Communication Intelligence Corp. Financing Approved, Plan of Reorganization Filed
REDWOOD SHORES, Calif. — October 5, 1994 — Communication Intelligence Corp. (NASDAQ:CICIQ) (CIC) announced Wednesday that it filed its Disclosure Statement and Plan of Reorganization on Sept. 28, 1994.
The Plan of Reorganization provides for CIC to exit Chapter 11 on Nov. 14, 1994, pending approval of the United States Bankruptcy Court and the company's creditors and shareholders. Further, today the company announced that it received final court approval of the secured $1.0 million Bridge Loan Financing previously disclosed in CIC's Sept. 22 news release.
James Dao, CIC's chairman, also announced that an equity financing agreement was signed by CIC and the Bridge Loan Lender. Under this equity financing agreement, the company is assured of a minimum $5 million equity infusion by the end of this year from the Bridge Loan Lender and existing shareholders, contingent upon the confirmation of its Plan of Reorganization.
Communication Intelligence Corp.
Communication Intelligence Corp. (CIC) develops, markets, and licenses natural input computer technology — products that use pen and image for input. Founded in 1981, CIC is the leading supplier of pen computing products to hardware manufacturers throughout the world, particularly its multilingual Handwriter Recognition System and Dynamic Signature Verification software, and PenDOS and PenMac pen operating environments.
CIC's intention is to preserve user investments in installed hardware and software products by allowing existing and new pen applications to operate on all major hardware and operating system platforms, including handheld and PDA systems.
CIC develops and sells software and hardware for pen computing — designing all of its products with an open-architecture to encourage alliances with other companies.
The company's Handwriter Recognition System software is available in U.S. and U.K. English, German, French, Italian, Spanish and Japanese languages and is compatible with various operating systems. A Chinese language recognition system is currently under development.
CIC is headquartered in Redwood Shores and has subsidiaries in Tokyo, and Nanjing, China. CIC's stock is publicly traded as CICIQ on NASDAQ.
Note to Editors: Company and product names used herein are trademarks or registered trademarks of their respective companies.
CONTACT:
Communications Intelligence Corp.
Maurice Boucher, 604/689-8588