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Thursday July 22, 10:06 am Eastern Time
Company Press Release
SOURCE: NAM Corporation
Toys'R'Us Signs On with clickNsettle.com to Settle Claims in New York, New Jersey and Connecticut
GREAT NECK, N.Y., July 22 /PRNewswire/ -- NAM CORP. (Nasdaq: NAMC - news) -- the national provider of arbitration and mediation services and electronic case management software -- announced today that its subsidiary, clickNsettle.com, an electronic settlement service, has received a commitment from $11 billion toy retailer Toys''R''Us (NYSE: TOY - news) to utilize the interactive ''virtual court'' service to settle claims in New York, New Jersey and Connecticut. clickNsettle.com offers an alternative to traditional litigation and provides litigants with the ability to settle cases via the Internet. The service, with patent pending, can be accessed 24 hours a day, 7 days a week.
Robert Junio, Director of General Liability Claims at Toys''R''Us, stated, ''We have always known NAM to be on the forefront technologically. They are highly respected in the dispute resolution arena and clickNsettle.com is the wave of the future. Toys''R''Us is planning to submit a significant number of cases to the program.''
Another recent commitment to clickNsettle.com was received from American Transit, a high volume, New York based insurer that deals with inter-city claims. Richard Carroll, General Manager, stated, ''There is no product as comprehensive as clickNsettle.com on the market today. We have enjoyed exceptional results from our traditional dispute resolution efforts with NAM, and clickNsettle.com adds a new dimension to these efforts. We anticipate that the program will be a valuable tool to American Transit and plan on using it on a regular basis.''
clickNsettle.com has added several high volume law firms to its client list as well. According to Richard King of Siben & Siben, the third largest law firm in Long Island, NY, ''Our firm has maintained a long standing working relationship with NAM over the years and knows them to be a professional and technologically innovative organization. Utilizing clickNsettle.com will allow our firm to potentially settle cases in minutes, as opposed to the traditional court system or even arbitration and mediation.''
clickNsettle.com utilizes a format that allows disputing parties to enter ''blind'' and confidential offers and demands, via the Internet, to settle cases. The service provides disputants with the ability to negotiate a case with their adversary without actually ''tipping their hand'' about what amount they would accept for settlement. The demands and offers are secure and only the final settlement amount is ever revealed. This ensures that neither party loses any bargaining power in the event the case does not settle. Parties utilizing clickNsettle.com agree by mutual consent to be legally bound by all terms, conditions and provisions of the Negotiation Agreement and understand that it constitutes a valid legal contract. Cases may be submitted by both claimants and defendants.
Roy Israel, Chairman and CEO of NAM, added, ''We are seeing an exceptional response to clickNsettle.com from clients we have worked with over the years. The combination of a unique, cutting-edge product that redefines the way litigation is handled, in tandem with the reputation NAM has earned, is paving the way for continued rapid acceptance of clickNsettle.com.''
NAM Corporation is the parent company of clickNsettle.com, the Internet case resolution service, with patent pending, that offers an alternative to traditional litigation whereby cases can be resolved in a matter of minutes. NAM also provides arbitration/mediation services and related proprietary software. Headquartered in Great Neck, New York, NAM maintains Hearing Officer rosters and conference facilities nationwide.
The statements contained in this release contain forward-looking statements relating to such matters as anticipated financial performance, business prospects and similar matters. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements. In order to comply with the terms of the safe harbor, the Company notes that a variety of factors could cause the Company's actual results and experience to differ materially from the anticipated results or other expenditures expressed in the Company's forward-looking statements. These factors include changes in the markets and/or regions currently served by the Company and in those markets and/or regions that the Company may expand into; changes in the insurance industry; the Company's inability to retain current or new hearing officers; changes in the public court system; and the degree and timing of the market's acceptance of its software.
SOURCE: NAM Corporation
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Toys R Us Inc (NYSE:TOY - news)
Related News Categories: internet, retail
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