Brief: Unico American announces asset impairment and filing of related lawsuit

Unico American

15/10/2015 14:03

Oct 15 (Reuters) - Unico American Corp  UNAM.O : 
 * Announces asset impairment and filing of related lawsuit 
 * Concluded charge for impairment of capitalized computer software costs was 
   required under US generally accepted accounting principles 
 * Capitalized costs included $1.3 million of paid and $223,442 of accrued 
   unpaid invoices from software vendor, insurance systems 
 * Decision to impair asset was based on beliefs that isi software would not be 
   able to achieve co's expected implementation targets 
 * Says lawsuit seeks an unspecified amount in monetary damages plus punitive 
   damages against isi 
 * Believes it will need to make future cash expenditures to replace its legacy 
   system but it is unable to estimate amount at this time 
 
 * Source text for Eikon  ID:nBw4HHv6ha  
 
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