Monthly Archives: January 2015

…Tuesday, Wednesday, Kudosday…

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If you work in the corporate compliance and securities law niche, you know clients are very close-to-the-vest in regard to “testimonials.” That said, our staff gets a lot of praise daily – and we can’t not share the good news (anonymized for privacy). Sales can offer you full named references.

Here are this weeks’ 


KUDOS_quoteKudos to our Mutual Fund team

I wanted to thank you and your team for the wonderful service we have been receiving from Vintage. It did not go unnoticed we were able to file the N-1A/A for [CLIENT] Alternative Investment Funds in an afternoon. This was nothing short of a small miracle in my mind.

From our prior experiences, I don’t think either of us thought we would make a 5:30 filing. Both [CLIENT] and I have done many EDGAR filings over many years, approaching something like 25 years of filings between us. We appreciate the quick turnarounds and the quality of the work Vintage produces. Above all, we appreciate the great customer service.

Because of our great experience, we have been recommending Vintage to our colleagues in the industry.

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KUDOS_quoteKudos to Transaction team

Thank you very much. I really appreciate it. It’s been a long few weeks and I’m pretty wiped (which means I make more mistakes) and it’s nice to know that your team has my back and makes me aware of my own slip ups.

I’ve had experiences in the past when my team has screwed up and the printer made decisions without clarification or approval from me first. Sadly they were the wrong decisions and problems arose from their assumptions.

 

 

KUDOS_quoteKudos to IR website Team

I’m ecstatic about the filing display [IR website] widget. It looks amazing.

THANK YOU.

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KUDOS_quoteKudos to the Entire Team

I just have to tell you how awesome your whole team is. They are so patient and helpful and efficient and knowledgeable. I feel like I’m not out there on my own getting it all done with your team on my side. I sent them a thank you but they are some of the best people I’ve worked with and it should be known.

I also really appreciate how you took ownership of some of the problems we encountered and provided solutions so that we were able not only to file on time but to do so accurately. I hope Vintage and PR Newswire value what a great asset you are – I could not imagine having the comfort level I have in working with you that Vintage will make it happen..

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KUDOS_quoteKudos to XBRL SaaS Team

Now that things are freed up, please feel free to call me anytime to discuss suggestions for improving the online XBRL experience. And of course, please feel free to forward this to your supervisors I am more than happy to speak with them at any time at how helpful you have been to us.

Hope you have a great week and get some time to relax and enjoy… the quarter is fast approaching!

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Thanks to our experts for delivering intelligent value!

80% of Top SEC Transaction Law Firms Worked With Vintage in 2014

“Intelligent Value” hastens processes and lowers costs for law firms and issuers

NEW YORK, January 27, 2015 / PR Newswire / — In 2014, 80% of the Top 30 law firms that specialize in the SEC transactions required by the Securities Act Of 1933, worked with Vintage, the capital markets, corporate services and institutional & mutual fund services division of PR Newswire. These filings, including IPO and secondary offering registrations, are very complex legal documents that require an immaculate attention to detail and extensive expertise in financial publishing.

“2014 was a watershed year for Vintage, particularly for our capital markets team. I could not be more pleased about this accomplishment,” said Liam Power, President of Vintage. “We began the year with a systemic evaluation of everything we do – our technologies, our processes, our people and even our brand. Subsequently, the decisions we’ve made brought a focus onto what matters most to our clientele. 2014’s results validates our success becoming the industry’s intelligent value,” finished Power.

Top_30_lawfirms_Vintage

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The capstone of Vintage capital markets group is its IPO and transaction drafting sessions. The company has defined three models for these sessions, based on the flexibility and budget the client requires and not a one-size-fits-all approach.

  • Vintage office location: a traditional session model
  • Client-selected location: minimum travel and billable hours while allowing senior executives to keep abreast of their daily workload
  • 100% virtual: the most cost and time efficient alternative

A brief video explaining transaction drafting sessions scan be viewed here: http://promotions.prnewswire.com/Vintage-transaction-solutions.html

Securities law firms, like Sichenzia Ross Friedman Ference LLP, work with Vintage and the process that best suits their own issuer clients’ needs.

“We are very pleased to be recognized as the 12th most active law firm in the United States for transactions involving public offerings in 2014,” said Gregory Sichenzia, Partner, Sichenzia Ross Friedman Ference LLP. It is an outstanding accomplishment and we thank our friends at Vintage for their help and support during the year.”

