Cover-All Technologies Inc. (NYSE MKT:COVR), a Delaware corporation and provider of the Cover-All family of insurance software solutions for the property / casualty (P&C) insurance marketplace, announced today that Imperium Commercial Finance Master Fund LP, an affiliate of Imperium Partners, has provided a $2.25 million credit facility for working capital purposes which will support Cover-All’s product/services expansion and growth initiatives.
The $2.25 million credit facility consists of a $2 million three-year term loan, bearing interest at a fixed rate of 8% per annum, and a $250,000 revolving credit facility, also bearing interest at a fixed rate of 8% per annum. Imperium also will receive five-year warrants to purchase 1.4 million shares of Cover-All's common stock, with an exercise price of $1.48 per share.
“Cover-All is pleased to have entered into this credit facility and to have established a financial relationship with Imperium Partners Group, which clearly understands the needs of a growth company like ours,” said John W. Roblin, Chairman and CEO of Cover-All Technologies. “This financing gives us flexibility to execute on our business strategy of developing innovative solutions and expansion of our sales/marketing activities.”
“We are pleased to provide this facility for Cover-All,” said John Michaelson, CEO at Imperium Partners. “Cover-All is a company with outstanding leadership, customer base, products and growth potential. We look forward to contributing to its long-term success.”Cover-All is transforming itself from a niche provider of policy administration software to a leading provider of a full suite of insurance solutions for the property and casualty industry. The transformation includes two strategic acquisitions, introduction of a new Policy administration platform, complete development of out of the box insurance products (including ISO Commercial Automobile, Commercial General Liability, Crime, Inland Marine, Property, Business Owners Policy and NCCI Workers Compensation), Claims, and an exciting new Business Intelligence product. In addition, Cover-All will be introducing a new Billing system and a set of capabilities (Dev Studio) that are designed to enable customers to develop and support their own products utilizing robust tools.
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