Cover-All Announces Conversion of Debentures by RENN Capital.Balance Sheet Improves Significantly FAIRFIELD Fairfield. 1 City (1990 pop. 12,200), Jefferson co., N central Ala., an industrial suburb of Birmingham; inc. 1919. Founded (1910) by the United States Steel Corp., its steel industry has greatly declined, negatively affecting the city's economy. , N.J. -- Cover-All Technologies Inc. (OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. : COVR), announced today that on March 23, 2007, RENN Renn is one of the major characters in the novel Crystal Mask written by Katherine Roberts. Renn is a novice singer from The Echorium, who is the son of Rialle and believed to be Frenn; an orderly. Capital Group, Inc. elected to convert an aggregate of $1,631,601 principal amount of the Company's 8% convertible debentures Convertible Debenture Any type of debenture that can be converted into some other security. Notes: For example, a convertible bond can be converted into stock. due 2008 and 8% convertible debentures due 2009, representing all of the remaining unpaid principal amount due on their outstanding debentures, into shares of the Company's common stock at the conversion price of $0.30 per share. As a result of this conversion, Cover-All's debt has been significantly reduced, from $1,927,000 to $296,000. The debentures were held by two funds managed by RENN Capital, Renaissance US Growth & Income Trust PLC and US Special Opportunities Trust PLC, and upon the conversion of their debentures, these funds were issued an aggregate of 5,438,670 shares of Cover-All common stock. The 2008 Debentures were originally issued in July July: see month. 2001 with an aggregate principal amount of $1,800,000, and the 2009 Debentures were originally issued in September September: see month. 2002 with an aggregate principal amount of $700,000. The remaining principal of the 2008 Debentures is $296,000, held by three investors, and the 2009 Debentures have been completely retired. Russell Cleveland, President, RENN Capital Group Inc. and director of Cover-All Technologies Inc., stated: "RENN Capital decided to convert the remaining debentures held by our two funds, Renaissance US Growth & Income Trust PLC and US Special Opportunities Trust PLC, into Cover-All common stock because Cover-All is making excellent progress in implementing its My Insurance Center solution at major customers and to strengthen Cover-All's balance sheet to help allow continued growth." John Roblin John Roblin (June 3 1774-February 28 1813) was a farmer and political figure in Upper Canada. He was born in New Jersey in 1774. After the American Revolution, he settled in Adolphustown Township. He was elected to the 5th Parliament of Upper Canada for Lennox and Addington. , Chairman and President of Cover-All, added: "We have made tremendous progress in the last year towards realizing the potential of My Insurance Center by delivering significant value to our customers. We view this conversion by the RENN Capital funds as an endorsement of our efforts and strategy. Moreover, the elimination of $1,631,601 in principal payments, which would have been due as to $1,035,581 by July 2008 and as to $596,020 by September 2009, and the elimination of the related interest payments, represents a huge boost to our balance sheet and should provide us with the ability to focus on further implementing our business strategy and continuing our growth." About Cover-All Technologies Inc. Cover-All Technologies Inc., since 1981, has been a leader in developing sophisticated software solutions for the property and casualty insurance industry - first to deliver PC-based commercial insurance rating and policy issuance software. Currently, Cover-All is building on its reputation for quality insurance solutions, knowledgeable people and outstanding customer service by creating new and innovative insurance solutions that leverage the latest technologies and bring our customers outstanding capabilities and value. With our extensive insurance knowledge, our experience and our commitment to quality, Cover-All continues its tradition of developing technology solutions designed to revolutionize rev·o·lu·tion·ize tr.v. rev·o·lu·tion·ized, rev·o·lu·tion·iz·ing, rev·o·lu·tion·iz·es 1. To bring about a radical change in: Television has revolutionized news coverage. 2. the way the property and casualty insurance business is conducted. Additional information is available online at www.cover-all.com. Cover-All, My Insurance Center (MIC) and Insurance Policy Database (IPD IPD Institut für Programmstrukturen und Datenorganisation IPD Investment Property Databank (UK) IPD Integrated Product Development IPD Intellectual Property Department IPD Invasive Pneumococcal Disease IPD Implicit Price Deflator ) are trademarks of Cover-All Technologies Inc. All other company and product names mentioned are trademarks or registered trademarks of their respective holders. Statements in this press release, other than statements of historical information, are 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. that are made pursuant 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 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. Forward-looking statements involve known and unknown risks which may cause the Company's actual results in future periods to differ materially from expected results. Those risks include, among others, risks associated with increased competition, customer decisions, delays in productivity programs and new product introductions, and other business factors beyond the Company's control. Those and other risks are described in the Company's filings with the Securities and Exchange Commission ("SEC") over the last 12 months, copies of which are available from the SEC or may be obtained upon request from the Company. |
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