NEW YORK, July 12 /PRNewswire-FirstCall/ -- EDGAR® Online,
Inc. (Nasdaq: EDGR), a leading global provider of XBRL
software, services and data, today became the first company ever to
furnish corporate action information using XBRL (eXtensible
Business Reporting Language) to the U.S. Securities and Exchange
Commission (SEC). The Company used the XBRL Corporate Actions
Taxonomy to tag the Form 8-K previously filed with the SEC in
connection with a signed Agreement and Plan of Merger with
UBmatrix, Inc. A version of the tagged Form 8-K document was
furnished to the SEC on July 12,
2010. The Form 8-K in XBRL is available on the Company's
website, www.edgar-online.com, and provides an example of the
financial transparency possible when using XBRL to tag corporate
actions. The XBRL document was created using UBmatrix software
products.
XBRL is a language for the electronic communication of business
and financial data that is revolutionizing business reporting
around the world. In 2009, the SEC mandated that public companies
submit XBRL documents to the SEC along with their quarterly,
annual, and other public filings over a three-year phase-in period.
The Depository Trust & Clearing Corporation, SWIFT and XBRL US
recently unveiled a business case to greatly improve
issuer-to-investor communications that included recommending the
use of XBRL for corporate actions.
"As a global leader in XBRL solutions to companies, regulators
and investors, it is only natural that we 'walk the walk' in
extending XBRL reporting to our own corporate reporting," said
EDGAR Online President and CEO Philip
Moyer. "While XBRL is being mandated by regulators globally
as the standard for financial data, there is also enormous
potential for it to be used in filing a wide variety of corporate
actions, from mergers and dividends to stock splits and other
events. Using XBRL for these reports provides investors, analysts
and others with the same transparency it offers for financial
statements, while also increasing filing speed and accuracy."
Major industry groups recognized the filing as a groundbreaking
step toward greater use of XBRL.
"XBRL for corporate actions is an important step in both
corporate transparency and improved efficiency," stated
Donald F. Donahue, The Depository
Trust & Clearing Corporation Chairman and CEO. "It is rewarding
to see a filer demonstrate that XBRL for corporate actions is real
and ready for implementation."
XBRL US CEO Mark Bolgiano hailed
it as the first release of a merger document tagged using the
newly-released ISO 20022 Corporate Actions Taxonomy developed by
XBRL US Labs in partnership with DTCC and SWIFT. "While not
'official,' it's certainly a major milestone for the XBRL and ISO
standards and all financial institutions processing corporate
actions."
The Form 8-K was presented to the SEC for illustration purposes
only using a provisional Corporate Actions Taxonomy and shall not
be deemed "filed" for purposes of Section 18 of the Exchange Act,
or otherwise subject to the liability of that section, and shall
not be incorporated by reference into any registration statement or
other document filed under the Securities Act or the Exchange Act,
except as shall be expressly set forth by specific reference in
such filing.
About EDGAR® Online, Inc.
EDGAR Online, Inc. (www.edgar-online.com) (Nasdaq: EDGR) is a
leader in the distribution of company data and public filings for
equities, mutual funds and a variety of other publicly traded
assets. The company delivers its information products via online
subscriptions and data licenses directly to end-users, embedded in
other web sites and through a variety of redistributors.
EDGAR Online has also developed proprietary automated systems
that allow for the rapid conversion of data and is a pioneer and
leader in XBRL. The company uses its automated processing
platform and its expertise in XBRL to produce both datasets and
tools and to assist organizations with the creation, management and
distribution of XBRL financial reports.
Additional Information
In connection with the proposed issuances of EDGAR Online stock
in the merger contemplated by the Agreement and Plan of Merger and
in a related transaction, EDGAR Online will file with the SEC a
proxy statement. EDGAR Online will mail the proxy statement
to its stockholders. EDGAR Online urges investors and security
holders to read the proxy statement regarding the proposed
issuances when it becomes available because it will contain
important information. You may obtain copies of all documents filed
with the SEC regarding these transactions, free of charge, at the
SEC's web site (www.sec.gov). You may also obtain these documents
free from EDGAR Online at www.edgar-online.com, or by contacting
the EDGAR Online Investor Relations Department at (203)
852-5660.
EDGAR Online and its directors, executive officers and certain
other members of management and employees may be soliciting proxies
from EDGAR Online stockholders in favor of the stock issuances.
Information regarding the persons who may, under the rules of the
SEC, be deemed participants in the solicitation of the EDGAR Online
stockholders in connection with the proposed stock issuances will
be set forth in the proxy statement when it is filed with the SEC.
You can find information about EDGAR Online's executive officers
and directors in the proxy statement for EDGAR Online's 2009 annual
meeting of stockholders, filed with the SEC on April 27, 2009, and in its Current Report on Form
8-K, filed with the SEC on January 29,
2010. Free copies of these documents may be obtained from
EDGAR Online as described above.
Use of Forward-Looking Statements
Forward-looking statements" as defined in the Private Securities
Litigation Reform Act of 1995 may be included in this press
release. These statements relate to future events and/or our future
financial performance and include, without limitation, statements
regarding our future growth prospects, future demand for our XBRL
business, future innovations in our data and solutions and
subscriptions business, the integration of UBmatrix into our
business and the approval by our shareholders of certain
transactions contemplated by the merger agreement. These statements
are only predictions and may differ materially from actual future
events or results. EDGAR Online, Inc. disclaims any intention or
obligation to revise any forward-looking statements whether as a
result of new information, future developments or otherwise. Please
refer to the documents filed by EDGAR Online, Inc. with the SEC,
which identify important risk factors that could cause actual
results to differ from those contained in forward-looking
statements, including, but not limited to risks associated with our
ability to (i) increase revenues, (ii) obtain profitability, (iii)
obtain additional financing, (iv) changes in general economic and
business conditions (including in the online business and financial
information industry), (v) actions of our competitors, (vi) the
extent to which we are able to develop new services and markets for
our services, (vii) the time and expense involved in such
development activities, (viii) risks in connection with
acquisitions, (ix) the level of demand and market acceptance of our
services, (x) changes in our business strategies and (xi) risks
relating to the merger with UBmatrix, Inc. and the integration of
its business into ours.
EDGAR® 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.
SOURCE EDGAR Online, Inc.