SVR.L Regulatory News (SVR)

25 Apr 2005 06:00

SERVICEPOWER TECHNOLOGIES PLC ("SERVICEPOWER" OR THE "COMPANY") Contract Award ServicePower, the recognised market leader in artificial intelligence based,field service scheduling solutions and computer services, today announced ithas signed a contract with CCC Information Services Inc. (CCC), a subsidiary ofCCC Information Services Group Inc. (Nasdaq: CCCG), to be the exclusivereseller of the SERVICEPower scheduling solutions to the US automotiveinsurance market for the next five years.CCC, a leading supplier of information technology software and services to theautomotive-claims and collision-repair industries, will sell SERVICEPowersoftware licences and manage the implementation of the system. In addition CCCwill establish a hosted system and offer insurance companies the opportunity torun their work over the internet. ServicePower will receive a fee for eachlicence sold or a percentage of the transaction fees charged. This is asubstantial potential revenue stream for ServicePower which is underpinned byCCC's commitment to make minimum annual payments that will exceed ‚£3,500,000 inthe aggregate over the next 5 years to retain exclusivity.The solution will be targeted at scheduling the work of the growing number ofloss adjusters in the automotive sector. The cost of automotive claims isrising rapidly and the insurance companies are working to minimise increases inthe cost of annual automotive insurance policies. One way for insurers tominimise costs is by using SERVICEPower to increase the efficiency of theirloss adjusters by reducing both travel and non-productive time. This is themodel ServicePower very successfully developed with one of our clients in theinsurance sector.This brings the total contracted and committed revenue of the Company to ‚£6.6million for 2005."It has been our goal for some time to develop quality relationships withpartners to sell our SERVICEPower software solutions. CCC is recognised in theU.S. as a leading provider of software and technology to the automotive-claimsand collision-repair industries. Their commitment to quality and customerservice is akin to ours so I am confident CCC will deliver the same level ofservice as if we had managed the implementation ourselves. I am very pleased tosign this agreement as I am confident this arrangement will be very beneficialto both parties," commented David Brisco, CEO of ServicePower.Note: ServicePower refers to the company and SERVICEPower refers to theproduct.April 25th, 2005----------------------------------------------------------------------------------------------------------Contacts:David Brisco, Chief Executive Officer Tel: 0161 476 2277Barry Welck, Non-executive Chairman Tel: 07831 396539ServicePower Technologies PLCMichael Brennan Tel: 020 7071 4300Evolution Securities LimitedENDSERVICEPOWER TECHNOLOGIES PLC