SofTech Reregisters with the SEC as a Fully Reporting Public Company
Improves its listing on the OTC Market
LOWELL, Mass. – January 3, 2012 – SofTech, Inc. (OTCQB:SOFT), today announced that it has reregistered its common stock with the Securities and Exchange Commission ("SEC") and, as a result, the Company is subject to the full reporting requirements applicable to a public company. This reregistration was accomplished through the filing of Form 8-A in connection with the Company’s previously filed Form S-1 resale registration statement being declared effective by the SEC on December 28, 2011.
The Company had been subject to the public reporting requirements until it deregistered its common stock in August 2010. Since the March 2011 recapitalization transaction, a key objective for the new management team has been to re-establish SofTech as again being subject to the full SEC reporting requirements. With the filing of its audited financial statements for the fiscal year ended May 31, 2011 and the unaudited results for the three months ended August 31, 2011, each included in the effective Form S-1, and reregistration of its common stock with the SEC, the Company has upgraded its marketplace tier in the OTC Markets from the OTCPink marketplace tier to the OTCQB tier.
Since August 2010 the Company had been listed on the OTCPink marketplace tier under the subcategory of Limited, a category for investments of a speculative nature. The OTCQB marketplace tier is composed only of companies that timely report to the SEC or a U.S. banking or insurance regulator. "Regaining our public status, upgrading our listing marketplace tier and getting current financial information about our Company released in a timely manner, was one of the most important objectives of the new management team since the March 2011 recapitalization transaction," said Joe Mullaney, President and CEO of SofTech. "Another important objective that we have devoted considerable time and attention to since the transaction is enhancing our existing business by identifying profitable new revenue streams to complement it. We are making great progress against this goal and look forward to reporting our results," he added. The Company's operating results for the second fiscal quarter ended November 30, 2011 will be filed on a Form 10-Q with the SEC on or before January 17, 2012.
SofTech, Inc. (OTCQB: SOFT) is a proven provider of product lifecycle management (PLM) solutions, including its ProductCenter® PLM solution and its computer-aided design product CADRA®. 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 and the U.S. Army.
Headquartered in Lowell, Massachusetts, SofTech (www.softech.com) has locations and distribution partners in North America, Europe, and Asia. SofTech, CADRA and ProductCenter are registered trademarks of SofTech, Inc. All other products or company references are the property of their respective holders.
Joseph P. Mullaney
President & Chief Executive Officer