Fort Lauderdale, FL (PRWEB) May 20, 2013
“There are a lot of firms out there who do not know how to do these Customer Mix Tests or Start-Up Business claims. Our software will provide the direction to unravel the mystery on how to perform the Customer Mix Test and the Upturn Revenue Plus Test that are unique to the Start-Up Business Module,” said Daniel S. Jacobs, VP of Sales for IT Strategies Group Inc.
The Deepwater Horizon Amended Settlement Agreement defines a “Start-Up” as a business that had less than 18 months of operating history as of April 20, 2010 (the date of the Deepwater Horizon Oil Spill). The Settlement Agreement provides for many types of business economic loss claims, and it specifically includes a framework for evaluating Start-Up claims. There are provisions to determine a settlement award for any Start-up business that meets the financial stress tests specific to Exhibit 7 of the Settlement Agreement.
The Start-Up Business Module of the OilClaim CalculatorTM software contains the following:
- Highly Accurate Zone Map Calculations for Each and Every Address Listed in the Customer Mix Test – There are only two places in the world that have this type of data available and we are one of them, and the only one that provides the full gamet of BP Claim calculation that generates a claim report in accordance with the guidelines and methodologies of the Deepwater Horizon Settlement Authority that tells you what zone your claim qualifies for if any. The Customer Mix Test Requires an Economic Loss Zone Map calculation for each and every address. Some claims have hundreds, thousands, tens of thousands or more addresses for customer revenues in each month that is entered into each Start-Up Claim.
- Revenue Plus Pattern Test and Customer Mix Test Algorithms. The software does not require user intervention in choosing Benchmark Periods. The Revenue Plus Pattern Test and the Customer Mix Tests are completely automated for the entire process from cradle to grave. It’s a thing of beauty.
- Complete Automation of All Start-Up Calculations, and Compensation Algorithms. The best months in the Compensation Calculations are tested and selected by our highly sophisticated algorithms and will maximize your claim instantly after all claimant P&L data and Customer Mix data is entered. This simply is not possible in manual spreadsheets. It’s done to perfection in the Oil Claim Calculator software
- Approved Financial Institution / Pro Forma Projections are Optional but Allowed. The data entry sheets allow a user to enter “Expected Revenue” and “Expected Costs” if these pro-forma financials were created by an approved lender per the definition in the Settlement Agreement. The financial projections are completely optional but necessary in some claims. The software is intelligent in the respect that it does not let you enter Expected Revenue and NOT Expected Costs. It is both or disallowed.
- Comprehensive Start-Up Business Claim Report Printed. Full-Color, PDF Claim Reports are printed at the end of the calculation section that are comprehensive and include the Economic Loss Zone Map, comparable map from the Settlement Agreement, Upturn Plus Revenue Pattern Test data, Customer Mix Test data, Compensation Calculations, and Total Compensation.
“As the industry leader in calculating and processing Deepwater Horizon Oil Spill claim calculations, ITSG is proud to release the Start-Up Business Module of the OilClaim Calculator. The OilClaim Calculator software is the gold standard in the marketplace. We are confident that we can make this statement because we have helped so many people. The OilClaim Calculator was used to calculate over 800 Million Dollars in claims in excess of 7,500 claimants that were submitted to the court-supervised DHECC. There are some firms out there that have a lot of claims but they have not processed them yet so we are confident with our leadership position in this marketplace.,” said Craig Sienema, VP of Operations for ITSG and the OilClaim Calculator.
The OilClaim CalculatorTM is the only fully automated patent-pending, revolutionary software tool that allows BP Oil Spill Claims to be calculated in a consistent and accurate fashion that outputs a standardized claim report for each file in accordance with the methodologies of the new Settlement Authority. This software is a must have for any professional services firm that helps those families and businesses affected by the Deepwater Horizon Oil Spill, such as law firms, accounting firms, and claims preparation firms.
About IT Strategies Group
ITSG is a privately held company that has over 25 years of experience in technological developments and specialized areas of computing, including the very latest in Custom Application & Software Design for the insurance, accountant, and legal markets. IT Strategies Group is most famous for inventing the patent pending OilClaim CalculatorTM. ITSG is headquartered in Fort Lauderdale, Florida and has offices in Fort Lauderdale, FL, Panama City Beach, FL, and Destin, FL. For more information, please contact our sales department at sales(at)itstrategiesgroup.com, call 1 800 294 0387 or visit the Oil Claim Calculator Home Page at http://www.oilclaimcalculator.com or follow us on Twitter at https://twitter.com/OilClaimCalcula
Settlement Information: MDL 2179, Eastern District Court of Louisiana