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Direct Insite Announces Redemption of Preferred Stock
SUNRISE, FL — (Marketwire) — 05/27/10 — Direct Insite Corp. (OTCBB: DIRI), a global SaaS provider of financial supply chain automation in support of accounts receivable and accounts payable business processes, today announced that the Company has redeemed all of the remaining Series C and Series D Redeemable Preferred Stock totaling $1,100,000. The Company had previously redeemed $1,000,000 of the Series C Preferred and all of the Series B Redeemable Preferred stock.
"This is a major achievement for the Company and, except for some relatively small equipment loans, leaves the Company virtually debt free," stated Mr. James Cannavino, Chairman and Chief Executive Officer. He added: "The ability of the Company to redeem the remaining Preferred stock while maintaining a strong working capital position reflects both the efficiency of our management processes and validates our strategic direction and business model."
About Direct Insite
Direct Insite provides best practice financial supply chain automation and workflow efficiencies for procure-to-pay and order-to-cash processing. The Company's global eInvoice Management services automate complex manual business processes such as invoice validation, order matching, consolidation, dispute handling, and e-payment processing. Direct Insite solutions are used by more than 7,000 corporations across more than 80 countries, 15 languages and 35 currencies. For more information, call 954-510-3750, or visit www.directinsite.com
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, and such other risk factors which may arise from time to time, including, but not limited to, the risk factors set forth in the Company's Reports on Form 10KSB filed with the Securities Exchange Commission. 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.
Michael J. Beecher
Chief Financial Officer
Direct Insite Corp.