eAutoclaims Announces the Closing of $1.6 Million in New Financing
May 05 2004 - 11:38AM
PR Newswire (US)
eAutoclaims Announces the Closing of $1.6 Million in New Financing
OLDSMAR, Fla., May 5 /PRNewswire-FirstCall/ -- eAutoclaims
(BULLETIN BOARD: EACC) announced today the closing of approximately
$1.6 million in new financing. Of the $1.6 million, $1.35 million
was a sale of equity to multiple investors at $0.28 per share and
$250,000 was an 8% convertible debenture from one of the Company's
Directors. Both the equity and convertible debentures include
warrant coverage. The early funding was received in a two-phased
closing with the first phase closing on April 23, 2004 and the
second phase closing on April 30, 2004. The Company expects to use
the additional funding for working capital and to meet certain
existing financial obligations. Recently, the Company announced a
Co-Marketing Agreement with ADP Claims Services Group, which
included stipulations of a 45-day cancellation right ending April
23, 2004. The completion of this capital raise satisfies the
cancellation clause within the Agreement. Eric Seidel,
President/CEO commented, "The completion of this capital raise will
provide the Company with working capital to meet our current needs
and to expand with our new ADP Co-Marketing Agreement." Seidel
continued, "Based on the strong market demand we experienced during
this capital raise we will keep the raise open until it's fully
subscribed at $2.1 million in equity or until the Company deems
appropriate to close." About eAutoclaims: eAutoclaims (OTC:EACC)
(BULLETIN BOARD: EACC) is a business services company that provides
the insurance industry with claims management services through both
ASP and integrated outsourcing solutions. The Company's clients are
insurance companies, fleet management companies and insurance
services companies. eAutoclaims' solutions streamline the claims
handling process, decreasing the overall time and cost required to
process a collision claim and reducing average paid losses for its
clients. The Company handles repair estimates, repair audits and
claims systems administration services for automobile claims that
are processed and tracked via the eAutoclaims Web-based platform
and network of service providers. For More Information: Jeff
Dickson, Chairman 813-749-1020, Ext. - 202 This announcement
contains "forward-looking statements." Words such as anticipate,
believe, estimate, satisfies, expect and other similar expressions
as they relate to the Company and its management are intended to
identify such forward-looking statements. Although the Company and
its management believe that the statements contained in this
announcement are reasonable, it can give no assurances that such
statements will prove correct. Factors that could affect the
occurrence of events or results discussed herein are included with
those mentioned in the Company's filings with the Securities and
Exchange Commission. DATASOURCE: eAutoclaims, Inc. CONTACT: Jeff
Dickson, Chairman, eAutoclaims, +1-813-749-1020, Ext. 202, or Web
site: http://www.eautoclaims.com/
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