eAutoclaims, Inc. - 'EACC' - Negotiates Sale of Property Asset, Generating Additional Growth Capital
September 21 2005 - 8:00AM
PR Newswire (US)
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, +1-813-749-1020, Ext. 2022, ; or Investors
-- Alan Sheinwald of Alliance Advisors, LLC, +1-914-244-0062, Web
site: http://www.eautoclaims.com/
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