Absolute cost transparency is a hallmark of the Vintage approach, and a key part of their ability to deliver value to our client, presenting pricing simply, clearly and to the level of detail that matters to clients. In fact, Vintage pioneered the concept of open, up-front, and transparent pricing.

“I believe that our presence on this Top 30 securities lawyer list is a testament to the hard work and smart decisions our partners and associates make on behalf of our clients,” said Gregg E. Jaclin, Esq., Partner from Szaferman Lakind Blumstein & Blader, PC. “Certainly, one key decision we assist our clients with is resource selection and we have found that Vintage compliments both our processes and our clients’ requirements.”

In addition to capital markets practice group that works with law firms, investment banks and M&A deal-drivers, Vintage also supports two other practice groups:

  • Corporate Services, which supports public companies with compliance and investor relations solutions
  • Institutional & Fund Services for investment management and mutual fund organizations

Vintage is headquartered in New Your City with regional sales and service offices through the US and internationally within PR Newswire and Canada Newswire (CNW) offices.

Top 30 research is from 2014 SEC filings: S-1, S-3, S-4, S-11, N-2, F-1, 10-12B and 10-12G. All files are available on SEC.gov website.

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About Vintage

Vintage, a PR Newswire division, is a top-three provider of full-service regulatory compliance and shareholder communications services, delivered across our three practice areas: Capital Markets, Corporate Services and Institutional & Fund Services.

Founded in 2002 and acquired by PR Newswire in 2007, Vintage has evolved to become the industry’s intelligent value choice. We deliver a flexible balance of people, facilities and technology to ensure that regulatory compliance and shareholder communications processes are efficient, transparent and painless. Services include IPO registrations, transactions, virtual data rooms, EDGAR & XBRL filing, typesetting, financial printing and investor relations websites. www.thevintagegroup.com 

About PR Newswire

PR Newswire (www.prnewswire.com) is the premier global provider of multimedia platforms that enable marketers, corporate communicators, sustainability officers, public affairs and investor relations officers to leverage content to engage with all their key audiences. Having pioneered the commercial news distribution industry 60 years ago, PR Newswire today provides end-to-end solutions to produce, optimize and target content — from rich media to online video to multimedia — and then distribute content and measure results across traditional, digital, mobile and social channels. Combining the world’s largest multi-channel, multi-cultural content distribution and optimization network with comprehensive workflow tools and platforms, PR Newswire enables the world’s enterprises to engage opportunity everywhere it

Media Contact:

Bradley H. Smith
Director of Marketing, IR and Compliance Services
PR Newswire & Vintage
+1 201.942.7157
bradley.smith@prnewswire.com

IPOs and Transactions: January 20 – 23 (shortened holiday week)

There were 17 transactions filed with the SEC last week.

Congratulations to all of the corporations and law firms that selected our transactions services last week including Axxess Pharma Inc. w/ Szaferman, Lakind, Blumstein, & Blader PC.

We appreciate that they selected to work with us and we’re pleased that they found us to be the intelligent value for 2015.

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Registrant Symbol Form Exchange Law firm / Advisor
LUMIOX, INC. ~ S-1 ~ Chiang Law Office
MERCER INTERNATIONAL INC. MERC S-4 Nasdaq Davis Wright Tremaine LLP
SERVICEMASTER GLOBAL HOLDINGS INC SERV S-1 NYSE Debevoise & Plimpton LLP
GREAT BASIN SCIENTIFIC, INC. GBSN S-1 Nasdaq Dorsey & Whitney, LLP
FLEXFRIDGE, INC. ~ 10-12B ~ FlexFridge, Inc.
TANKSHIPS INVESTMENT HOLDINGS INC. ~ F-1 ~ Fried, Frank, Harris, Shriver & Jacobson LLP
ACAP STRATEGIC FUND ~ N-2 ~ Kramer Levin Naftalis & Frankel LLP
FANTEX, INC. ~ S-1 ~ Latham & Watkins LLP
DAVE & BUSTER’S ENTERTAINMENT, INC. PLAY S-1 Nasdaq Latham & Watkins LLP
K2M GROUP HOLDINGS, INC. KTWO S-1 Nasdaq Latham & Watkins LLP
PLANDAI BIOTECHNOLOGY, INC. PLPL S-3 ~ Mailander Law Office, Inc.
MOBILEYE N.V. MBLY F-1 NYSE Morrison & Foerster LLP
FLEXSHOPPER, INC. FPAY S-1 ~ Morse & Morse, PLLC
MERCER INTERNATIONAL INC. MERC S-4 Nasdaq Sangra Moller LLP
GREAT BASIN SCIENTIFIC, INC. GBSN S-1 Nasdaq Schiff Hardin LLP
TANKSHIPS INVESTMENT HOLDINGS INC. ~ F-1 ~ Seward & Kissel LLP
K2M GROUP HOLDINGS, INC. KTWO S-1 Nasdaq Simpson Thacher & Bartlett LLP
SERVICEMASTER GLOBAL HOLDINGS INC SERV S-1 NYSE Simpson Thacher & Bartlett LLP
MOBILEYE N.V. MBLY F-1 NYSE Skadden, Arps, Slate, Meagher & Flom LLP
AXXESS PHARMA INC. AXXE S-1 ~ Szaferman, Lakind, Blumstein, & Blader, P.C.
REMOVE-BY-YOU, INC. ~ S-1 ~ The Krueger Group, LLP
SABINE OIL & GAS CORP ~ S-4 ~ Vinson & Elkins L.L.P.
DAVE & BUSTER’S ENTERTAINMENT, INC. PLAY S-1 Nasdaq Weil, Gotshal & Manges LLP
PFSWEB INC PFSW S-3 Nasdaq Wolff & Samson PC

