The financing totaled $2,210,500 in gross proceeds from the issuance of Series C Participating Convertible Preferred Stock. The closing occurred on December 31, 2010, after CIC's shareholders voted in favor of an amendment to the Company's certificate of incorporation to increase the number of authorized shares of capital stock. Detailed information on the financing is available in the Company's definitive consent solicitation statement filed with the Securities and Exchange Commission on December 21, 2010.
"This additional round of financing reflects Phoenix and its co-investors' ongoing support of CIC and our belief that the electronic signature market offers tangible opportunities for revenue growth," said Philip Sassower, Chairman and CEO of the Company. "CIC will continue development of its recently launched SignatureOne® ConsoleTM and of its SaaS/Cloud capabilities as the Company grows its addressable market by expanding its focus to include small and medium businesses."
"We are very pleased that the management changes implemented last month went smoothly and have begun to show results. Under the guidance of our Acting President and COO, William Keiper, CIC has been re-energized and its strategy has been fine-tuned. While our work has only just begun, we see a clear path for business and financial performance improvements going forward under our new management team."
