MISSISSAUGA, Ontario, April 17, 2002
Mr. Paul Timoteo, President and CFO of CCC Internet
Solutions Inc. “CCC” (CDNX: CIS 10,501,952 shares outstanding) is pleased to
announce that, their newest division, 43r.ca has signed its first “Vendor
Agreement” as a pilot program, with ING Insurance Company of Canada “ING”.
The term of the agreement is for a three-month period from May 1, 2002 until July 31, 2002.
“Signing “ING”, one of Canada’s largest
Insurance Companies, within 3 months of launching 43r.ca is the equivalent of hitting a
home run in the first inning. It really sets the tone for the whole game.” This is
the first of what is anticipated to be many more agreements and a further endorsement as
use of our B2B Insurance application becomes industry norm. Our website
www.43r.ca will be synonymous with
‘claims savings’ within the Insurance Industry” reports Paul Timoteo,
President of CCC Internet Solutions Inc. “The degree of positive response from the
Industry as a whole continues to grow; momentum is building.”
Currently, 43r.ca is generating revenue from multiple
users. Management anticipates that 43r.ca will enter into several more agreements in the
coming weeks and months ahead. We look forward to reporting this progress as it occurs.
For competitive reasons, financial terms of the agreement
were not disclosed, however it is projected that revenue from 43r.ca will be materially significant.
About CCC Internet Solutions Inc…
CCC Internet Solutions Inc. is an Internet based Automotive
Information Service provider that owns and operates revenue producing automotive related
Web sites. Through its B2C Web site at
www.carcostcanada.com, “CCC” offers comprehensive up to date
new car buyer information, including confidential dealer invoice cost prices, to aid the
consumer in making informed choices by providing accurate and timely data. Through its B2B
Web site, www.43r.ca, “CCC” exclusively serves the Automotive Insurance
Industry. By providing valuable data to the Insurer, 43r.ca dramatically lowers
settlements on automobile total-loss claims with 43r/Waiver of Depreciation endorsements.
Potential savings to the Industry, based on an estimate of 50,000 claims with $1,000
savings per claim, would be upwards of $50,000,000 CDN annually.
Throughout 2002 “CCC” will focus on the continued
and aggressive expansion of its multiple revenue streams, enhancement of its Web sites and
move toward sustained profitability.
Visit our Web sites and watch us run!
This release contains certain forward-looking statements
that reflect the current views and our expectations of the Company with respect to its
performance, business and future events. Such statements are subject to a number of risks,
uncertainties and assumptions. Actual results and events may vary significantly. The
Canadian Venture Exchange has not reviewed and does not accept responsibility of the
adequacy or accuracy of this release.
For further information please contact:
Mr. Paul Timoteo,
President & CFO
CCC Internet Solutions Inc.
Tel: (800) 805-2270 or (416) 937-2274