Post IPO, thousands of organizations count on us to assure regulatory compliance and target new investors.

Click here and opt-in to receive this weekly summary via email.

Click here to review the week’s underwriters.

Have a great week.

IPO Underwriters of the Week: January 20 – 23 (shortened holiday week)

Congratulations to the corporations and underwriters that worked with our transaction services team. Whether in-house, your-house or 100% virtual… click here to discover why we are the intelligent value for both traditional and confidential IPOs.

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Registrant Form Underwriter 1 Underwriter 2 Underwriter 3 +
GREAT BASIN SCIENTIFIC, INC. S-1 Dawson James Securities, Inc. ~ ~
TANKSHIPS INVESTMENT HOLDINGS INC. F-1 DNB Markets, Inc. ~ ~
FANTEX, INC. S-1 Fantex Brokerage Services, LLC ~ ~
MOBILEYE N.V. F-1 Goldman, Sachs & Co. Morgan Stanley & Co. LLC ~
SERVICEMASTER GLOBAL HOLDINGS INC S-1 J.P. Morgan Securities LLC Credit Suisse Securities (USA) LLC Goldman, Sachs & Co. / Morgan Stanley & Co. LLC
DAVE & BUSTER’S ENTERTAINMENT, INC. S-1 Jefferies LLC Piper Jaffray & Co. William Blair & Company, L.L.C. / Raymond James & Associates, Inc. / Stifel, Nicolaus & Company, Inc. / LOYAL3 Securities, Inc.
ACAP STRATEGIC FUND N-2 Mainsail Group, L.L.C. ~ ~
K2M GROUP HOLDINGS, INC. S-1 Piper Jaffray & Co. Barclays Capital Inc. Wells Fargo Securities, LLC / William Blair & Company, L.L.C. / Cowen and Company, LLC

Post IPO, thousands of organizations count on us to assure regulatory compliance and target new investors.

Have a great week.

How Investors Consume Content Q#16: Does a company’s corporate governance (BoD, CEO compensation, etc.) weigh in on your investment decision?

Clearly, the majority of investors care about corporate governance. The general opinion, in regard to shareholder communications, is that too many companies view “governance” as a once a year proxy communications event – lately culminating in a dramatic say-on-pay vote. Shareholders communications is a 365 event. Don’t wait for the vote. 

Q16_2015_100072Click image to enlarge

Activists seem to heavily focus on governance… and proxy fights will happen. Keeping “regular” investors informed is your best defense.

Have a great day

OTC Markets Group and PR Newswire Event to Highlight Successful U.S. Investor Communications Strategies for European Companies

NEW YORK  /PRNewswire/ — More than 700 European-headquartered global companies are cross-traded in the U.S. on off-exchange marketplaces, yet few of them garner the U.S. investor attention or trading volumes they seek.  What separates successful U.S. investor relations (“IR”) programs from unsuccessful ones often comes down to communication – regular, systematic communication of a company’s news, financial disclosure and corporate story to U.S. investors.

“Trans-Atlantic Information Flow: Making Sure North American Investors Don’t See Blank Screens,” a breakfast forum taking place in Paris on January 21, will educate European global companies about the OTCQX and OTCQB marketplaces in the U.S. and provide guidance and best practices on cost-effectively reaching U.S. investors.  The event is organized by OTC Markets Group Inc. (OTCQX: OTCM), operator of the OTCQX®, OTCQB® and OTC Pink® financial marketplaces, and PR Newswire, the global leader in news and information distribution services for professional communicators.

