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(OTC Bulletin Board: CICI | Quote | Chart | News | PowerRating) Communication Intelligence Corporation ("CIC"), a leading supplier of electronic signature solutions for business process automation in the financial industry* and the recognized leader** in biometric signature verification announced today that a leading Fortune 500 US provider of property and casualty insurance for auto, home and business chose CIC's SignatureOne(R) Ceremony(R) Server Solution to provide a completely paperless process for its customers.
The SignatureOne Ceremony Server is a J2EE server product that provides the capability to define and manage an electronic signature process within a Service Oriented Architecture to be implemented in an On-Premise Deployed Model or through a Software as a Service (SaaS) environment. This product enables the use of web services to pass documents and/or packages of documents and related data to a server that facilitates end-to-end management of multi-party approvals of documents, truly enabling the straight through processing of electronic forms.
This type of deployment is indicative of the ongoing change in the insurance industry moving away from traditional wet ink signatures on paper and leveraging the latest in web based technologies to automate their historically labor intensive processes. The use of electronic signature technology has emerged as a mandatory solution required for insurers to remain competitive in the current economy based on the cost savings, productivity improvement, ease of use for consumers, and rapid ROI.
"We are pleased that another Fortune 500 US insurer chose CIC to fulfill its automation needs. We believe this win, together with the successful track record that SignatureOne Ceremony Server deployments have established, including two prior successive wins with top tier insurance companies deployed in the third and fourth quarter last year, evidences the product differentiation of our SignatureOne Ceremony Server," stated Guido DiGregorio, CIC's Chairman & CEO. "This win together with other orders, reflects our belief that cash is freeing up for IT expenditures related to mission critical projects despite the first quarter IT spending freeze we experienced, that resulted from the recent melt down in the financial services industry. We have not received any significant input from customers or prospects suggesting that the adverse market conditions have resulted in cancellation of their planned 2009 IT electronic signature projects. Rather, projects have been delayed. Our current sales related activity indicates that planned automation programs involving our technology will be deployed. In an effort to stay competitive and meet the heightened challenges they face since the meltdown, we believe our customer base and prospects fully recognize the need to purchase in time to gain the benefits of deployment this year. So although the recent turmoil in the financial markets has been the most severe in history, relative to its negative impact on financial services IT spending, the recognition that our technology provides the solutions for the challenges they face does provide the basis and purchase priority necessary for last half profitability. We do anticipate that 2009 revenue will exceed 2008."
About CIC
Communication Intelligence Corporation ("CIC") is a leading supplier of electronic signature solutions for business process automation in the Financial Industry and the recognized leader in biometric signature verification. CIC's products enable companies to achieve truly paperless work flow in their eBusiness processes by enabling them with "The Power to Sign Online(R)" with multiple signature technologies across virtually all applications in SaaS and fully deployed delivery models.
Industry leaders such as AEGON, AIG, Charles Schwab, Prudential, Nationwide (UK), Snap-on Credit and Wells Fargo chose CIC's products to meet their needs. CIC has deployments with over 400 channel partners and enterprises worldwide representing hundreds of thousands of users, with over 500 million electronic signatures captured, eliminating the need for over a billion pieces of paper. CIC sells directly to enterprises and through system integrators, channel partners and OEMs. CIC is headquartered in Redwood Shores, California and has a joint venture, CICC, in Nanjing, China. For more information, please visit our website at http://www.cic.com
*In December 2008, CIC was named to Forrester Research's "Hot Banking Tech Companies To Watch in 2009" Report.
**In October 2007, CIC was awarded the 2007 Global Frost & Sullivan Award for Market Leadership in the dynamic signature verification market.
Forward Looking Statement
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 the Company's business; (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.
CIC, its logo, SignatureOne, Ceremony and the Power to Sign Online are registered trademarks. All other trademarks and registered trademarks are the property of their respective holders.
Contact Information
CIC
Investor Relations & Media Inquiries:
Chantal Eshghipour
650-802-7740
investorrelations@cic.com
SOURCE Communication Intelligence Corporation
http://www.cic.com
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