CIC Closes $2.7M Funding Round
January 13 2014 - 9:23AM
Communication Intelligence Corporation ("CIC") (OTCQB:CICI), a
leading supplier of electronic signature solutions, today announced
that it had closed a new round of funding with a number of existing
and new investors to provide working capital and to convert all
outstanding indebtedness to equity.
In the transaction, which closed on December 31, 2013, investors
subscribed to approximately $2.7 million in units of CIC's most
senior class of equity, the Series D Preferred Stock, having a
blended conversion rate of approximately $0.0275 per share. Of this
amount, $1,544,000 relates to signed subscription agreements for
cash, of which $939,000 was contributed at the closing and the
remaining $605,000 is expected to be contributed at a second
closing in January, and approximately $1,150,000 relates to the
conversion of principal of certain unsecured promissory notes.
Investors were also issued warrants to purchase shares of Common
Stock at an exercise price of $0.0275 per share.
"With the recently announced release of our powerful and feature
rich new product, CIC has resumed its earlier growth trend," said
Philip Sassower, chairman and chief executive officer for CIC. "We
remain highly confident in CIC's ability to deliver revenue growth
both from its direct sales efforts and from its established and
growing number of integration partners. This new funding round is
evidence that Phoenix and its investor group continue to support
CIC in its efforts to become self-sustaining. This is an exciting
time to be involved with CIC and in the e-signature space in
general."
Additional information on this funding round is available in
CIC's Current Report on Form 8-K that was filed with Securities and
Exchange Commission on January 7, 2014, and is available at
www.sec.gov.
About CIC
CIC is a leading supplier of electronic signature products and
the recognized leader in biometric signature verification. CIC
enables companies to achieve truly paperless workflow in their
electronic business processes by providing multiple signature
technologies across virtually all applications. CIC's solutions are
available both in SaaS and on-premise delivery models and afford
"straight-through-processing," which can increase customer revenue
by enhancing user experience and can also reduce costs through
paperless and virtually error-free electronic transactions that can
be completed significantly quicker than paper-based procedures. CIC
is headquartered in Silicon Valley. For more information, please
visit our website at http://www.cic.com. CIC's logo, SignatureOne®
Ceremony® Server and iSign® are registered trademarks of CIC.
Forward Looking Statements
Certain statements contained in this press release, including
without limitation, statements containing the words "believes",
"anticipates", "hopes", "intends", "expects", and other words of
similar import, constitute "forward looking" statements within the
meaning of the Private Litigation Reform Act of 1995. Such
statements involve known and unknown risks, uncertainties and other
factors, which may cause actual events to differ materially from
expectations. Such factors include the following (1) technological,
engineering, quality control or other circumstances which could
delay the sale or shipment of products containing the Company's
technology; (2) economic, business, market and competitive
conditions in the software industry and technological innovations
which could affect customer purchases of the Company's solutions;
(3) the Company's inability to protect its trade secrets or other
proprietary rights, operate without infringing upon the proprietary
rights of others or prevent others from infringing on the
proprietary rights of the Company; and (4) general economic and
business conditions and the availability of sufficient
financing.
CONTACT: CIC
Investor Relations & Media Inquiries:
Andrea Goren
+1.650.802.7723
agoren@cic.com
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