So you’d like a streamlined technology solution that incorporates all your business processes, but the money isn’t there for it? Too often businesses think that technology is an all-or-nothing approach. Not so. If you consider a multi-year technology implementation plan, your business could see benefits before you’re able to adopt a full-scale solution.
Imagine investing in a technology solution that not only gives you a significant advantage in your market, but allows you to add and remove functionality and capacity as and when you see fit. That is a major advantage when you implement horizontally scalable technology, which allows you to expand on the base product’s capabilities. When you invest a technology solution that allows for such flexibility, you’re investing the ability to customize that product to adapt to your ever changing business needs.
These days the talk is about leveraging data to transform business. And it may be true that data has its place in the improvement of a company’s profitability. But data is static and its benefits to your company are limited. The real untapped source of success is information. Here’s why.
Your underwriting process is only as good as the data in front of you. That data has a shelf life, much like most data gathered in the research and benchmarking processes. The truth is businesses evolve and markets change constantly, sometimes quite rapidly. Today’s reports are current – well, today. Tomorrow could be another story as market factors, economic influences, and claims figures change.
Recent Wins and Growing Base of Recurring Revenue Results in Strong Fourth Quarter; Sets the Stage for Continued Growth in 2010
FAIRFIELD, N.J.–(BUSINESS WIRE)– Cover-All Technologies Inc. (OTC Bulletin Board: COVR), a Delaware corporation (”Cover-All” or the “Company”), today provided financial guidance for the full-year period ended December 31, 2009.
Based upon the initial contribution of the three contract announcements in December, 2009, atop the Company’s existing base of recurring revenue, management expects to report:
Full Year 9 Months Results Full Year
2008 Actual As of 9/30/09 2009 Guidance
Total Revenue $13.5M $8.3M $13M – $14.5M
Net Income (Before Tax) $2.9M $0.7M $2.7M – $3.3M
Operating Earnings per Share $0.12 $0.03 $0.11 – $0.13
(Fully Diluted)
John Roblin, Chairman of the Board of Directors and Chief Executive Officer of the Company, commented, “Cover-All will benefit from a very strong fourth quarter as we announced two new customers and a large expansion of a current customer. We were able to leverage our ability to deliver software quickly in order to book some initial revenue in 2009 with additional revenue to be recognized in 2010 and beyond as we deliver additional products and services. Our 2009 fourth quarter will be our 12th consecutive quarter of profitability and, most likely, the best quarter in Cover-All’s history. We believe that Cover-All is undervalued and is trading at a low price to earnings ratio for a company growing revenues and earnings. We look forward to sharing the Cover-All story about its true potential with investors in the coming months. As our stock appreciates, we also hope to qualify for a listing on a national securities exchange.”
“Looking ahead, we continue to expand and enhance our sales and marketing efforts,” Mr. Roblin continued. “We are also expanding our My Insurance Center offering with exciting new capabilities that make us even more competitive in the marketplace as well as creating additional revenue opportunities from existing customers. In addition, we are actively focused on additional strategic opportunities for growth.”
Mr. Roblin continued, “We expect to announce audited fourth quarter and full-year results in mid to late February, and I look forward to discussing our results and updating shareholders on our continued progress at that time.”
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(R), My Insurance Center(TM) (MIC) and Insurance Policy Database(TM) (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.
All too often we see companies whose insurance technology solutions have left them with critical gaps in compliance. It’s easy to understand why. Handling ISO and NCCI compliance in one market can be challenging, but if you’re a multi-state operation, it quickly becomes unwieldy. With constant changes within the regulatory realm, maintaining adherence to bureau, state and federal regulations requires a full-time staff and full-time attention to detail. Often, companies will ensure paper compliance, but make missteps within their automated processes, causing efficiency to suffer.
True story: Once upon a time, a third part administrator hired an IT staff and tasked it with building a comprehensive system that automated and integrated all current TPA business functions. The goal: to consolidate customer data, field nurse case information, and claims processing information into one central repository. The product took six years to build and two years to test. By the time the system was launched, the TPA staff transitioned from one legacy system right into another. While the systems were indeed consolidated, the trouble of sending and receiving data from the company’s automated system to the clients’ newer, more efficient systems caused no end of IT woes and workflow interruptions.
FAIRFIELD, N.J.–(BUSINESS WIRE)–Cover-All Technologies Inc. (OTC Bulletin Board: COVR), a Delaware corporation (“Cover-All” or the “Company”), today announced it has signed a contract with a new customer for the My Insurance Center™ (MIC) suite of products. This multi-year contract will start to generate license revenue in Q4, 2009 and additional license, professional services and maintenance revenue in 2010 and beyond. With an initial focus on the customer’s commercial insurance business, this new implementation will feature Cover-All’s My Insurance Center, a 100% web-based solution that provides real-time management and support for both carriers and agencies..
John Roblin, Chairman of the Board of Directors and Chief Executive Officer of the Company, commented, “We are delighted to welcome our newest customer to Cover-All. They are a leader in their markets and we look forward to working closely with them. We are also confident that through the use of the My Insurance Center suite of products, they will be able to optimize their business leveraging the flexibility, scalability, usability, and consistency afforded by the product set.”
About the company, Mr. Roblin continued, “We have had a strong finish to 2009, due in no small part to the revolutionary capabilities of My Insurance Center and our reputation for delivering on our promises. As we continue to expand our marketing and sales efforts, we are encouraged by the positive response from the marketplace, looking forward to continued growth and success in 2010.”
