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were originally incorporated in Delaware in July 1995. In June 2005, we were acquired by Old STI in a reverse triangular merger, with Old STI becoming our wholly-owned subsidiary. Old STI was originally incorporated in Delaware in April 1993 as Dan L. Jonson Associates, Inc. On June 22, 1994, it changed its name to Solution Technology International, Inc. Old STI launched professional service activities in January 1997 and concluded technical research and development of its enterprise software solution in June 2001. The initial version of its enterprise-wide software solution was completed in 2003. An enhanced version of the software was released in 2006 in conjunction with the introduction of an annual subscription model as a complement to the more traditional software licensing model. In August 2006, we merged with Old STI, and the separate existence of Old STI ceased.
We market a web-based, multi-language, multi-currency software solution (the “SurSITE®”) to the domestic and international insurance and reinsurance industry designed to solve one of the well-known and costly predicaments in the industry, i.e., handling of complex technical accounting methods and transactions. Technical accounting is the tedious record keeping of (i) each individual premium and claim transaction gathered over a specific period of time from a policyholder’s insurance policy to the primary insurer; (ii) the reinsurers assuming a portion of the hazards and risk exposure from the primary insurer by means of a collection of reinsurance contracts; and (iii) the ultimate creation of claim notifications, loss recovery notices and statements of account for each such contract and the participating reinsurer.
Version 1 of the SurSITE® product for reinsurance administration was designed and developed by Old STI between 2001 and 2002 with the deployment of the product at its charter client (discussed below) occurring between December 2002 and March 2003. This has allowed SurSITE® to be built using real world scenarios rather than theoretical ones. Industry leaders, in addition to our charter client that participated in this process, included professionals from Swiss Re, Aon, and PartnerRe who contributed their industry expertise to ensure that the SurSITE® solution adhered to the technical accounting standards of the insurance and reinsurance industry. An extended and enhanced version (v2.5) of the SurSITE® solution was released in 2006.
As of March 29, 2007, there were outstanding 54,453,182 shares of the issuer’s common stock, $0.01 par value.
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