Cover-All Technologies Inc. Announces $.7 Million Convertible Debentures Financing.Business Editors FAIR LAWN Fair Lawn, borough (1990 pop. 30,548), Bergen co., NE N.J., across the Passaic River from Paterson; inc. 1924. It is residential with light industries. , N.J.--(BUSINESS WIRE)--Aug. 23, 2002 COVER-ALL TECHNOLOGIES INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. ., a Delaware corporation A Delaware corporation is a corporation chartered in the U.S. state of Delaware. Delaware is well known as a corporate haven, and thus, over 50% of US publicly-traded corporations and 58% of the Fortune 500 companies are incorporated in the state. (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) (the "Company"), today announced that on August 21, 2002 it raised $.7 million through a private placement of 8% convertible debentures with the Renaissance Capital Group ("Renaissance") of Dallas, Texas. An aggregate of $700,000 was sold to Renaissance US Growth and Income Trust PLC (traded on the London Stock Exchange London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. ) and BFSUS Special Opportunities Trust PLC, which are managed by Renaissance. An aggregate of $1,400,000 of 8% Convertible Debentures was sold to Renaissance US Growth and Income Trust PLC and BFSUS Special Opportunities Trust PLC on June 28, 2001. The funds raised from the transaction will be used for working capital purposes. The new debentures, maturing in 2009, are convertible into shares of Cover-All's common stock, $.01 par value per share, initially at $0.30 per share, subject to adjustment in accordance with the terms of the debentures. John Roblin, Chairman of the Board, President and Chief Executive Officer, stated: "We are delighted to be able to obtain this additional financing from Renaissance. Renaissance Capital Group has reaffirmed their confidence in our Company and our management team. With this financing, we are able to strengthen our cash position." "I am optimistic about the future of our Company. The Property & Casualty (P&C) Insurance industry is in critical need of creative, technology-enabled approaches to resolve long-standing business problems and enable future growth. At Cover-All our new generation of solutions, available today, are designed to deliver ROI (Return On Investment) The monetary benefits derived from having spent money on developing or revising a system. In the IT world, there are more ways to compute ROI than Carter has liver pills (and for those of you who never heard of that expression, it means a lot). (Return on Investment) in short timeframes, and our advanced technology framework will support the most challenging solutions and business requirements well into the future." Utilizing the latest thin client and relational database technology, Cover-All Technologies Inc. specializes in providing Internet-enabled strategic policy and premium software solutions in the Property and Casualty insurance industry. Our focus is on the business drivers. Our solutions and technology framework are enablers to address business needs. Cover-All is based in Fair Lawn, New Jersey Fair Lawn is a borough in Bergen County, New Jersey, United States. As of the United States 2000 Census, the borough population was 31,637. As of 2006, the Census Bureau estimate a population of 31,246. . More information may be obtained from the Company's web site at www.cover-all.com. Statements in this press release, other than statements of historical information, are forward-looking statements 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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