Transformation Processing Signs Contract To Acquire eAutoclaims.com
17 February 2000
Transformation Processing, Inc. Signs Contract To Acquire eAutoclaims.com
MISSISSAUGA, Ontario--Feb. 17, 2000--(OTC BB:TPII.OB)Transformation Processing Inc. (OTC BB:TPII.OB) is pleased to announce that it has entered into a Letter of Intent to acquire substantially all of the assets of eAutoclaims.com Corporation. Details of the transaction will be reflected in a definitive and mutually acceptable Asset Purchase Agreement, which is currently being negotiated. Further details on the transaction will accordingly be announced in due course.
eAutoclaims.com Corporation is a Delaware corporation with its headquarters in Palm Harbor, Florida. eAutoclaims.com is a pioneering business-to-business e-commerce company that utilizes the Internet to streamline and lower the overall cost of automotive repair paid by insurance companies. The Company is creating a new online digital automotive maintenance organization industry in the $60 billion market segment of the non-standard auto collision repair. eAutoclaims.com is establishing itself as the pre-eminent Application Service Provider for the automobile insurance industry, providing seamless back-end infrastructures that link to thousands of collision repair shops and/or support facilities. The Company offers a cost effective and highly advanced 'bricks to clicks' solution for the processing and ultimate repair of damaged vehicles filed as insured auto claims. eAutoclaims.com generates revenue from administrative fees and discounts earned by processing collision work through its system.
Transformation Processing, Inc. which trades on the over-the-counter bulletin board (Symbol: TPII.OB) received approval from its creditors for a reorganization plan in the fall of 1999.
This press release contains forward-looking statements regarding the Company's business strategy and future plans of operation. Forward-looking statements involve known and unknown risks and uncertainties. These and other important factors, including those mentioned in various filings with the Securities and Exchange Commission made periodically by the Company (available to the public at www.sec.gov), may cause the actual results and performance to differ materially from the future results expressed in or implied by such forward looking statements. The forward looking statements contained in this press release speak only as of the date hereof and the Company disclaims any obligation to provide public updates, revisions or amendments to any forward looking statements made herein to reflect changes in the Company's expectations or future events.