eAutoclaims Secures $10 Million Line of Credit

eAutoclaims Inc., a Florida-based company that provides online claims management solutions for the auto insurance industry, secured an equity line of credit for up to $10 million over a period of three years, subject to a final definitive agreement and a registration statement to be filed with the SEC.

The equity line of credit is being funded by an institutional investor.

According to eAutoclaims president and CEO, Eric Seidel, “This line of credit will enable us to take advantage of a greater number of opportunities, which we are now pursuing and which we believe will contribute to our growth in 2003. The terms of the agreement enable the company to tightly control the number of shares coming on the market, something we are very sensitive about minimizing.”