Science & Technology
Science and Technology
Science and Technology
Mon, January 26, 2009
Sun, January 25, 2009
Sat, January 24, 2009
Fri, January 23, 2009 Omtool" to Voluntarily File Form 15 to Suspend SEC Reporting Obligations
ANDOVER, Mass.--([ BUSINESS WIRE ])--Omtool, Ltd. (OTCBB: OMTL), a leading provider of document capture and handling solutions, today announced that it will voluntarily file a Form 15 with the United States Securities and Exchange Commission to suspend the company's SEC reporting obligations. Upon the filing of the Form 15, the company's obligation to file periodic and current reports with the SEC, including Forms 10-K, 10-Q and 8-K, will be immediately suspended. Omtool expects the registration of its common stock will be terminated 90 days after it files the Form 15 with the SEC. As a result of deregistration, the company's securities will not be eligible for trading on any national exchange or the OTC Bulletin Board; however, the company's securities may be eligible for quotation on the Pink Sheets by broker dealers.
Omtool's Board of Directors voted unanimously to file the Form 15 after careful consideration of the advantages and disadvantages of continued reporting to the SEC. Suspending the company's SEC reporting obligations will allow it to avoid the substantial expenses associated with reporting compliance and make those savings available for continued investment in the business, while also enabling management to focus more of its time and efforts on operating the business and enhancing shareholder value. Omtool intends to update its shareholders with annual financial information and interim communications covering important developments.
About Omtool, Ltd.
Omtool, Ltd. is a leading provider of document capture and handling solutions that simplify the integration of paper and electronic documents in enterprise information management systems. Its flagship product family, AccuRoute®, streamlines the capture, conversion, communication and archive of paper and electronic documents, enabling fast, secure, simultaneous distribution to multiple destinations in multiple formats. Available at any network-enabled scan device or from a user's desktop computer, AccuRoute provides faster, more efficient workflows, while reducing cost, complexity and risk. Omtool solutions are used worldwide by businesses in document-intensive industries that demand secure handling, integration and tracking of documents in full compliance with a range of regulatory requirements. Based in Andover, Mass., with offices in the United Kingdom, Omtool can be contacted at 1-800-886-7845 or [ www.omtool.com ].
This press release contains forward-looking statements, including, without limitation, statements regarding Omtool's objectives and expectations for future financial and operating performance; the planned suspension of Omtool's public reporting requirements; and the future plans of Omtool's management. These forward-looking statements are neither promises nor guarantees, and are subject to risk and uncertainties that could cause actual results to differ materially from the expectations set forth in these forward-looking statements, including but not limited to, risks associated with the continuation of Omtool's operating losses; the pursuit of strategic, financial and operating alternatives; the introduction of new product offerings, including the AccuRoute software product; the success of Omtool's channel sales strategies, business partner strategies and new sales and marketing efforts; Omtool's investments in vertical markets, including legal, financial services and healthcare; the continuation of market demand for fax-based software solutions; fluctuations in quarterly results of operations; changes in the regulatory environment; dependence on continuing growth in the number of organizations implementing secure electronic document exchange; competition; product enhancements; product concentration; declines in Omtool's legacy fax business; seasonality; international sales; Omtool's ability to manage expansion; Omtool's ability to obtain desired financing; acquisitions and integration of complementary businesses; Omtool's continued compliance with the requirements of the OTC Bulletin Board and the Pink Sheets; Omtool's compliance with the Securities and Exchange Commission's rules relating to the suspension of public reporting requirements; and those other risk factors described in Omtool's periodic reports and registration statements as filed with the Securities and Exchange Commission (SEC), including Omtool's Annual Report on Form 10-K filed with the SEC on March 28, 2008 and Quarterly Report on Form 10-Q for the quarter ended September 30, 2008, filed with the SEC on November 13, 2008. Reported results should not be considered an indication of future performance. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Omtool undertakes no responsibility to update any such forward-looking statements.
