eAutoclaims.com and Transformation Processing Announce Merger
28 April 2000
eAutoclaims.com and Transformation Processing Inc. Announce Definitive Merger Agreement
PALM HARBOR, Fla., April 28 eAutoclaims.com and
Transformation Processing Inc. (OTC Bulletin Board: TPII) are delighted to
announce the execution of a definitive merger agreement today which will be
effective once appropriate filings have been made. This agreement formalizes
the previously announced letter of intent into an Acquisition and Purchase
Contract.
The new Company will be renamed eAutoclaims.com Inc. and will have
approximately 10,800,000 shares outstanding (11,400,000 fully diluted) after
amalgamation.
eAutoclaims.com Inc. will maintain its headquarters in Palm Harbor,
Florida. eAutoclaims.com Inc. 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 within the
$60 billion market segment of the non-standard auto collision repair.
eAutoclaims.com Inc. is establishing itself as the pre-eminent Application
Service Provider for the automobile insurance industry, providing seamless
back-end infrastructures that thousands of collision repair shops and/or
support facilities into a network. 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 Inc.
generates revenue from administrative fees and discounts earned by processing
collision work through its system for insurance companies.
Eric Seidel, president and CEO of eAutoclaims.com Inc. commented,
"eAutoclaims.com Inc. has successfully launched its Internet-based application
'Bricks to Clicks' (b2c) and is changing the way the Auto Insurance industry
manages Physical Damage losses. The traditional processing of vehicle-repair
insurance claims is very time consuming, relying on the offline mailing of
photos and estimates for insurance companies approvals. The b2c system changes
this for everyone and does not require special software. Collision damage is a
multi-billion dollar problem to which we have applied an IT-based solution.
eAutoclaims.com Inc. directly links and integrates insurance companies with
our substantial preferred provider collision network. eAutoclaims.com Inc.
combines the buying power of our insurance and fleet clients to substantially
lower the cost of repairs, and is the true HMO for your car. We believe that
eAutoclaims.com Inc. will revolutionize the paid losses of insured claims,
thus eventually allowing insurance providers to lower the cost of insurance
premiums to the consumer. As a public company, eAutoclaims.com Inc. will be
able to impact our markets faster."
eAutoclaims.com Inc. has successfully launched our Internet-based
application, "Bricks to Clicks" (b2c), eAuto is changing the way the Auto
Insurance industry manages Physical Damage losses. The traditional processing
of insurance claims and the repairing of collision-damaged vehicles has always
relied on the slow process of mailing of photos & estimates for insurance
companies approvals. The b2c system changes this for everyone and does not
require special software. Collision damage is a multi-billion dollar problem
to which eAutoclaims.com Inc. has applied IT-based efficiencies by integrating
its nationwide network of preferred provider collision shops directly with the
insurance company. eAutoclaims.com Inc. combines the buying power of its
insurance and fleet clients to substantially lower the cost of repairs, the
true HMO for your car. The company believes that eAutoclaims.com Inc. will
revolutionize the paid losses of insured claims, thus eventually allowing
insurance providers to lower the cost of insurance premiums to the consumer.
As a public company, eAutoclaims.com Inc. will be able to impact its markets
faster.
Transformation Processing, which trades on the over-the-counter bulletin
board, 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 http://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.
CONTACT: Joe Krupa, Investor Relations of eAutoclaims.com, 800-809-2899,
or jkrupa@eautoclaims.com.