Power of PAYBOX®
Citing Significant Improvement in Operations and Cash Flows, Direct Insite Repays Bridge Financing
Direct Insite Corp. (OTCBB:DIRI), a global provider of eInvoicing, revenue assurance and cash flow optimization solutions announced the repayment of a $750,000 secured bridge loan to Sigma Opportunity Fund LLC and Metropolitan Venture Partners II LP. The loan, repaid on October 10, 2006, was received by Direct Insite in March 2005 in conjunction with a proposed larger financing. Significantly improved operations and strong client relationships have provided Direct Insite with positive cash flows. As a result, the Company stated it will not assume additional financing.
"We have been relentless in keeping to our strategy of focusing on customer service and the efficient delivery of value in every client engagement. By doing so, we have grown our reputation as a leader in the eInvoicing solutions market, and we have established an efficient operational approach for delivering customer focused value," said James A. Cannavino, CEO and Chairman of Direct Insite. "We reached this milestone thanks to the tireless performance of the entire Direct Insite team, and thanks to the support and confidence of our clients."
About Direct Insite
Direct Insite Corp.'s electronic invoice management and workflow solutions for accounts payable and accounts receivable deliver increased revenue assurance, improved cash flow optimization, and profit maximization for companies around the world. Direct Insite processes over $80 billion in electronic invoice value each year through solutions implemented in 62 countries and in 15 languages. Direct Insite provides eInvoices to 75% of the Fortune 1000 and 100% of Financial Times 100 corporations. Clients have recorded dramatic savings in eInvoicing productivity and return on investment benefits, global electronic invoice adoption rates above 45%, and dramatic improvements in customer satisfaction. Direct Insite was selected by Deloitte & Touche LLP as one of the '500 Fastest-Growing Technology Companies.' For more information, visit www.directinsite.com, or call 954-510-3750.
FORWARD-LOOKING STATEMENTS. All statements other than statements of historical fact included in this release, including without limitation statements regarding the company's financial position, business strategy, and the plans and objectives of the company's management for future operations, are forward-looking statements. When used in this release, words such as "anticipate," "believe," "estimate," "expect," "intend" and similar expressions, as they relate to the company or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of the company's management, as well as assumptions made by and information currently available to the company's management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including but not limited to, business and economic conditions, competitive factors and pricing pressures, capacity and supply constraints. Such statements reflect the views of the company with respect to future events and are subject to these and other risks, uncertainties and assumptions relating to the operations, results of operations, growth strategy and liquidity of the company. Readers are cautioned not to place undue reliance on these forward-looking statements. The company does not undertake any obligation to release publicly any revisions to these forward-looking statements to reflect future events or circumstances or to reflect the occurrence of unanticipated events.