Nov. 2, 2009 (Public Wire) — COLUMBIA, S.C., Collexis Holdings, Inc. (OTCBB: CLXS), a leading developer of semantic technology and knowledge discovery software, announced today that it has voluntarily filed a Form 15 with the United States Securities and Exchange Commission to terminate the company’s SEC reporting obligations. With the filing of the report, the company’s obligation to file periodic and current reports with the SEC, including Forms 10-K, 10-Q and 8-K, is immediately suspended.
Collexis CEO Bill Kirkland explained, “We were pursuing a significant growth strategy early in fiscal 2009 including acquisitions supported by large fundraisings to achieve growth, with the ultimate goal of positioning the Company for a NASDAQ listing. However, since the collapse of the global markets, Collexis had to adapt and move our strategy towards organic growth in our core markets. We divested our legal research business to focus and invest in our growing Science, Technical, and Medical (STM) business. The STM business, we believe, can grow substantially in fiscal 2010 and may allow us to achieve positive operational cash flow by our fiscal year end. However, the significant costs we incur on services and fees related to our public filings and status do not contribute to our operational growth and are an impediment to achieving our cash flow goals. With the approval of our Board, management decided that our available resources are better focused on our business growth rather than on remaining a public company.”
Mr. Kirkland added, “There are a lot of other tangible advantages for us as well. The work we put in to remain public is a significant drain on our management’s time and attention and does not contribute to our financial success. I believe our current plans as a non-reporting entity will let us maximize our company’s potential for our shareholders over time.”
About Collexis Holdings, Inc.
Collexis Holdings, Inc., a leading developer of semantic technology and knowledge discovery software is headquartered in Columbia, South Carolina (USA) with operations in Cologne, Germany and Valparaiso, Chile. Collexis now offers the world’s first pre-populated scientific social network for life science researchers, www.biomedexperts.com. Collexis’ proprietary technology builds conceptual profiles of text, called Fingerprints, from documents, Websites, emails and other digitized content and matches them with a comprehensive list of pre-defined “fingerprinted” concepts to make research results more relevant and efficient. This matching of concepts eliminates the ambiguity and lack of priority associated with word searches. The results are often described as “finding needles in many haystacks.” Through this novel approach, Collexis can build unique applications to search, index and aggregate information as well as prioritize, trend and predict data based on sources in multiple industries without the limitations of language or dialect. Collexis’ current clients in the public, private and academic sectors include Johns Hopkins University; Dana-Farber Cancer Institute, the University of California, San Francisco; the University of South Carolina; Erasmus University Library; Lockheed Martin; the World Health Organization; Wellcome Trust; the National Institutes of Health; and the U.S. Department of Defense.
Some of the statements made in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s current expectations and include known and unknown risks, uncertainties and other factors, many of which the company is unable to predict or control, that may cause the company’s actual results or performance to differ materially from any future results or performance expressed or implied by such forward-looking statements. These statements involve risks and uncertainties, including risks and uncertainties associated with our STM business. These risks and uncertainties are in addition to other factors detailed from time to time in the company’s filings with the SEC, including the section entitled “Risk Factors” in its transition report on Form 10-K for the period ended June 30, 2008. The company cautions investors that any forward-looking statements made by the company are not necessarily indicative of future performance. The company is not responsible for updating the information contained in this press release beyond the published date, or for changes made to this document by wire services or Internet services.