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.
FAIRFIELD, N.J.–(BUSINESS WIRE)–Cover-All Technologies Inc. (OTC Bulletin Board: COVR), a Delaware corporation (“Cover-All” or the “Company”), announced today that John Roblin and the Company have entered into a new employment agreement which provides for John Roblin to continue as Chairman of the Board and Chief Executive Officer of the Company.
Mr. Roblin commented, “Cover-All today is an exciting, dynamic organization that is being recognized as a leader in the Insurance Technology and Information industry. We have built a robust platform in My Insurance Center and reinforced our reputation for outstanding service. We have delivered two consecutive record years in 2007 / 2008. Through the third quarter of 2009, we have also delivered eleven consecutive profitable quarters. With the announcement of two new contracts earlier this month, we expect to continue our outstanding performance even in today’s uncertain economic climate.
“I am today more excited about Cover-All’s future than ever before. I welcome the opportunity to build on our accomplishments and collaborate with the outstanding people at Cover-All and our great customers. We have high expectations for ourselves and are ready to take advantage of the opportunities that we see ahead.”
Mr. Roblin has served as the Company’s Chief Executive Officer since December 1999, as a member of the Company’s Board since March 2000, and as Chairman of the Board since February 2001. He served as the Company’s President from December 1999 to November 2008.
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 – first to deliver PC-based commercial insurance rating and policy issuance software. Currently, 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 value.
With extensive insurance knowledge, experience and commitment to quality, Cover-All continues its tradition of developing technology solutions designed 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.
Contacts
Cover-All Technologies Inc.
Ann Massey, 973-461-5190
Chief Financial Officer
amassey@cover-all.com
or
Investors:
Hayden IR
Brett Maas, 646-536-7331
Principal
brett@haydenir.com
FAIRFIELD, NEW JERSEY (December 9, 2009) – Cover-All Technologies Inc. (OTC Bulletin Board: COVR.OB), 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:
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.
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.
For information on Cover-All, contact:
Ann Massey
Chief Financial Officer
973/461-5190
amassey@cover-all.com
Company Release – 12/01/2009 08:30
Mr. Mulready Brings Depth of Industry and Regulatory Experience to Company’s Board of Directors
FAIRFIELD, N.J.–(BUSINESS WIRE)– Cover-All Technologies Inc. (OTC Bulletin Board: COVR), a Delaware corporation (”Cover-All” or the “Company”), today announced the election of Stephen M. Mulready as an independent director to the Company’s Board of Directors. Mr. Mulready joins the Board effective today, December 1, 2009. With this election, Cover-All’s Board of Directors now stands at six, including four non-management directors. He will also be a member of the Audit committee.
Mr. Mulready has extensive senior management and board-level experience, with particular focus in the property and casualty insurance industry. He is the founder and chief executive officer of Blackpoint Associates, a firm that provides management consulting services. From 2005 to 2008, Mr. Mulready was CEO of AIX Holdings, Inc., a specialty property and casualty program insurance company, utilizing alternative risk transfer structures and captive vehicles to target a broad range of industries and business segments. During 2004 and 2005, he was a Board member of Alico, Inc., an agriculture and real estate company operating in Florida with a market cap of approximately $400 million and trading on NASDAQ, where he was a member of the Audit, Compensation, Nominating and Investment committees. From 1996 to 1999, he was CEO of Orion Specialty, a division of Orion Capital. In 1999, Orion Capital was acquired by Royal and Sun Alliance, where Mr. Mulready held several senior level positions from 1999 through 2004, including President and CEO of the US Operations, where he oversaw a $3.6 billion premium base for all Commercial, Personal and Specialty businesses. Mr. Mulready began his career and spent over 25 years with Aetna Insurance and spent a year with Travelers Property and Casualty Insurance in an executive position.
Mr. Mulready commented, “I’m very pleased to be joining the Cover-All Board of Directors. I believe Cover-All today has an industry-leading product platform in their My Insurance Center(TM) that is generating excitement in the marketplace. Having been a former customer of the company, I have seen the value of My Insurance Center(TM) first hand. Cover-All has continued to upgrade its products and services in order to more than meet the demands of its client base. I look forward to using my insurance industry experience to help Cover-All further its business plan.”
John Roblin, Chairman of the Board of Directors and Chief Executive Officer of the Company, commented, “Steve adds a tremendous depth of insurance industry and board experience at both public and private companies. He is well known in the insurance industry and we are looking forward to working together to expand our offerings and customer base. His perspective about the challenges of building and managing insurance companies will be invaluable to us as we grow. We are excited to add him to our board of directors and are confident we will benefit from this expertise as we execute our strategic business plan.”
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 – first to deliver PC-based commercial insurance rating and policy issuance software. Currently, 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 value.
With extensive insurance knowledge, experience and commitment to quality, Cover-All continues its tradition of developing technology solutions designed to revolutionize the way the property and casualty insurance business is conducted. Additional information is available online at www.cover-all.com.
Cover-All(R), My Insurance Center(TM) (MIC) and Insurance Policy Database(TM) (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.
Source: Cover-All Technologies Inc.
Contact: Cover-All Technologies Inc. Ann Massey, 973-461-5190 Chief Financial Officer amassey@cover-all.com or Investor: Hayden IR Brett Maas, 646-536-7331 Principal brett@haydenir.com