Click image to enlarge and save high resolution version.

“Trans-Atlantic Information Flow” will include presentations by OTC Markets Group and PR Newswire as well as a panel discussion with Martine Hue, Investor Relations Director of Publicis Groupe S.A., which trades on OTCQX; PR Newswire Investor Relations Consultant Mark Hynes; and Sami Toutounji, Partner of Shearman & Sterling, an international law firm. The speakers will share key learnings in U.S. investor communications strategies.

“The most visible and actively-traded international companies in our market – companies like Publicis – are those that have committed to providing their U.S. shareholders convenient access to their English language news and disclosure, generally through a major news distribution service like PR Newswire,” said Jason Paltrowitz, Managing Director and Global Head of Business Development for OTC Markets Group.  “Our intention with this event is to educate French and other European companies about the options available to them in the U.S. markets and methods for increasing their visibility with U.S. investors seeking international investment opportunities.”

“We are excited to be partnering with OTC Markets Group for this event,” said Lisa Ashworth, President, EMEA & India, PR Newswire. “OTC Markets Group’s guidance on a best practice communication strategy coupled with PR Newswire’s expertise in reaching worldwide audiences should make this a valuable forum for those interested in improving visibility and understanding amongst the U.S. investment community.”

Event Details:
“Trans-Atlantic Information Flow: Making Sure North American Investors Don’t See Blank Screens”
Date:
Wednesday, January 21, 2015
Time: 9:00 to 11:00 a.m. (registration begins at 8:30 a.m.)
Location: Hotel Westminster, 13, rue de la Paix, 75002, Paris
About OTC Markets Group Inc.

OTC Markets Group Inc. (OTCQX: OTCM) operates Open, Transparent and Connected financial marketplaces for 10,000 U.S. and global securities.  Through our OTC Link® ATS, we directly link a diverse network of broker-dealers that provide liquidity and execution services for a wide spectrum of securities.  We organize these securities into marketplaces to better inform investors of opportunities and risks – OTCQX®, The Best Marketplace; OTCQB®, The Venture Marketplace; and OTC Pink®, The Open Marketplace.  Our data-driven platform enables investors to easily trade through the broker of their choice at the best possible price and empowers a broad range of companies to improve the quality and availability of information for their investors.  To learn more about how we create better informed and more efficient financial marketplaces, visit www.otcmarkets.com.

OTC Link ATS is operated by OTC Link LLC, member FINRA/SIPC and SEC regulated ATS.
Subscribe to the OTC Markets RSS Feed

About PR Newswire
PR Newswire (www.prnewswire.co.uk) is the leading global provider of PR and corporate communications tools that enable clients to distribute news and rich content across traditional, digital and social media channels in real time with full actionable reporting and monitoring.

Producing, optimizing and targeting news and content across the world’s largest multichannel distribution network and offering the most accurate and frequently updated opted in journalist databases for over 60 years PR Newswire has a truly global reach serving clients across EMEA, India, the Americas and Asia-Pacific.

PR Newswire is part of UBM plc.

Investor Relations Officers ~ Class of 2015!

Twice a year, the National Investor Relations Institute (NIRI) offers an excellent seminar on the fundamental skills needed for the art and science of Investor Relations. Split between Boston, MA in September and Santa Monica, CA in last week, over 250 IR newbies gathered to learn. As a sponsor, we had the opportunity to ask attendees two questions.

Selfishly, we asked these questions to help us understand the personas of who we support with our communications and compliance services. Being a proponent of a transparent industry, we posted the results from just Boston here. Note: there was no regional difference to the responses. The results below are both coasts combined.

NIRIfund-westROLE

As noted in September, the incoming class are highly financial-based – 2:1 compared to communictions-based. An opinion could be that the always increasing complexity of the capital markets warrants a very strong financial background. Also, the services we (and others) offer GREATLY simplify the tasks needed for shareholder communications – perhaps lessening the tactical communications burden so issuers can focus on strategy. Having the right tool does matter.

One observation: a very small percentage of sell-side analysts (and zero buy-side) came to the NIRI seminar. Anecdotally the industry “buzz” has been that the demise of the sell-side has pushed those ex-Wall Street folks into IR, but this survey does not support that. It could be that the analysts don’t feel they require “IR training” and don’t join NIRI. This may change as NIRI expands to create a IR certification program.

