PR Newswire to Acquire Fastest Growing EDGAR Filing Firm, Vintage Filings, LLC
Combination to satisfy growing demand for seamless coordination of press release distribution and regulatory filings
Charles Gregson, CEO of PR Newswire, announces the company's acquisition of Vintage Filings, LLC, one of the leading and fastest growing EDGAR filing companies in the United States.
PR Newswire, the global leader in commercial news distribution, announced today its acquisition of Vintage Filings, LLC, one of the leading and fastest growing EDGAR filing companies in the United States.
Vintage Filings, headquartered in New York, will become a division of PR Newswire and will continue to be led by Chief Executive Officer Shai Stern and President Seth Farbman. Vintage Filings will facilitate all electronic financial filings for PR Newswire's EDGAR Express customers.
"Vintage Filings is a valued and trusted resource for the Fortune 500, mid-size and small cap public companies, and investment banking firms it serves, and is well known for providing superior and unmatched customer service around the clock, at highly competitive prices," said Charles Gregson, chief executive officer, PR Newswire. "Electronic and simultaneous delivery of information to all audiences -- the media, investors both institutional and retail, as well as regulatory organizations -- is increasingly important. Together, we will deliver all of these things."
From distributing press releases, hosting webcasts and creating and disseminating XBRL documents to filing regulatory EDGAR documents with the U.S. Securities and Exchange Commission and providing financial printing services, PR Newswire can help public companies comply with all facets of disclosure.
Shai Stern, chief executive officer of Vintage Filings, said, "We are extremely pleased to join the PR Newswire family. With the largest distribution network to media and an unparalleled reach to investors, bolstered by an exclusive channel on Thomson Financial's First Call Network, PR Newswire will offer our customers the greatest opportunity for their financial news to reach critical audiences, wherever they are."
Vintage Filings' President Seth Farbman stated, "We look forward to bringing our EDGAR, typesetting and financial printing experience and value to the PR Newswire family. Public companies will surely benefit from our combined expertise in electronic filing and simultaneous news distribution and webcasting services."
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The SEC created EDGAR -- an acronym for Electronic Data-Gathering, Analysis and Retrieval -- in 1993 and recently embarked on a $50 million upgrade of the web-based system in preparation for an expected upsurge in corporations furnishing interactive data. For its part, PR Newswire has been an active participant in a not-for-profit coalition, XBRL-U.S., working closely with the SEC on the development of a new interactive data standard known as eXtensible business reporting language (XBRL), an XML-based standard that permits the automatic exchange and reliable extraction of financial and business information across all software formats and technologies.
"The acquisition of Vintage Filings was a natural outgrowth of the convergence of news dissemination, regulatory filings and interactive data," said Ira Krawitz, PR Newswire's newly appointed senior vice president of Investor Relations Services. "Together, PR Newswire and Vintage Filings will be able to offer public companies a one-stop-shop for all their disclosure and regulatory needs."
Vintage Filings, LLC is a five-year old company with 65 full-time employees working at offices in New York, Los Angeles, and San Francisco. The company provides full-service filing capabilities, typesetting and financial printing to more than 1,000 public companies, mutual funds, investment management firms, law firms and individuals around the world, assisting them in meeting the EDGAR filing requirements of the SEC.
PR Newswire is recognized as an established, secure means for listed companies around the world to meet disclosure regulations. The company and its subsidiaries are employed by thousands of corporations in the United States, Canada, United Kingdom, Germany, France, The Netherlands, Ireland, Switzerland, China, Brazil and dozens of additional nations. In January, PR Newswire launched its TOD Wire, a service that facilitates listed companies' compliance with the new regulations required under the European Union's Transparency Obligations Directive (TOD), while also helping them satisfy best practices in communicating with institutional and retail investors across the EU. Additionally, PR Newswire provides news distribution services for companies throughout Asia, Latin America and the Middle East. PR Newswire also plays a critical role in educating the corporate, investor and regulatory communities around the world on issues of disclosure and transparency.
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