I really like the way this company is executing their business plan...trading around 1.69 on Nasdaq...releases are from today and yesterday...gpg
eLEC Communications Corp.'s Affiliate, RiderPoint,
Inc., Announces the Launch of Its Online
Comparative Insurance Rater, RiderPoint IQ
NORWALK, Conn.--(BUSINESS WIRE)--Nov. 12, 1999--RiderPoint, Inc., an affiliate of eLEC Communications Corp.
(NASDAQ:ELEC - news), announced today the launch of its online comparative insurance rater, RiderPoint IQ.
The rater, located at www.riderpoint.com, provides consumers with the ability to comparatively shop for and buy their
insurance at one location, without the hassles traditionally associated with purchasing specialty insurance. The design and format
of the product allows insurance agents to have access to specialty lines and carriers on their desktop computers.
``The launch of the alpha version of our comparative insurance rating software, RiderPoint IQ, on the Internet is an important
step for RiderPoint, Inc.,' said Craig Gironda, RiderPoint's President and CEO. ``RiderPoint IQ can currently provide online
comparative insurance quotes for motorcycle insurance in Ohio and Pennsylvania. Customers interested in purchasing insurance
can then call the RiderPoint Insurance Call Center (800/529-2534) and buy insurance directly from us.'
Gironda continued, ``We have already begun the process of adding 33 additional states, several additional insurance carriers,
and extending coverage to personal watercraft, snowmobiles and all-terrain vehicles. Consumers will also be able to buy their
insurance directly online using RiderPoint IQ by the end of the year. In addition, the site will contain a location for insurance
agents that will provide comparative quotes, additional carrier selection, and full insurance form print functionality for
independent insurance agents.'
R. Vincent Razete, President of RP Insurance Agency, Inc., the insurance division of RiderPoint, stated, ``I am very pleased
and eager to put our brain-child out in front of the consumer, independent insurance agents and our carrier partners. The real
solution of an 'infomediary`` is to provide the user with timely, accurate and comprehensive information so as to enable a
consumer to make an immediate buying decision. Only by bringing together the broker's world of insurance choices, and the
speed and distribution of the Internet, can we bring ultimate value and service to the user. What takes a lifetime to do through
other methods, and even through the so-called insurance Web sites, takes seconds on our site.'
Mr. Razete continued, ``The Internet applications team at eLEC has accomplished a formidable task in translating our
proprietary comparative rater into a browser-friendly format. Our internal Internet applications staff and our friends at eLEC
have joined forces to create what may be the most powerful insurance quote engine on the net. We will be working closely with
their team as our markets and scope become broadened by the vastness of our opportunity.'
Paul Riss, CEO of eLEC Communications, stated, ``We are very pleased with the speed and ease of use of this product, which
our Web designers have created. The insurance market is a perfect use of Internet technology, as it significantly lowers the
transaction costs to the consumer, the agent and to RiderPoint's affiliate, the RP Insurance Agency, of binding an insurance
policy. Other Internet sites that provide motorcycle insurance quotes, such as Quotesmith.com (NASDAQ:QUOT - news) and
Insweb (NASDAQ:INSW - news), require more than fifteen minutes to apply for a quote, and the Quotesmith site sends you
to the motorcycle insurance site for Progressive Insurance (NYSE:PGR - news), where the consumer receives a quote from
only one insurance carrier. Most consumers will be able to enter the required information on RiderPoint's site in less than one
minute and they will typically receive quotes from several carriers. I am particularly pleased with the great potential of this
product to create additional value in eLEC.'
eLEC Communications Corp. is a publicly-traded local telecommunications company that is taking advantage of the
convergence of current and future competitive technological and regulatory developments in the Internet and
telecommunications markets through the integration of its telecommunications and Internet services.
eLEC provides an integrated suite of communications services to small and medium-sized business customers, including local,
long distance, dial-up access, dedicated access, and Web site design and hosting, and has served as an incubator for emerging
growth companies in the telecom and Internet sector.
