June 24, 2010 (FinancialWire) — Communication Intelligence Corp. (OTCBB: CICI), a supplier of electronic signature solutions used in the financial industry, said that it has entered into definitive agreements with Phoenix Venture Fund LLC, as lead investor, and others to provide additional working capital to the company while also eliminating all existing indebtedness for borrowed money.

Under the agreements, holders of CIC's senior secured indebtedness have agreed to exchange the Notes, which are expected to total around $6.4 million, including up to $1 million being issued under Amendment No. 2 to a credit agreement, dated May 4, 2010, into shares of Series B Participating Convertible Preferred Stock and CIC will issue up to $2 million of Series B Preferred.

The recapitalization and offering are scheduled to close after the company's shareholder meeting scheduled for late July or early August 2010.

Phoenix and its CEO, Philip Sassower, have been the primary source of financial backing for CIC for over a decade.

Under the agreements, concurrent with the new financing, Philip Sassower will rejoin the company as its chairman and CEO thus allowing CIC's current chairman and CEO, Guido DiGregorio, to focus on operations and growing the business as President and COO.

Sassower said, "After a chaotic 2008 and 2009, financial institutions are on a more solid footing and are beginning to increase their IT budgets."

California-based Communication Intelligence is a supplier of electronic signature products to the financial industry and the recognized leader in biometric signature verification. 

Phoenix is a private equity fund that specializes in making concentrated investment in publicly traded companies in North America. Phoenix is co-managed by Philip Sassower, CEO, and Andrea Goren, managing director.

Real-time, streaming research for companies and funds mentioned in FinancialWire(tm) news is available via the Investrend Research Syndicate (at http://investrend.stocksmart.com/ss/html/hpcompany.html). Current valuation analysis research for companies and funds mentioned in FinancialWire(tm) news is available via the Investrend Research Syndicate (at http://www.valuengine.com/rep/searchsrep?pid=42&srchfor=).

FinancialWire(tm) is committed to serving the financial community through true journalism and providing relevant resources to investors. Standards-based, independent equity research on numerous public other companies is available through the Investrend Research Syndicate (http://www.investrend.com/reports) written by FIRST Research Consortium (http://www.investrend.com/FIRST) member-providers. Free annual reports and company filings for companies mentioned in the news are available through the Investrend Information Syndicate (at http://investrend.ar.wilink.com/?level=279). FinancialWire(tm), in cooperation with the Investrend Broadcast Syndicate, also provides complete, daily conference call and webcast schedules as a service to shareholders and investors via the FirstAlert(tm) Network’s “FirstAlert(tm) Daily” (at http://www.financialwire.net/news-alerts/).

FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation from subject entities, companies, equities, or representatives thereof, for its news, opinions or distributions. Further disclosure is posted at the FinancialWire(tm) website (at http://www.financialwire.net/disclosures.php and http://www.financialwire.net/2010/04/23/safe-harbor/). Additional resources for investors are also accessible via the FinancialWire(tm) website (at http://www.financialwire.net/2010/04/23/investor-resources/). Contact FinancialWire(tm) directly via inquiries@financialwire.net.

Copyright © MMX, FinancialWire(tm); All rights reserved.

[hlmsmlh] [tchnlgy] [advnctchnlgy] [fnncngj] [bnkngnknb] [tchnlgy] [infrntntchnlgy] [btnwswntb]

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.