CIC Completes $1.1m Funding Round
REDWOOD SHORES, Calif., Aug. 7, 2014 (GLOBE NEWSWIRE) -- Communication Intelligence Corporation ("CIC") (OTCQB:CICI), a leading supplier of electronic signature and other software solutions enabling secure and cost-effective management of document-based digital transactions, today announced that it had closed a new round of funding with a number of existing and new investors to provide working capital.
In the transaction, which closed on August 5, 2014, investors subscribed to approximately $1.1 million of CIC's Series D-1 Convertible Preferred Stock, which can be converted to common stock at a price of $0.0225 per share.
"After evaluating a number of funding alternatives, we opted for this smaller private placement to limit shareholder dilution," said Philip Sassower, chairman and chief executive officer for CIC. "This additional capital injection, together with the funding available under the previously announced credit agreement with ICG, is expected to provide CIC with sufficient runway to execute on our healthy pipeline of opportunities, and to delay consideration of a broader-based strategy to recapitalize the company and to improve the trading environment for our shares of common stock. Phoenix and its investment partners remain committed to CIC and optimistic in the company's ability to successfully execute its business plan."
Additional information on this funding round is available in CIC's Current Report on Form 8-K that will be filed in the coming days with Securities and Exchange Commission, and will be made available at www.sec.gov.
CIC is a leading provider of digital transaction management (DTM) software enabling fully digital (paperless) business processes. CIC's solutions encompass a wide array of functionality and services, including electronic signatures, biometric authentication and simple-to-complex workflow management. These solutions are available across virtually all enterprise, desktop and mobile environments as a seamlessly integrated platform for both ad-hoc and fully automated transactions. CIC's platform can be deployed both on-premise and as a cloud-based service, with the ability to easily transition between deployment models. CIC is headquartered in Silicon Valley. For more information, please visit our website at www.cic.com. CIC's logo is a trademark of CIC.
Certain statements contained in this press release, including without limitation, statements containing the words "believes," "anticipates," "hopes," "intends," "expects," and other words of similar import, constitute "forward-looking" statements within the meaning of the Private Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors, which may cause actual events to differ materially from expectations. Such factors include the following (1) technological, engineering, quality control or other circumstances which could delay the sale or shipment of products containing the Company's technology; (2) economic, business, market and competitive conditions in the software industry and technological innovations which could affect customer purchases of the Company's solutions; (3) the Company's inability to protect its trade secrets or other proprietary rights, operate without infringing upon the proprietary rights of others or prevent others from infringing on the proprietary rights of the Company; and (4) general economic and business conditions and the availability of sufficient financing.
CONTACT: CIC Investor Relations and Media Inquiries: Andrea Goren +1.650.802.7723 email@example.com