CIC Obtains $2M Unsecured Line of Credit
May 07 2014 - 9:23AM
Communication Intelligence Corporation ("CIC") (OTCQB:CICI), a
leading supplier of digital transaction management software
solutions, encompassing electronic signature, biometric
authentication and simple-to-complex work flow management, today
announced that it has entered into a credit agreement with an
affiliate of ICG Global Limited ("ICG") to provide CIC with up to
$2 million of unsecured debt. Aegis Capital Corporation ("Aegis")
acted as CIC's financial advisor in connection with obtaining the
line of credit.
"We are proud to partner with ICG in the establishment of this
creative financing structure that complements our existing and
historical funding resources," said Philip Sassower, chairman and
chief executive officer for CIC. "This incremental financing
availability provides CIC's capital with added cushion and
strengthens our ability to continue advancing our enterprise
solutions in a market that is developing rapidly."
"The provision of this credit facility is a reflection of our
confidence in the strength of the market opportunity available to
CIC, as well as its strategy and management," said Larry Russell,
director for ICG. "We are delighted to have the opportunity of
participating in CIC's growth."
The $2 million is available for a period of eighteen months.
Amounts drawn under the line of credit are subject to a 15%
original issue discount so that, if fully drawn down, would result
in approximately $2.35 million of unsecured indebtedness. This debt
can be converted into common stock at ICG's option at a conversion
price of $0.0275, subject to certain exceptions. ICG received a
facility fee in the form of a three year warrant to purchase
10,909,090 shares of common stock at $0.0275 per share. ICG is also
entitled to 50% warrant coverage on amounts drawn down under the
line of credit.
Additional information on this transaction will be available in
the CIC's Current Report on Form 8-K that will be filed with the
Securities and Exchange Commission later this week and will be
available at www.sec.gov.
About CIC
CIC is a leading provider of digital transaction management
(DTM) software enabling fully digital (paperless) business
processes. CIC's solutions encompass a wide array of functionality
and services, including electronic signatures, biometric
authentication and simple-to-complex workflow management. These
solutions are available across virtually all enterprise, desktop
and mobile environments as a seamlessly integrated platform for
both ad-hoc and fully automated transactions. CIC's platform can be
deployed both on-premise and as a cloud-based service, with the
ability to easily transition between deployment models. CIC is
headquartered in Silicon Valley. For more information, please visit
our website at www.cic.com. CIC's logo is a trademark of CIC.
About ICG Global Limited
ICG is an institutional investor that creates customized capital
solutions for companies worldwide. ICG's investment arms span
across the technology, financial services, healthcare and biotech,
business services, green technology and energy markets.
About Aegis Capital Corporation
Aegis has been in business for the past 30 years and maintains a
conflict free service platform catering to the needs of private
clients, institutions and corporations. Aegis was founded in 1984
by the current Chairman and CEO. Aegis's origins are based on
servicing the specific needs of an extremely affluent customer
base. Today, it is as a premiere full-service investment banking
firm with eleven locations and employees stretching from Florida to
Rochester, NY. Aegis has clients in all 50 states and overseas.
Aegis has been able to bring quality service through its clearing
relationships of RBC and Apex. For more information, please visit
www.aegiscapcorp.com.
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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