Company Release – 03/03/2011 12:28
FAIRFIELD, N.J.–(BUSINESS WIRE)– Cover-All Technologies Inc. (OTCQB: COVR), a Delaware corporation (“Cover-All” or the “Company”), today provided an explanation of the quotation of its common stock on the OTCQB.
Since 2000, the Company’s common stock was quoted on the OTC Bulletin Board (the “OTCBB”), and since it was created more than a year ago, the OTCQB, which we understand to be a powerful and growing new trading platform. Recently, the OTCBB, under SEC rules, automatically removed over 700 companies, including, as of February 23, 2011, Cover-All, from the OTCBB trading platform, due to lack of quotations for four consecutive days by their market makers. The Company has learned that certain market makers recently stopped using the OTCBB platform in favor of trading on the OTCQB. It is important to note that Cover-All was not out of compliance with the reporting requirements of the OTCBB, and, in fact, the Company has filed all reports required to be filed with the Securities and Exchange Commission on a timely basis.
Cover-All’s common stock continues to trade on the OTCQB market and can now be found under the symbol COVR.PK.
The OTCQB marketplace is part of the Pink OTC Markets’ electronic interdealer quotation and trading system. Companies traded on the OTCQB marketplace are required to comply with the reporting requirements of the SEC (or be current in their reporting requirements to a U.S. banking or insurance regulator). Up-to-date quotes of OTCQB stocks, and more information on the OTCQB marketplace, may be found at www.otcmarkets.com.
John Roblin, Chairman of the Board of Directors and Chief Executive Officer of the Company, commented, “We had no prior warning about this decision by our market makers, and understand we are one of more than 700 other companies to have experienced this situation. Given recent events, we are all the more committed to transitioning to a national stock exchange. Additionally, based on confidence in our business prospects Manish Shah, our President and Chief Technology Officer, and I recently purchased shares of common stock of the Company in the open market. These transactions can be reviewed by accessing the Form 4s we filed with the SEC.”
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 our extensive insurance knowledge, our experience and our 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.
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.
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, 2009, filed with the SEC on March 19, 2010, and Post-Effective Amendment No. 1 to Form S-1 (File No. 333-156397) filed with the SEC on May 7, 2010, 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
