Cover-All Technologies, Inc. (COVR) Gets $2.25 Million Credit Facility from Imperium Partners to Fund Growth and Expansion

Cover-All Technologies said today that the Imperium Commercial Finance Master Fund LP, an affiliate of Imperium Partners, has agreed to provide COVR with a $2.25 million credit facility which will help COVR grow and expand. COVR is a Delaware corporation that offers insurance software solutions for the property and casualty insurance market. Imperium Partners is a New York City-based investment management firm. In addition to advising families and pension funds, it also manages funds that provide credit to growth companies, invest in special situations including restructurings and management buyouts, and provide equity capital.

Imperium’s credit facility is comprised of a $2 million dollar, 8% fixed interest rate per year, 3 year term loan plus a $250,000 revolving credit facility with an 8% fixed interest rate per year. Additionally, COVR will give Imperium five year warrants to purchase 1.4 million shares of COVR common stock at 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.”

“Building upon five consecutive years of record revenues, Cover-All remains committed to our growth strategy based upon providing innovative products and services to the property and casualty marketplace as well as strategic acquisitions,” concluded Mr. Roblin.

Whereas Cover-All once was a niche provider of policy administration software, it has grown into a leading provider of a complete line of insurance tools and applications for the property and casualty industry. The growth has occurred through 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. Also, Cover-All will be introducing a new Billing system and a set of capabilities, called Dev Studio, that are designed to enable customers to develop and support their own products utilizing robust tools. COVR has offices in Fairfield, NJ, Manhattan and Honolulu.

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