Collexis Holdings, Inc., a leading developer of semantic technology and knowledge discovery software, announced today that it has voluntarily filed a Form 15 with the United States Securities and Exchange Commission to terminate the company’s SEC reporting obligations. With the filing of the report, the company’s obligation to file periodic and current reports with the SEC, including Forms 10-K, 10-Q and 8-K, is immediately suspended.
Collexis CEO Bill Kirkland explained, “We were pursuing a significant growth strategy early in fiscal 2009 including acquisitions supported by large fundraisings to achieve growth, with the ultimate goal of positioning the Company for a NASDAQ listing. However, since the collapse of the global markets, Collexis had to adapt and move our strategy towards organic growth in our core markets. We divested our legal research business to focus and invest in our growing Science, Technical, and Medical (STM) business. The STM business, we believe, can grow substantially in fiscal 2010 and may allow us to achieve positive operational cash flow by our fiscal year end. However, the significant costs we incur on services and fees related to our public filings and status do not contribute to our operational growth and are an impediment to achieving our cash flow goals. With the approval of our Board, management decided that our available resources are better focused on our business growth rather than on remaining a public company.”
Mr. Kirkland added, “There are a lot of other tangible advantages for us as well. The work we put in to remain public is a significant drain on our management’s time and attention and does not contribute to our financial success. I believe our current plans as a non-reporting entity will let us maximize our company’s potential for our shareholders over time.”
via: Collexis
