EAC Invest AS (AQEU:EACC)
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eAutoclaims Announces Restructuring of Outstanding Convertible Preferred Stock
OLDSMAR, Fla., Nov. 18 /PRNewswire-FirstCall/ -- eAutoclaims (BULLETIN BOARD:
EACC) announced the restructuring of their outstanding convertible preferred
stock with Governors Road LLC. The new agreement changes the formula used to
compute the conversion of eAutoclaims' preferred shares to common shares. The
agreement also establishes a minimum conversion price, which was not part of the
original agreement and creates a maximum number of common shares that are
allowed to be issued upon conversion of the preferred shares.
The new agreement enables the company to liquidate the preferred shares over a
20- to 30-month period by purchasing a small number of preferred share units
each month. Should the company choose not to act on its rights to purchase the
units, the company can arrange block trades of a predetermined number of
converted common shares before the holder is permitted to sell those shares. If
the company exercises either of these options, the agreement requires the holder
to remain in a lock-up position and forbids the selling of any additional
shares.
"This new agreement allows us to minimize the effects of newly issued common
shares hitting the open market from our remaining outstanding preferred shares,"
said Eric Seidel, President/CEO. "The revised terms help protect the market
value of our stock. It also makes future equity deals more attractive."
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.
This announcement contains "forward-looking statements." Words such as
"anticipate", "believe", "estimate", "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 of eAutoclaims, +1-813-749-1020,
Ext. 202, or email,