This release contains forward-looking statements that involve risks and uncertainties. The Company's actual results may differ
materially from the results discussed in the forward-looking statements.
Factors that might cause such a difference include, among others, availability of management; availability, terms, and
deployment of capital; the Company's ability to successfully market its services to current and new customers, generate
customer demand for its product and services in the geographical areas in which the Company can operate, access new
markets, negotiate and maintain suitable reseller and interconnection agreements with the incumbent local exchange carriers,
and negotiate and maintain suitable vendor relationships, all in a timely manner, at reasonable cost and on satisfactory terms and
conditions, as well as regulatory, legislative and judicial developments that could cause actual results to vary in such
forward-looking statements.
This communication appears as a matter of information only and is not an insurance solicitation. Accordingly, no employee of
eLEC Communications Corp., of binding an insurance policy RiderPoint, Inc. or RP Insurance Agency, Inc. is recommending
or endorsing any specific insurance company, coverage of binding an insurance policy or policy type within this communication.
Insurance companies appear at RiderPoint.com for purely informational purposes and pay commissions or fees based upon
premium volume or traffic activity produced by Riderpoint.com. RP Insurance Agency, Inc. is not an agent for all insurers
shown at www.riderpoint.com. Quote availability by state of residence or any other factor is subject to change without notice.
Contact:
RiderPoint
Craig Gironda, CEO, 203/750-1000
ccg@riderpoint.com
or
eLEC Communications Corp.
Paul Riss, CEO, 203/750-1000
paulriss@elec.net
Sirco Announces Ratification of Name Change to
eLEC Communications and Reports Continued
Growth
NORWALK, Conn.--(BUSINESS WIRE)--Nov. 11, 1999--Sirco International Corp. (NASDAQ:ELEC - news)
announced today that its stockholders approved the change of the company's name to eLEC Communications Corp. at its
1999 annual meeting of stockholders.
Proxies were received for more than 90% of the outstanding shares, which overwhelmingly voted to adopt the new name. In
conjunction with the development of its new name and strategic plan, the company has already changed its NASDAQ ticker
symbol to ELEC and its web site to www.elec.net.
``We believe that our name change will enhance our recognition in the investment and business communities as a local
telecommunications company and Internet service provider,' said Paul Riss, eLEC's chief executive officer. ``It is the
integration of our wholly-owned CLEC and our wholly owned ISP into one unifying brand that propels our forward movement
in the telecom industry. eLEC is now the entity which delivers our integrated suite of communication services, utilizing a
combination of owned and leased facilities to small and medium-sized business customers at significant profit margins with
relatively small capital requirements.
``We continue to grow and generate additional revenues under our plan, without the heavy investment in fixed overhead that
exists at many other CLECs. We have grown to more than 8,000 local access lines today, where we only had approximately
2,000 in August.'
eLEC Communications Corp. is a publicly traded local telecommunications company that is taking advantage of the
convergence of the current and future competitive technological and regulatory developments in the Internet and
telecommunications markets through the integration of its telecommunications and Internet services. The company provides an
integrated suite of communications services to small and medium-sized business customers, including local, long distance,
dial-up access, dedicated access and Web site design and hosting.
This release contains forward-looking statements that involve risks and uncertainties. The Company's actual results may differ
materially from the results discussed in the forward-looking statements. Factors that might cause such a difference include,
among others, availability of management; availability, terms, and deployment of capital; the Company's ability to successfully
market its services to current and new customers, generate customer demand for its product and services in the geographical
areas in which the Company can operate, access new markets, negotiate and maintain suitable interconnection agreements with
the incumbent local exchange carriers, and negotiate and maintain suitable vendor relationships, all in a timely manner, at
reasonable cost and on satisfactory terms and conditions, as well as regulatory, legislative and judicial developments that could
cause actual results to vary in such forward-looking statements.
Contact:
Sirco International Corp., Norwalk
Paul Riss, 203/750-1000, paulriss@elec.net |
