NexPrise, Inc. Announces Filing of Form 15 to Deregister With the Securities and Exchange Commission
March 28 2005 - 9:33AM
PR Newswire (US)
NexPrise, Inc. Announces Filing of Form 15 to Deregister With the
Securities and Exchange Commission CARLSBAD, Calif., March 28
/PRNewswire-FirstCall/ -- NexPrise, Inc. (OTC:NXPS.OB) (BULLETIN
BOARD: NXPS.OB) , a provider of business process automation and
management applications, today announced that it has filed a Form
15 with the Securities and Exchange Commission (the "SEC") to
voluntarily deregister its common stock, par value $0.0002 per
share, and its convertible subordinated notes due 2007 under the
Securities Exchange Act of 1934, as amended (the "Exchange Act").
Upon the filing of the Form 15, NexPrise's obligation to file
certain reports with the SEC, including Forms 10-K, 10-Q, and 8K,
will immediately be suspended. NexPrise expects that the
deregistration of its common stock and convertible subordinated
notes will become effective 90 days after the date of filing of the
Form 15 with the SEC. Thereafter, NexPrise will no longer be
subject to the SEC's public reporting requirements. NexPrise's CEO
Ted Drysdale explained, "We have carefully evaluated the advantages
and disadvantages to the Company of continuing registration. In
light of the dramatically increasing costs, including the SOX
compliance and administrative burdens associated with being a
public company, our Board has determined that deregistering will
result in significant cost reductions and enable management to
focus more of its time and resources on operating the Company to
enhance value for all of our stakeholders." About NexPrise
NexPrise, Inc., provides business process automation and management
applications that can enable manufacturers to rapidly automate and
manage key business processes and produce a return on investment in
less than 6 months. These solutions complement and expand on
currently installed enterprise systems and allow for the ongoing
process improvements companies require to meet their changing
business demands. NexPrise, Inc. is headquartered in Carlsbad,
California. For more information, please visit
http://www.nexprise.com/. Safe Harbor Statement This press release
contains "forward-looking" statements, as that term is used in
Section 21E of the Securities Exchange Act of 1934, about NexPrise,
Inc. Forward-looking statements are denoted by such words as "will
result in", "enable", or "to enhance" and similar terms and
phrases. These types of statements address matters that are subject
to risks and uncertainties, which could cause actual results to
differ materially. Factors that could cause or contribute to such
differences include, but are not limited to, NexPrise's ability to
collect revenues associated with such contracts and its ability to
continue to generate business from new contracts. In addition, our
forward-looking statements should be considered in the context of
other risk factors discussed in our filings with the Securities and
Exchange Commission, including but not limited to our Form 10-K and
10-Q filings, available online at http://www.sec.gov/. All
forward-looking statements are based on information available to
the company on the date hereof, and the company assumes no
obligation to update such statements. DATASOURCE: NexPrise, Inc.
CONTACT: investors, Ted Drysdale of NexPrise, Inc.,
+1-760-804-1333, or Web site: http://www.nexprise.com/
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