ThinkEngine Networks.

“ThinkEngine is enthusiastically entering this new relationship and welcomes the opportunity to contribute to Cognitronics’ strategic direction.”