DCAP Announces Sale of Franchise Business
07 Mai 2009 - 5:00PM
Business Wire
DCAP Group, Inc. (NASDAQ: DCAP) today announced that it has sold
its franchise business. This transaction coincides with the
Company�s stated goal of exiting the retail insurance business. On
April 17, 2009, DCAP sold its store locations in New York State.
Remaining to be sold are the Company�s three Pennsylvania retail
locations.
�With this transaction, DCAP has continued the reformation of
its business model from a retail insurance brokerage operation to
the ownership of an insurance company, subject to policyholder
approval of the conversion of Commercial Mutual Insurance Company
from an advance premium cooperative to a stock property and
casualty insurance company,� said Barry Goldstein, DCAP�s Chairman
and CEO.
�In this difficult marketplace we have been able to dispose of a
number of businesses at a price approximating book value,� said
Victor Brodsky, DCAP�s Chief Accounting Officer.
Forward Looking Statements
Statements in this press release may contain �forward-looking
statements� within the meaning of the Private Securities Litigation
Reform Act of 1995. All statements, other than statements of
historical facts, may be forward-looking statements. These
statements are based on management�s current expectations and are
subject to uncertainty and changes in circumstances. These
statements involve risks and uncertainties that could cause actual
results to differ materially from those included in forward-looking
statements due to a variety of factors. More information about
these factors can be found in DCAP�s filings with the Securities
and Exchange Commission, including its latest Annual Report filed
with the Securities and Exchange Commission on Form 10-K. The
company undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
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