InsPro Technologies Corporation (OTCPK:ITCC) announced that it has entered into a security purchase agreement for private placement of 150,000 series C convertible preferred shares at a price of $2 per share for gross proceeds of $300,000 on May 11, 2017. The transaction will include participation from John Scarpa which has subscribed 75,000 preferred shares for $150,000 and existing investor Azeez Investors, LLC has subscribed 75,000 preferred shares for $150,000. Each preferred share is convertible into 20 shares of common stock. The company has issued securities pursuant to exemption provided under Regulation D. The company has paid the fees and expenses of $25,000.