COVR (.90) Cover-All Technologies Inc. Debenture Holders Convert Remaining Principal for Common Stock
Thursday, June 26 2008 9:12 AM, EST
Business Wire "US Press Releases "
FAIRFIELD, N.J.--(BUSINESS WIRE)--
Cover-All Technologies Inc. (OTC Bulletin Board: COVR), a Delaware corporation ("Cover-All" or the "Company"), announced today that on June 25, 2008 , the holders of the Company's outstanding convertible debentures, consisting of John Roblin, our Chairman and Chief Executive Officer, and certain other investors, elected to convert an all of the unpaid principal, into shares of the Company's common stock, pursuant to the terms of such debentures.
This conversion results in the elimination of all outstanding indebtedness for borrowed money on Cover-All's balance sheet.
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 the way the property and casualty insurance business is conducted.
Additional information is available online at www.cover-all.com.
Cover-All(R), My Insurance Center(TM) (MIC) and Insurance Policy Database(TM) (IPD) are trademarks or registered trademarks of Cover-All Technologies Inc. All other company and product names mentioned are trademarks or registered trademarks of their respective holders.
Forward-Looking Statements
Statements in this press release, other than statements of historical information, are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act 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, the successful completion of continuing development of new products, the successful negotiations, execution and implementation of anticipated new software contracts, the successful addition of personnel in the marketing and technical areas, our ability to complete development and sell and license our products at prices which result in sufficient revenues to realize profits 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, including but not limited to the Company's Annual Report on Form 10-K for the year ended December 31, 2007 , filed with the SEC on March 28, 2008 , copies of which are available from the SEC or may be obtained upon request from the Company.
Source: Cover-All Technologies Inc.
