EDGR Edgar Online, Inc. (MM)

CNW Solutions for Public Companies Enhanced to Include Automated Process for Converting Public Company Financials into XBRL TORONTO, July 7 /PRNewswire-FirstCall/ -- CNW Group, Canada's largest news and information distribution service for professional communicators, today announced it has partnered with EDGAR(R) Online Inc. (NASDAQ:EDGR). Working together, they will offer public companies an automated, cost-effective solution that converts company financial information into interactive data, also known as eXtensible Business Reporting Language (XBRL). The partnership will enable public issuers, including inter-listed companies, to meet phase one of the U.S. Securities and Exchange Commission's (SEC) proposed mandate for submitting financial information as interactive data, starting Q1 2009. "CNW Group and EDGAR(R) Online's relationship will allow public companies to proactively respond to the anticipated increase in the worldwide use of interactive data," said Melanie Kurzuk, Senior Vice President, News and Information Technology Division. "EDGAR(R) Online's I-Metrix Xcelerate(TM) platform and processing expertise will enable CNW Group to eliminate the need for manual tagging. As with our current SEDAR and EDGAR services, public companies have to simply call us and we take care of the rest." "In addition to supporting issuers' need to meet the SEC's proposal, CNW Group is also ready to assist companies who want to participate in the Canadian Securities Administrators XBRL voluntary filing program to keep pace with their peers in the U.S.," said Kurzuk. "Our robust interactive data tagging solution will handle multiple accounting standards including U.S. Generally Accepted Accounting Standards (GAAP), Canadian GAAP and International Financial Reporting Standards (IFRS). This will be of great benefit to all Canadian companies who are required to move to IFRS accounting standards by 2011." EDGAR(R) Online, Inc. is a founding member of the XBRL consortium and a leading expert and leading developer of XBRL tagged data and delivers a broad spectrum of data and solutions based on XBRL technology. The I-Metrix Xcelerate(TM) platform uses an automated rules-based processing engine to convert financial data into XBRL. As a result, information is translated quickly and with the highest possible accuracy levels. Philip Moyer, President and CEO of EDGAR(R) Online, stated, "We are delighted to partner with CNW Group in offering public companies a fully automated XBRL compliance solution. Over the past several years EDGAR(R) Online has concentrated its resources on developing our I-Metrix Xcelerate(TM) platform and are confident that we have the most cost-effective, automated, and scalable process for converting company financials into XBRL." "As a result of our partnership, CNW Group now has a robust solution for simple, fast and accurate tagging of fundamental financial data under the SEC proposal," said Tom Enright, President and CEO, CNW Group. "Our partnership with EDGAR(R) Online is indicative of our ongoing commitment to staying ahead of trends and regulatory changes affecting publicly traded companies." About CNW Group CNW Group is a global leader in news and information distribution services for professional communicators. Established in 1960, CNW is part of the International PR Newswire network, reaching news outlets in 135 countries worldwide. CNW Group provides electronic news distribution, targeting, monitoring, translation, Webcast and disclosure services to corporate, government, associations, labour, non-profit and other customers worldwide. CNW Group helps Canadian and international organizations to connect with local and global audiences including the news media, the investment community and the general public. CNW Group is co-owned by two news distribution powerhouses: PR Newswire based in New York City, USA and PA Group, based in London, UK. http://www.newswire.ca/ 1.877.CNW.7890 About EDGAR(R) Online, Inc. EDGAR(R) Online, Inc., http://www.edgar-online.com/, is a leading provider of value-added business and financial information on global companies to financial, corporate and advisory professionals. The Company makes information and a variety of analysis tools available via online subscriptions and licensing agreements to a large user base. XBRL XBRL is a standards-based method with which users can prepare, publish (in a variety of formats), exchange and analyze financial statements and the information they contain. XBRL complements XML, which is the universal format for data on the Web that uses tags (identifiers) to describe and deliver data from an application. XBRL allows accountants and other financial professionals and regulatory organizations to identify -- by a tag -- items unique to business information, such as financial statements. XBRL tags are like bar codes attached to each piece of financial data, allowing investors to easily find and compare key financial figures. Use of Forward-Looking Statements This press release may contain "forward-looking statements" as defined in the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements and any such forward-looking statements are qualified in their entirety by reference to the following cautionary statements. All forward-looking statements speak only as of the date of this press release and are based on current expectations and involve a number of assumptions, risks and uncertainties that could cause the actual results to differ materially from such forward-looking statements. Readers are strongly encouraged to read the full cautionary statements contained in EDGAR Online's filings with the SEC. EDGAR Online disclaims any obligation to update or revise any forward-looking statements EDGAR(R) is a federally registered trademark of the U.S. Securities and Exchange Commission. EDGAR Online is not affiliated with or approved by the U.S. Securities and Exchange Commission. DATASOURCE: CNW Group Ltd. CONTACT: Melody Firth, Manager, Corporate Communications, CNW Group, Phone: (416) 318-4341, Email , http://www.newswire.ca/; Sue Childs, Executive Vice President, Marketing and Business Development, EDGAR Online, Inc., Phone: (203) 852-5669, Email: , http://www.edgar-online.com/

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