NEW YORK, NY, March 25 /PRNewswire-Asia/ - PR Newswire and EDGAR(R) Online, Inc. (Nasdaq: EDGR) jointly announced today that they have agreed to work together to deliver next -generation compliance and communications offerings based on XBRL (eXtensible Business Reporting Language) technology. As part of the agreement, PR Newswire's Vintage Filings division will immediately offer EDGAR Online's industry-leading XBRL tagging and filing services as part of their extensive SEC compliance offerings. Additionally, the companies have agreed to work together to incorporate XBRL data and tools from EDGAR Online within investor communications products offered by PR Newswire.
"PR Newswire has been at the forefront of the movement towards improving the transparency of financial information and disclosure since 2004 and has offered XBRL document preparation services since 2005," said Scott Mozarsky, executive vice president, Commercial Operations, PR Newswire. "The thousands of public companies who regularly communicate their financial information and comply with SEC regulations through PR Newswire and our Vintage Filings division, will now significantly benefit from EDGAR Online's superior technology and deep knowledge of XBRL data, along with their leadership in all areas of XBRL from creation to analysis. EDGAR Online's XBRL filing services are the perfect complement to PR Newswire's and Vintage Filings' comprehensive, industry-leading suite of communications and compliance services."
Through PR Newswire and Vintage Filings, one of the leading SEC filing services, public companies have a one-stop-shop to satisfy all of their communication, compliance and intelligence needs. From earnings release distribution, IR webcasting, XBRL document creation, IR website hosting, multimedia annual report production and distribution to EDGAR document preparation and filing, printing and typesetting services, notice & access proxy services, and market intelligence and research through PR Newswire's alliance with Ipreo's BD Corporate Platform, PR Newswire offers a comprehensive suite of IR services to power stakeholder engagement.
"PR Newswire is one of the leading brands in the investor communication industry," said Philip Moyer, president and CEO of EDGAR Online. "We are extraordinarily proud to be bringing our XBRL expertise together with their compliance offerings. We are equally excited by the prospect of working together with PR Newswire to build a next generation digital communication offering that connects issuers directly to the investors they want to target." Moyer added, "As the SEC and other global regulatory bodies adapt regulatory disclosure in line with the digital age, public companies are faced with increasingly complex compliance and communication challenges. We believe there is a broad opportunity to create a 360 degree solution for public company compliance and investor communications."
According to the SEC mandate of December 2008, all US public companies are required to file XBRL-tagged financial statements with the SEC according to a three-year phase-in period. The largest companies began in 2009. All large accelerated US filers with a public float above $5 billion began XBRL submission starting with their first 10-Q for a fiscal period ending on or after June 15, 2009. All other large accelerated US filers will be required to comply starting with their first 10-Q for a fiscal period ending on or after June 15, 2010 and all remaining US filers will start with their first 10-Q for a fiscal period ending on or after June 15, 2011.
About PR Newswire
PR Newswire is the global leader in innovative communications and marketing services, enabling organizations to connect and engage with their target audiences worldwide. Through its multi-channel distribution network, audience intelligence, targeting, measurement and compliance services, PR Newswire helps corporations and organizations conduct rich, timely and dynamic dialogues with the media, consumers, policymakers, investors and the general public, in support of building brands, generating awareness, impacting public policy, driving sales, and raising capital.
Pioneering the commercial news distribution industry 55 years ago, PR Newswire connects customers with audiences in more than 170 countries and in over 40 languages through an unparalleled network of offices in 16 countries across North and South America, Europe, Asia, and the Middle East, and via unique affiliations with the leading news agencies across the globe.
PR Newswire is a subsidiary of United Business Media Limited (UBM.L), a leading global business media company that serves professional commercial communities around the world. For more information, go to http://www.unitedbusinessmedia.com .
About EDGAR Online, Inc.
EDGAR Online, Inc. (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. We deliver our information products directly to end users via online subscriptions and data licenses, and to redistributors who embed our content in their own and their clients' Web sites.
Our proprietary automated systems allow for the rapid conversion of data and we are a pioneer and leader in the global financial reporting standard-eXtensible Business Reporting Language, otherwise known as XBRL. We use our automated processing platform and our expertise in XBRL to produce both datasets and tools and to assist organizations with the creation, management and distribution of XBRL financial reports. For more detailed information on all of our businesses or to contact us please visit our Web site at http://www.edgar-online.com .
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. SOURCE PR Newswire Asia
