CIMdata PLM Industry Summary Online Archive
3 January 2012
Financial News
SofTech Re-registers with the SEC as a Fully Reporting Public Company
SofTech, Inc. today announced that it has reregistered its common stock with the Securities and Exchange Commission (“SEC”) and, as a result, the Company is subject to the full reporting requirements applicable to a public company. This re-registration was accomplished through the filing of Form 8-A in connection with the Company’s previously filed Form S-1 resale registration statement being declared effective by the SEC on December 28, 2011. The Company had been subject to the public reporting requirements until it deregistered its common stock in August 2010. Since the March 2011 recapitalization transaction, a key objective for the new management team has been to re-establish SofTech as again being subject to the full SEC reporting requirements.
“Another important objective that we have devoted considerable time and attention to since the transaction is enhancing our existing business by identifying profitable new revenue streams to complement it. We are making great progress against this goal and look forward to reporting our results”
With the filing of its audited financial statements for the fiscal year ended May 31, 2011 and the unaudited results for the three months ended August 31, 2011, each included in the effective Form S-1, and re-registration of its common stock with the SEC, the Company has upgraded its marketplace tier in the OTC Markets from the OTC Pink marketplace tier to the OTCQB tier. Since August 2010 the Company had been listed on the OTC Pink marketplace tier under the subcategory of Limited, a category for investments of a speculative nature. The OTCQB marketplace tier is composed only of companies that timely report to the SEC or a U.S. banking or insurance regulator.
“Regaining our public status, upgrading our listing marketplace tier and getting current financial information about our Company released in a timely manner, was one of the most important objectives of the new management team since the March 2011 recapitalization transaction,” said Joe Mullaney, President and CEO of SofTech. “Another important objective that we have devoted considerable time and attention to since the transaction is enhancing our existing business by identifying profitable new revenue streams to complement it. We are making great progress against this goal and look forward to reporting our results,” he added.
The Company’s operating results for the second fiscal quarter ended November 30, 2011 will be filed on a Form 10-Q with the SEC on or before January 17, 2012.
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