CCC Information Services Inc. Announces Sale of Claims Administration Services to Fleming & Hall Administrators, Inc.Business Editors CHICAGO--(BUSINESS WIRE)--June 7, 2001 CCC CCC A very speculative grade assigned to a debt obligation by a rating agency. Such a rating indicates default or considerable doubt that interest will be paid or principal repaid. Also called Caa. Information Services See Information Systems. Inc., a leading supplier of advanced software and communications systems to the automotive claims industry, today announced that its subsidiary CCC Consumer Services Consumer Services refers to the formulation, deformulation, technical consulting and testing of most consumer products, such as food, herbs, beverages, vitamins, pharmaceuticals, cosmetics, hair products, household cleaners, [paints, plastics, metals, waxes, coatings, minerals, , Inc., has agreed to sale terms with Atlanta-based Fleming & Hall Administrators for its Southeast operations. The sale includes Claims Administration services conducted out of the CCC Consumer Services Inc. Florida-based facility. "We are pleased that our claims outsourcing exit strategy, which was announced in the fourth quarter of last year, is proceeding smoothly and remains on target," stated Githesh Ramamurthy, Chairman and Chief Executive Officer of CCC Information Services Inc. "Fleming & Hall Administrators, Inc. is pleased to continue relationships with CCC Information Services Inc.'s clients in claims administration services and continue to focus on personal and commercial claims administration," said John Fleming
John Fleming was a judge in Cumberland County, Virginia and had been in the House of Burgesses for 10+ years. , Vice President of Operations of Fleming & Hall Administrators. CCC Information Services Inc. announced in the first quarter of 2001 that it would begin exiting its U.S.-based claims outsourcing business in order to better focus on its core technology competencies. These actions also help confirm CCC's commitment to build upon a solid core business comprised of strong cash flows and customer relationships, improving margins and future growth prospects. About CCC CCC Information Services Inc., a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of CCC Information Services Group (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CCCG CCCG Canadian Conference on Computational Geometry CCCG Climate Change Co-ordinating Group ), headquartered in Chicago, IL, is a leading supplier of advanced software and communications systems to the automotive claims industry, including information and network services for a wide variety of claims management solutions. Its value-added, technology-based products and services increase efficiency and facilitate communication among more than 14,000 collision repair facilities, 350 insurance companies, and a range of industry participants. For more information about CCC Information Services Inc., visit our Web site at www.cccis.com; or contact Jeanene O'Brien at 312-229-3083, or Susan Jablonski at 312-229-2830. About Fleming & Hall Fleming & Hall Administrators, Inc. is headquartered in Atlanta, GA, is privately held third party claims administration firm providing an array of administration and claim services to specialty insurance companies and reinsurers throughout Continental U.S. This release contains statements that constitute 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. within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are subject to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of those sections and the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Investors are cautioned that any such forward-looking statement, including any statement regarding the intent, belief, plans, or current expectations of the companies or their management, are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those forward-looking statements and that contractual arrangements are complex, may be terminated under appropriate circumstances or revised by mutual agreement. The companies have based these forward-looking statements on information currently available and disclaim any intention or obligation to update or revise any forward-looking statement. |
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