[May 23, 2013] Communication Intelligence Secures Funding from Phoenix Group Affiliates Tweet May 23, 2013 (Close-Up Media via COMTEX) -- Communication Intelligence Corp., a supplier of electronic signature solutions and biometric signature verification, announced that it secured additional funding from Phoenix Group affiliates and other investors to provide working capital. In a release dated May 20, the Company said that the financing totaled $1,150,000 in gross proceeds from issuance of Series D Convertible Preferred Stock units. Each unit has a price of $5 and consists of a combination of Series D-1 Convertible Preferred Stock and Series D-2 Convertible Preferred Stock. The transaction closed on May 17. The shares issued in this private placement were authorized by CIC shareholders at the Company's annual meeting held on Nov. 13, 2012, and the transaction was approved by the Company's Board of Directors as part of CIC's funding plan. "CIC is at a very exciting inflection point and my investment partners and I remain fully committed to securing sufficient funding for the Company to reach profitability," said Philip Sassower, CIC's Chairman and Chief Executive Officer. "Over the past two years, we have achieved a fantastic improvement in financial performance, and believe that the best is yet to come. CIC continues to add integration partners and the interest in our esignature products and services has never been higher. During 2013, we expect to achieve a growing amount of transaction and recurring revenue and the Company will look to this and additional funding rounds, as may be required, to support operations until such time as CIC becomes self sufficient." ((Comments on this story may be sent to [email protected])) [ Back To TMCnet.com's Homepage ]