Cover-All Technologies Inc. (OTC Bulletin Board: COVR.OB), a Delaware corporation (“Cover-All” or the “Company”), announced today that each of John Roblin, Chief Executive Officer and Chairman of the Board of the Company, and Maryanne Gallagher, Executive Vice President and Chief Operating Officer of the Company, has adopted separate pre-arranged “trading plans” in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended.
The 10b5-1 trading plans adopted by Mr. Roblin and Ms. Gallagher allow for the exercise of their outstanding stock options that are expiring on December 22, 2008 through the exchange of shares of the Company’s common stock, par value $0.01 per share, owned by Mr. Roblin and Ms. Gallagher, respectively. The plans were adopted on November 24, 2008, and no transactions will take place pursuant to such plans prior to December 15, 2008.
Each of Mr. Roblin and Ms. Gallagher has informed the Company that they have adopted the 10b5-1 trading plan in order to exercise outstanding options that expire in the near future. In addition, each of Mr. Roblin and Ms. Gallagher has informed the Company that they intend that all exercises of stock options and other transactions under the plans shall be made pursuant to, and in compliance with the various provisions of, Rule 144 of the Securities Act of 1933, as amended, and that any transactions under these plans will be disclosed publicly through appropriate filings with the Securities and Exchange Commission.
Rule 10b5-1 allows officers and directors to establish written, pre-arranged stock trading plans when they are not in possession of material, non-public information. Once a plan is established, the stockholder does not retain or exercise any discretion over securities transactions under the plan and the pre-planned trades can be executed at later dates as set forth in the plan, without regard to any subsequent material, non-public information that the stockholder might receive.
About Cover-All Technologies Inc.
Cover-All Technologies Inc., since 1981, has been a leader in developing sophisticated software solutions for the property and casualty insurance industry – first to deliver PC-based commercial insurance rating and policy issuance software. Currently, Cover-All is building on its reputation for quality insurance solutions, knowledgeable people and outstanding customer service by creating new and innovative insurance solutions that leverage the latest technologies and bring our customers outstanding capabilities and value.
With our extensive insurance knowledge, our experience and our commitment to quality, Cover-All continues its tradition of developing technology solutions designed to revolutionize the way the property and casualty insurance business is conducted.