From the last 8k.....
tells us alot eh?.....quite an "update"....thanks Joel....lol
October 8, 2009
Dear Investor,
I take great pleasure in writing my first letter to you in my role as President of Reinsurance Technologies Ltd. This letter briefly describes the
current status of the company and the recent changes that have brought us where we are today.
I became acquainted with Solution Technology International, Inc. (“STI”) in 2007 and later met its president, Dan Jonson, in early 2008. Dan
was enthusiastic about the company’s unique software and its unlimited potential for various applications across the insurance and reinsurance
industry. However, the company’s potential was frustrated by a debt load that was too large to work off over time—making it clear that STI
required new capital if the company was going to survive and prosper.
About a year ago, I became managing partner of Resurgence Partners, LLC. (“RPs”) RPs was formed solely to pursue an investment in STI
that would enable the company to realize the potential of its SurSITE® solution software. RPs first purchased the secured debt of STI as part of
its recapitalization strategy. Second, we offered to directly invest a meaningful amount of cash for working capital and management control
provided the company agreed to our plan to eliminate the STI’s remaining debt. Our plan required STI to file bankruptcy under Chapter 11.
Management agreed and the company’s plan was approved in mid- April of this year. As part of that process, the company’s existing
shareholders ended up with 3.75% of the company stock. The unsecured creditors exchanged their debt for 5% of the new company’s
restructured common stock and certain Class B preferred shares. For its cash contributions and debt forgiveness, RPs received slightly more
than 91% of the company’s common and certain Class A preferred shares. Pursuant to the bankruptcy agreement and court order, RPs then
provided the company with the working capital specified in the reorganization plan. The company has emerged from bankruptcy and its
company’s new common and preferred shares have been issued to all holders.
Reinsurance Technologies Ltd. | Tysons Dulles Plaza, 1420 Spring Hill Road, Suite 315, McLean, Virginia 22102, USA | Telephone 703.388.1099 | Fax 703.388.2499
