MISSISSAUGA, Ontario, September 10, 2002 Mr. Paul Timoteo, President and CFO of CCC Internet Solutions Inc. “CCC” (TSX Venture Exchange: CIS 11,061,233 shares outstanding) is pleased to announce that after a highly successful beta test, CCC’s Insurance Solutions division, 43r.ca has signed a Master Vendor Agreement with The Co-operators General Insurance Company of Canada. The term of the contract is for 1 year and is renewable for a further term of 1 year.
CCC expects revenue from the Co-operators agreement to be materially significant to the Corporation; however, for competitive reason, financial terms were not disclosed.
“We are extremely pleased to have secured yet another major Canadian Insurance company to our client roster. The Co-operators contract is a very big endorsement for us. As for the balance of 2002, we anticipate many more successes as our new President, 43r.ca division, Mr. Radigan continues to capture the Canadian market place as the roll out of 43r.ca occurs nationwide. Our primary focus is to ensure that we accelerate the growth of the business by targeting to secure Master Vendor Agreements with each National Insurance Company in Canada as we continue to dominate this highly lucrative niche market throughout the Country.” Reports Paul Timoteo.
43r.ca is presently generating revenue from 8 different National Insurance Companies and has signed Master Vendor Agreements with ING Insurance Company of Canada, Allstate Insurance, Peel Mutual Insurance and has now secured a contract with The Co-operators General Insurance Company. CCC is completing additional beta tests for other major Canadian Insurance Companies and anticipates reporting the execution of further Master Vendor Agreements in the coming weeks ahead.
These service contracts utilize and leverage CCC’s automotive information database and as such have extremely high margins to CCC. Mr. Brian Radigan, the newly appointed President of 43r.ca is continuing his efforts towards national expansion and is looking to execute other vendor agreements with other major Insurance Companies where beta testing is currently underway. It is management’s view that securing further contracts of this nature will significantly increase the revenues of the Corporation. For this reason, Mr. Radigan, and company Management are focusing a majority of company resources towards securing additional agreements as quickly as possible.
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 two B2C Web sites at www.carcostcanada.com and www.freeinvoiceprices.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.
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 TSX-Venture Exchange has not reviewed and does not accept responsibility of the adequacy or accuracy of this release.