LOWELL, Mass. — (BUSINESS WIRE) — August 16, 2010 — SofTech, Inc., a proven provider of Product Lifecycle Management (PLM) solutions, announced that it intends to file today Form 15 with the Securities and Exchange Commission to de-register its common stock and suspend its reporting obligations under the Securities Exchange Act of 1934. The Company expects the de-registration to become effective within 90 days of the filing with the SEC.
As a result of the filing of the Form 15, the Company’s obligation to file with the SEC certain reports and forms, including Forms 10-K, 10-Q, and 8-K will immediately cease. The Company anticipates that its shares will be traded over the counter (OTC) on the Pink Sheets through Pink OTC Markets, Inc., or Pink OTC, but can make no assurances that any broker will make a market in the Company’s common stock. Pink OTC is a centralized quotation service that collects and publishes market maker quotes in real time, primarily through its web site, http://www.otcmarkets.com/.
The Company believes that de-registration will significantly reduce reporting expenses for the Company.
SofTech, Inc. is a proven provider of product lifecycle management (PLM) solutions, including its flagship ProductCenter® PLM solution, and its computer-aided design and manufacturing (CAD/CAM) products, including CADRA® and ProspectorTM.
SofTech’s solutions accelerate products and profitability by fostering innovation, extended enterprise collaboration, product quality improvements, and compressed time-to-market cycles. SofTech excels in its sensible approach to delivering enterprise PLM solutions, with comprehensive out-of-the-box capabilities, to meet the needs of manufacturers of all sizes quickly and cost-effectively.
Over 100,000 users benefit from SofTech software solutions, including General Electric Company, Goodrich, Honeywell, Siemens, Sikorsky Aircraft, U.S. Army, and Whirlpool Corporation. Headquartered in Lowell, Massachusetts, SofTech ( www.softech.com) has locations and distribution partners throughout North America, Europe, and Asia.
SofTech, CADRA, ProductCenter and Prospector are trademarks of SofTech, Inc. All other products or company references are the property of their respective holders.
Forward Looking Statements
The statements made herein may represent “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934 and are subject to a number of risks and uncertainties. These include, among other risks and uncertainties, whether we will be able to generate sufficient cash flow from operations to fund working capital needs, maintain the existing relationship with our lender, successfully introduce and attain market acceptance of any new products, attract and retain qualified personnel, in an extremely competitive environment, both in our existing markets and in new territories, maintain positive cash flows and profitable operations despite declining revenues, and prevent the obsolescence of our technologies.
In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “could,” “would,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “projects,” “predicts,” “potential” and similar expressions intended to identify forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by such forward-looking statements. Given these uncertainties, you should not place undue reliance on any forward-looking statements. Also, these forward-looking statements represent our estimates and assumptions only as of the date of this release. Except as otherwise required by law, we expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained in this release to reflect any change in our expectations or any change in events, conditions or circumstances on which any of our forward-looking statements are based. We qualify all of our forward-looking statements by these cautionary statements.
Jean J. Croteau, 978-513-2700