CNW Solutions for Public Companies Enhanced to Include Automated Process
for Converting Public Company Financials into XBRL
TORONTO, July 7 /CNW/ - CNW Group, Canada's largest news and information
distribution service for professional communicators, today announced it has
partnered with EDGAR(R) Online Inc. (NASDAQ: EDGR). Working together, they
will offer public companies an automated, cost-effective solution that
converts company financial information into interactive data, also known as
eXtensible Business Reporting Language (XBRL).
The partnership will enable public issuers, including inter-listed
companies, to meet phase one of the U.S. Securities and Exchange Commission's
(SEC) proposed mandate for submitting financial information as interactive
data, starting Q1 2009.
"CNW Group and EDGAR(R) Online's relationship will allow public companies
to proactively respond to the anticipated increase in the worldwide use of
interactive data," said Melanie Kurzuk, Senior Vice President, News and
Information Technology Division. "EDGAR(R) Online's I-Metrix Xcelerate(TM)
platform and processing expertise will enable CNW Group to eliminate the need
for manual tagging. As with our current SEDAR and EDGAR services, public
companies have to simply call us and we take care of the rest."
"In addition to supporting issuers' need to meet the SEC's proposal, CNW
Group is also ready to assist companies who want to participate in the
Canadian Securities Administrators XBRL voluntary filing program to keep pace
with their peers in the U.S.," said Kurzuk. "Our robust interactive data
tagging solution will handle multiple accounting standards including U.S.
Generally Accepted Accounting Standards (GAAP), Canadian GAAP and
International Financial Reporting Standards (IFRS). This will be of great
benefit to all Canadian companies who are required to move to IFRS accounting
standards by 2011."
EDGAR(R) Online, Inc. is a founding member of the XBRL consortium and a
leading expert and leading developer of XBRL tagged data and delivers a broad
spectrum of data and solutions based on XBRL technology. The I-Metrix
Xcelerate(TM) platform uses an automated rules-based processing engine to
convert financial data into XBRL. As a result, information is translated
quickly and with the highest possible accuracy levels.
Philip Moyer, President and CEO of EDGAR(R) Online, stated, "We are
delighted to partner with CNW Group in offering public companies a fully
automated XBRL compliance solution. Over the past several years EDGAR(R)
Online has concentrated its resources on developing our I-Metrix Xcelerate(TM)
platform and are confident that we have the most cost-effective, automated,
and scalable process for converting company financials into XBRL."
"As a result of our partnership, CNW Group now has a robust solution for
simple, fast and accurate tagging of fundamental financial data under the SEC
proposal," said Tom Enright, President and CEO, CNW Group. "Our partnership
with EDGAR(R) Online is indicative of our ongoing commitment to staying ahead
of trends and regulatory changes affecting publicly traded companies."
About CNW Group
CNW Group is a global leader in news and information distribution
services for professional communicators. Established in 1960, CNW is part of
the International PR Newswire network, reaching news outlets in 135 countries
worldwide. CNW Group provides electronic news distribution, targeting,
monitoring, translation, Webcast and disclosure services to corporate,
government, associations, labour, non-profit and other customers worldwide.
CNW Group helps Canadian and international organizations to connect with local
and global audiences including the news media, the investment community and
the general public. CNW Group is co-owned by two news distribution
powerhouses: PR Newswire based in New York City, USA and PA Group, based in
London, UK. www.newswire.ca 1.877.CNW.7890
About EDGAR(R) Online, Inc.
EDGAR(R) Online, Inc., www.edgar-online.com, is a leading provider of
value-added business and financial information on global companies to
financial, corporate and advisory professionals. The Company makes information
and a variety of analysis tools available via online subscriptions and
licensing agreements to a large user base.
XBRL is a standards-based method with which users can prepare, publish
(in a variety of formats), exchange and analyze financial statements and the
information they contain. XBRL complements XML, which is the universal format
for data on the Web that uses tags (identifiers) to describe and deliver data
from an application. XBRL allows accountants and other financial professionals
and regulatory organizations to identify -- by a tag -- items unique to
business information, such as financial statements.
XBRL tags are like bar codes attached to each piece of financial data,
allowing investors to easily find and compare key financial figures.
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
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.
For further information:
For further information: Melody Firth, Manager, Corporate
Communications, CNW Group, Phone: (416) 318-4341, Email
Melody.Firth@Newswire.ca, www.newswire.ca; Sue Childs, Executive Vice
President, Marketing and Business Development, EDGAR Online, Inc., Phone:
(203) 852-5669, Email: firstname.lastname@example.org, www.edgar-online.com