July 31, 2006
DCAP Announces New Credit Facility with M & T Bank; No Newly Registered Shares Sold; Annual Shareholders Meeting Scheduled for September 22
Hewlett -- DCAP Group, Inc. (NASDAQ: DCAP) announced today that it has amended and extended its line of credit from M&T Bank. The size of the line is $20 million and it is available primarily to support premium finance receivables. Up to $2.5 million of the line can be used in helping DCAP grow its non-premium finance business interests. The line is scheduled to mature in June 2008.
"We are pleased to report this enhanced facility", said Barry Goldstein, DCAP's CEO. "We've enjoyed a wonderful relationship with M & T for the past three years, and I am very pleased that they continue to demonstrate the confidence in us that my staff and I have worked so hard to earn."
Registration statement-Goldstein also stated that, while two large investor groups requested that their 659,100 shares of common stock be registered for resale, none of the registered shares has been sold, and DCAP has been advised that none is contemplated to be sold in the near term. These shares were acquired in 2002 and 2003.
Annual Meeting and Record Date - DCAP also announced that its 2006 Annual Meeting of Shareholders is scheduled to be held on September 22, 2006. The record date for the meeting is August 17, 2006.