Cover-All Technologies Inc. Signs Two Customer Agreements
December 09, 2009 11:26 AM
Cover-All Technologies Inc. (OTC Bulletin Board: COVR), a Delaware corporation (“Cover-All” or the “Company”), today announced it has signed two license deals – one with an existing customer for the My Insurance Center™ (MIC) suite of products, including, NexGen Rating and Issuance and one with a former customer returning to Cover-All after several years. These two five-year contracts, in the aggregate, will generate meaningful license revenue in Q4, 2009 and license, professional services and maintenance revenue in 2010 and beyond.
The agreements are as follows:
- A comprehensive agreement with an existing customer which had undertaken a significant effort to replace Cover-All’s legacy product. Implementation difficulties and delays with the alternative solutions, coupled with the very significant improvements in Cover-All’s MIC platform in the last few years, led the customer to drop plans to move the business and, instead, renew and expand its relationship with Cover-All. The customer is implementing Cover-All’s My Insurance Center for all its commercial business.
- A large insurance carrier outside the continental United States which had left Cover-All in 2005 and, due to changing business needs, is returning its business to Cover-All.
John Roblin, Chairman of the Board of Directors and Chief Executive Officer of the Company, commented, “We are delighted to have these two important customers – customers we have known for many years -- renew and expand their relationship with Cover-All by licensing MIC. These contracts underscore a period of tremendous activity for Cover-All, and further validate the progress we have been making in improving our product offerings and expanding our market presence. I am particularly gratified that these wins are for customers who had already tried competing solutions but, in both cases, decided to renew and expand their relationship with Cover-All.”
Mr. Roblin continued, “Our entire team is working diligently to implement a portion of these projects during the fourth quarter, which would result in our recognizing a portion of the license fees before the end of 2009. We expect to complete the implementations during 2010, resulting in additional license, professional services and maintenance revenue.”
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. With My Insurance Center, a 100% web-based platform, 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 business results.
Pairing state-of-the-art functionality of My Insurance Center with experienced service professionals, who after implementation ensure continued compliance with statutory, regulatory, and market differentiation needs, Cover-All continues its tradition of innovating technology solutions to revolutionize the way the property and casualty insurance business is conducted.
Additional information is available online at www.cover-all.com.
Cover-All®, My Insurance Center™ (MIC) and Insurance Policy Database™ (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, 2008, filed with the SEC on March 30, 2009, and the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2009, filed with the SEC on August 13, 2009, copies of which are available from the SEC or may be obtained upon request from the Company.