NIRIfund-westYEARS

These results support the more traditional view of IR being a medley of pasts.

Have a great day – and book YOUR trip for NIRI’s Annual Conference, Chicago, June 11 – 15, 2015.

IPOs and Transactions: January 12 – 16

There were 34 transactions filed with the SEC last week.

Congratulations to all of the corporations and law firms that selected our transactions services last week including Signal Genetics Inc. w/ Blank Rome LLP and Reed Smith LLP, Cullen Agriculture Holdings Corp. w/ Graubard Miller and Ellenoff Grossman & Schole LLP and Sucampo Pharmaceuticals Inc. w/ Manatt, Phelps & Phillips, LLP.

We appreciate that they selected to work with us and we’re pleased that they found us to be the intelligent value for 2015.

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Registrant Symbol Form Exchange Law firm / Advisor
SANCHEZ ENERGY CORP SN S-4 NYSE Akin Gump Strauss Hauer & Feld LLP
JOURNAL MEDIA GROUP, INC. ~ S-4 ~ Baker & Hostetler LLP
CARRIZO OIL & GAS INC CRZO S-4 Nasdaq Baker Botts L.L.P.
FRANKLIN FINANCIAL NETWORK INC. FRFN S-1 ~ Baker, Donelson, Bearman, Caldwell & Berkowitz, PC
MRI INTERVENTIONS, INC. MRIC S-1 OTC Baker, Donelson, Bearman, Caldwell & Berkowitz, PC
HORIZON BANCORP /IN/ HBNC S-3 Nasdaq Barnes & Thornburg LLP
STONEGATE MORTGAGE CORP SGM S-3 NYSE Barnes & Thornburg LLP
SIGNAL GENETICS, INC. SGNL S-1 Nasdaq Blank Rome LLP
CACHET FINANCIAL SOLUTIONS, INC. CAFN S-1 OTC Briggs and Morgan, P.A.
REVENUE.COM CORP ~ S-1 ~ Clark Wilson LLP
LIBERTY STAR URANIUM & METALS CORP. LBSR S-1 ~ Clark Wilson LLP
PARATEK PHARMACEUTICALS, INC. PRTK S-3 Nasdaq Cooley LLP
CORPORATE CAPITAL TRUST, INC. ~ N-2 ~ Dechert LLP
R M DIVERSIFIED, INC. ~ S-1 ~ Dennis Brovarone, Esq.
IMAGEWARE SYSTEMS INC IWSY S-3 ~ Disclosure Law Group, LLP
INTERNATIONAL STEM CELL CORP ISCO S-1 ~ DLA Piper LLP
CULLEN AGRICULTURAL HOLDING CORP CAGZ S-4 OTC Ellenoff Grossman & Schole LLP
JOURNAL MEDIA GROUP, INC. ~ S-4 ~ Foley & Lardner LLP
CURRENCYSHARES AUSTRALIAN DOLLAR TRUST FXA S-3 NYSE Foley & Lardner LLP
BELLEROPHON THERAPEUTICS LLC ~ S-1 ~ Goodwin Procter LLP
MARINA BIOTECH, INC. MRNA S-1 ~ Goodwin Procter LLP
ZAFGEN, INC. ZFGN S-1 Nasdaq Goodwin Procter LLP
CULLEN AGRICULTURAL HOLDING CORP CAGZ S-4 OTC Graubard Miller
INVIVO THERAPEUTICS HOLDINGS CORP. NVIV S-3 ~ Greenberg Traurig, LLP
ACAR LEASING LTD. ~ S-3 ~ Katten Muchin Rosenman LLP
CHANTICLEER HOLDINGS, INC. HOTR S-1 Nasdaq Libertas Law Group, Inc.
NEW MEDIA INSIGHT GROUP, INC. NMED S-1 ~ Macdonald Tuskey
SUCAMPO PHARMACEUTICALS, INC. SCMP S-3 Nasdaq Manatt, Phelps & Phillips, LLP
DIGIRAD CORP DRAD S-3 Nasdaq Olshan Frome Wolosky LLP
MARINA BIOTECH, INC. MRNA S-1 ~ Pryor Cashman LLP
SIGNAL GENETICS, INC. SGNL S-1 Nasdaq Reed Smith LLP
ADCARE HEALTH SYSTEMS, INC ADK S-3 NYSE Rogers & Hardin LLP
MICHAELS COMPANIES, INC. MIK S-1 Nasdaq Ropes & Gray LLP
ZAFGEN, INC. ZFGN S-1 Nasdaq Ropes & Gray LLP
FRANKLIN FINANCIAL NETWORK INC. FRFN S-1 ~ Sidley Austin LLP
MICHAELS COMPANIES, INC. MIK S-1 Nasdaq Simpson Thacher & Bartlett LLP
STONEGATE MORTGAGE CORP SGM S-3 NYSE Sullivan & Cromwell LLP
FULL CIRCLE CAPITAL CORP FULL N-2 Nasdaq Sutherland Asbill & Brennan LLP
KINDRED BIOSCIENCES, INC. KIN S-3 Nasdaq TroyGould PC
SPECTRA ENERGY PARTNERS, LP SEP S-3 NYSE Vinson & Elkins L.L.P.
CANWEALTH MINERALS CORP ~ S-1 ~ Westerman Ball Ederer Miller Zucker & Sharfstein, LLP
BELLEROPHON THERAPEUTICS LLC ~ S-1 ~ Wilmer Cutler Pickering Hale and Dorr LLP
BARRACUDA NETWORKS INC CUDA S-3 NYSE Wilson Sonsini Goodrich & Rosati, P.C.

