eAutoclaims, Inc. - 'EACC' - Negotiates Sale of Property Asset, Generating Additional Growth Capital

OLDSMAR, Fla., Sept. 21  /PRNewswire-FirstCall/ -- eAutoclaims (OTC:EACC) (BULLETIN BOARD: EACC) , a leading provider of managed collision repair services and insurance claims processing technology applications, today announced the Company had signed an agreement to sell the Oldsmar facility to the Barrett Family Partnership, 1 Ltd. ("Barrett").

The agreement will result in Barrett purchasing eAutoclaims' Oldsmar facility, while eAutoclaims will remain in the facility under a new favorable long-term lease to be signed concurrent with the closing of the sale.  The closing is expected to take place within 95 days per the agreement, and will be part of a simultaneous closing process whereby eAutoclaims purchases the facility from the current landlord under a purchase option provided for in eAutoclaims' current lease agreement and subsequently selling the facility to Barrett. The completed transaction is expected to net eAutoclaims a significant profit.  The proceeds from the sale will be used for additional working capital and to meet eAutoclaims future growth plans.  The additional capital will result in no dilution for the Company's current shareholders.

Eric Seidel, President and CEO of eAutoclaims, commented, "Our Oldsmar property asset presented a unique opportunity for eAutoclaims to leverage the equity for growth capital, without sacrificing shareholder value.  Once the transaction is completed, it should provide us with the resources necessary to accelerate our plan.  We believe this is an important milestone in strengthening our business and to fund our growth."

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, 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



CONTACT:  Jeff Dickson, Chairman of eAutoclaims, [phone], Ext.

2022, ; or Investors -- Alan Sheinwald of

Alliance Advisors, LLC, [phone], 



Web site:  http://www.eautoclaims.com/ 

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