Private Equity Solutions

VoIP, Inc. Coverage Initiated by Spelman Research

FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--July 21, 2004--VoIP, Inc. (OTCBB:VOII) today announced that an independent research report on the company has been published by Spelman Research, Ltd.
Spelman is a boutique equity research firm providing independent research for significantly under-followed small cap companies. Spelman distributes its research to a broad audience of institutional and individual investors seeking information on under-followed small cap stocks. The research report is available on the company's web site: http://www.voipincorporated.com/pages/media.cfm

The Analyst

Waheed Hassan, CFA was a Senior Research Analyst at an affiliate of Merrill Lynch, UBS Warburg, and Indosuez W.I. Carr Securities. He was ranked among the #1 Financial Services Research Analyst in The Reuters Survey of Global Emerging Markets in 1998. He was also member of the #1 ranked research teams in The Reuters Survey of 1999 and The Euro money Awards for Excellence 2000. He worked as a Research Consultant in Dresdner Kleinwort Wasserstein's equity research group in New York. Waheed got his CFA charter in 2000 and his MBA degree from Vanderbilt University, in 2002.

About VoIP, Inc

VoIP, Inc. is an emerging facilities-based global service provider of superior quality Voice over IP based solutions offering residential and business customers more user friendly and affordable ways to communicate today. VoIP, Inc. also manufactures products and provides services to Internet Service Providers, Telecommunication Service Providers and Cable Operators in strategic countries around the world. VoIP, Inc, through its subsidiaries, provides a comprehensive portfolio of IP multimedia-based solutions ranging from subscriber based voice services, to SIP based infrastructure design and deployment, to broadband customer premise equipment design and implementation services, as well as engineering design, manufacturing and distribution of wireless broadband technology. VoIP, Inc. has applied for a patent for its state of the art VoIP Multimedia Terminal Adaptor which today supports the FCC Commission's desire for VoIP providers to deliver Emergency 911 Calling, Disability Access, and Law Enforcement Access capabilities to the marketplace.

VoIP, Inc. has aggressively pursued acquisitions in the IP Telephony space and on June 28, 2004 announced the finalization of the DTNet acquisition. Customers of DTNet include six of the top ten cable companies in the United States, National Cable Television Cooperative and Wide Open West. The customer base includes Cox (NYSE:COX), Comcast (NASDAQ:CMSA), CableVision (NYSE:CVC), and BrightHouse.

Recent News

July 7, 2004 -- VoIP, Inc. (OTCBB:VOII) announced that it plans to make a stock for stock exchange offer to acquire working control of Internet America, Inc. (OTCBB:GEEK).

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.

Spelman Research Associates, ltd is an independent fee based research, publishing and distribution firm whose contract analyst adhere to the ethics and standards of the Association for Investment Research Management. The views expressed in this research report reflect the analyst's personal views about the issuer and its securities. Opinions and recommendations contained in this report are submitted solely for advisory and information purposes and are not intended as an offering or a solicitation to buy or sell the securities mentioned above. The analysts are responsible only to the public and this report is not a service to the company. We received a fee of $15,000 from the company for one year's coverage. We do not inform any company in advance of the nature or conclusions of our analysts' reports in advance of paying the fee nor can a company withdraw from coverage before the expiration of the one year term. Neither the Analysts nor the company own equity or debt securities of the companies on which our contract analysts report.

Contacts


S&S Public Relations
Lauren Berg, 847-415-9338
lberg@sspr.com

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