Post IPO, thousands of organizations count on us to assure regulatory compliance and target new investors.

Click here and opt-in to receive this weekly summary via email.

Click here to review the week’s underwriters.

Have a great week.

IPO Underwriters of the Week: January 12 – 16

Congratulations to the corporations and underwriters that worked with our transaction services team. Whether in-house, your-house or 100% virtual… click here to discover why we are the intelligent value for both traditional and confidential IPOs.

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Registrant Form Underwriter 1 Underwriter 2 Underwriter 3 +
SIGNAL GENETICS, INC. S-1 Aegis Capital Corp. ~ ~
MICHAELS COMPANIES, INC. S-1 J.P. Morgan Securities LLC Goldman, Sachs & Co. ~
ZAFGEN, INC. S-1 Leerink Partners LLC Cowen and Company, LLC Canaccord Genuity Inc. / JMP Securities LLC
BELLEROPHON THERAPEUTICS LLC S-1 Leerink Partners LLC Cowen and Company, LLC ~
FRANKLIN FINANCIAL NETWORK INC. S-1 Merrill Lynch, Pierce, Fenner & Smith Inc. ~ ~
NEW MEDIA INSIGHT GROUP, INC. S-1 Premier Venture Partners, LLC ~ ~
MARINA BIOTECH, INC. S-1 Roth Capital Partners, LLC Ladenburg Thalmann & Co. Inc. ~
LIBERTY STAR URANIUM & METALS CORP. S-1 Tangiers Investment Group, LLC ~ ~

Post IPO, thousands of organizations count on us to assure regulatory compliance and target new investors.

Have a great week.

XBRL study reveals fees are not oppressive for emerging growth companies

Nothing about this study surprised Team Vintage. We’ve delivered intelligent value to our clients since the initiation of XBRL. It has NOT been easy – as the SEC mandate (hopes & desires) was a little ahead of the technology… however the reporting industry is all caught up.

This point is why so many of us “filing agents” are puzzled by how Congress allowed itself to be intimidated by lobbyists to chisel transparency back into stone tablets i.e. PDFs and a la’ carte spreadsheets. (Here’s my rant on THAT) I assume they are working from outdated data.

In a professional non-rant manner, XBRL US and the American Institute of CPAs (AICPA) recently surveyed XBRL filing agents and received cost practices for 1,299 small public companies: $75 million or less in market capitalization.

XBRL-fees

From the AICPA:

Our survey showed that 69% of the companies paid $10,000 or less on an annual basis for fully outsourced creation and filing solutions of their XBRL filings. Meanwhile, 18% of the companies paid annual costs of between $10,000 to $20,000 for their full service outsourced solutions. Only 8% of companies paid more than $25,000 in annual costs. No company’s annual cost exceeded $50,000.

Through discussions with the vendors we found that companies that paid higher annual fees did so due to complexities in their financial statements and rush charges imposed given the many last minute changes to the filings (e.g., filing changes for an IPO).

Certainly, as we continually tell our clientbase, preparation and process is essential. From a pure Vintage support POV, our fleXBRL program is a dynamic solution: it can flex to exactly meet the demands per each unique client – regardless if it’s a 100% budget restraint or quarter-after-quarter deadline (internal process) challenge.

One clear fact has emerged: the SEC lost focus on XBRL for a while, but now Chairman White understands its importance. 

Have a great day.