Delphi to Sell Stock in a Private Placement

Delphi Information Systems Inc., a Westlake Village company that makes computer systems for the insurance industry, said it is selling $2.25 million worth of its Series A preferred stock in a private placement to a group of investors. Delphi said it plans to use the proceeds from the stock offering to reduce its debt and to strengthen its working capital and balance sheet. The preferred stock being sold may be converted two years after it is issued into Delphi common stock at a rate of $4.35 per share, and will automatically convert to that price after three years.