ACCEL International Corporation Announces Credit Facility and Acquisitions.Business Editors SIMSBURY Simsbury, town (1990 pop. 22,023), Hartford co., N Conn.; inc. 1670. Although the town is mainly residential, it produces ordnance, machinery, and chemicals. The Westminster School, the Ethel Walker School, and the International Skating Center are located in the town. , Conn.--(BUSINESS WIRE)--Jan. 25, 2000 ACCEL ACCEL Accelerate ACCEL Accelerometer ACCEL Accelerando (Music, Gradually Increasing in Speed) ACCEL American College of Cardiology Extended Learning International Corporation announced today that it has completed arrangements for a credit facility of $5,000,000. Terms of the facility will be at 10% interest payable quarterly, plus 280,000 warrants per $1,000,000 borrowed, at a price of $2.00 per share. All monies owed the facility will be due in full by 12/31/2003. Applicable warrants will expire expire /ex·pire/ (ek-spi´er) 1. to exhale. 2. to die. ex·pire v. 1. To breathe one's last breath; die. 2. To exhale. on 12/31/2004. ACCEL also announced today that it has completed two acquisitions: On Wednesday, January 19, 2000 it acquired the assets of Payless Insurance Agencies. Payless is comprised of two locations in the Fort Lauderdale/Broward County area, specializing in non-standard automobile as well as commercial lines products. On Thursday, January 20, 2000 ACCEL acquired substantially all of the assets of Unistar Florida Holdings, Inc, representing 49 agency locations throughout the state of FL, also specializing in non-standard automobile and commercial lines products. Gerry Pastor, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of ACCEL, stated that the completion of these acquisitions represents an exciting beginning for our business plan. ACCEL's objective is to have 100-125 locations throughout Florida, and these 51 locations provide not just an exceptional value in their own right, but a strong foundation towards profitably achieving that objective. The extraordinary management team we had in place in Florida will be greatly enhanced by some of the truly talented people that were part of the organizations acquired. Mr. Pastor also stated that in addition to Florida, ACCEL continues to seek profitable opportunities in other states to acquire retail insurance agencies specializing in non-standard automobile. ACCEL International Corporation is an insurance holding company whose principal subsidiaries, prior to the acquisitions, were Acceleration National Insurance Company, domiciled dom·i·cile n. 1. A residence; a home. 2. One's legal residence. v. dom·i·ciled, dom·i·cil·ing, dom·i·ciles v.tr. 1. in Ohio, and Allegiance allegiance, in political terms, the tie that binds an individual to another individual or institution. The term usually refers to a person's legal obligation of obedience to a government in return for the protection of that government, although it may have reference Insurance Managers in Simsbury, CT. Forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. contained in this press release are made under &uot;safe-harbor&uot; provisions of the Private Securities Reform Act of 1995 and involve a number of risks and uncertainties. Among those risk factors are general economic and business conditions, acceptance of ACCEL's products, the impacts of competitive prices and products, losses on insurance policies, returns on investment assets, availability of financing and other risk factors and cautionary statements set forth time to time in ACCEL's periodic reports filed with the Securities and Exchange Commission, including but not limited to its Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended December 31, 1998. |
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