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| 8-K - InsPro Technologies Corp | v204708_8k.htm |
Health
Benefits Direct Announces Name Change To
InsPro
Technologies Corporation (OTCBB: ITCC)
Radnor, PA — December 3, 2010 —
Health Benefits Direct Corporation (OTC Bulletin Board: HBDT), a leading
software and technology service innovator providing insurance policy management
software solutions to the insurance industry, today announced that effective
immediately it has changed its name to InsPro Technologies
Corporation. Consistent with the name change, effective December 6,
2010, the Company’s trading symbol will change from HBDT to ITCC. The
Company was also assigned a new CUSIP number (45778T 101) for its common
stock.
Anthony
R. Verdi, current Acting Principal Executive Officer, said, “With our
stockholders’ approval we have changed our name, marking another important
declarative and symbolic step for the company as we complete the restructuring
of our operations. The new name, InsPro Technologies Corporation, more
accurately reflects the current strategic and tactical focus of our product and
service offerings, and aligns the growing brand awareness of our wholly-owned
subsidiary, InsPro Technologies LLC, and its innovative and proprietary
insurance policy management platform, with our client and investor
constituencies. InsPro Enterprise has
continued to gain momentum and market recognition among industry analysts,
insurance carriers and third party administrators.”
Mr. Verdi
added, “We have also completed the second and final stage of the September
30th
private placement, raising an additional $600,000 through the sale of 200,000
units, consisting of Series B convertible preferred stock and common stock
warrants, to Independence Blue Cross. The total capital raised in
this round of financing was $6 million. We plan to use these
additional proceeds for working capital.”
About
InsPro Technologies Corporation
Through
its subsidiary, InsPro Technologies, LLC, (www.inspro.com) InsPro Technologies
Corporation offers comprehensive, flexible and innovative insurance management
solutions designed specifically for life and health insurance, supporting both
group and individual policies. Designed and developed based on
scalable web-based architecture, InsPro Enterprise’s rules
based configuration engine enables software solutions to be deployed with a
rapid time to value.
InsPro
Technologies solutions are offered through standard software licensing, as a
hosted solution, or via Software as a Service (SaaS)
delivery.
Safe
Harbor Statement
In
addition to historical facts or statements of current condition, this press
release contains forward-looking statements within the meaning of the “Safe
Harbor” provisions of The Private Securities Litigation Reform Act of 1995,
including statements regarding the company’s business strategy and products.
Moreover, InsPro Technologies Corporation cautions readers that forward-looking
statements are subject to certain risks and uncertainties, which could cause
actual results to differ materially and which are identified from time to time
in InsPro Technology Corporation’s reports filed with the U.S. Securities and
Exchange Commission. Given these risks and uncertainties, any or all of these
forward-looking statements may prove to be incorrect. Therefore, you should not
rely on any such factors or forward-looking statements. InsPro Technologies
Corporation undertakes no obligation to update publicly any forward-looking
statement.
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Contact:
Anthony
R. Verdi
InsPro
Technologies Corporation
(484)
654-2200
Finance@inspro.com