SAN DIEGO, Jan. 11, 2006 (PRIMEZONE) -- Sagient Research Systems, Inc. (OTCBB:SRYS), a leading publisher of independent research for financial services companies and institutional investors, today announced that it has completed its previously announced going private transaction.
Under the terms of the transaction, the company conducted a 1-for-101 reverse stock split whereby each 101 shares of the Company's common stock was converted into one share of common stock. Holders of less than 101 shares of common stock prior to the reverse stock split received a cash out price of $0.12 per share. Following the reverse stock split, the Company effected a 101-for-1 forward stock split so that the number of shares held by each holder of at least one share of common stock after the reverse stock split was ultimately unchanged. The result of the reverse stock split was a reduction in the number of the Company's stockholders of record to fewer than 300.
Immediately following the stock splits, the Company filed a Form 15 with the SEC in order to deregister its common stock and to cease trading on the Over the Counter Bulletin Board exchange.
As a result, Sagient Research Systems will immediately cease to be a public reporting company.
About Sagient Research Systems
Sagient Research Systems is a publisher of independent research. We develop, produce, and sell proprietary research products to mutual funds, hedge funds, and investment banks. Our business strategy is to continue to leverage our development, technology, and marketing expertise to solidify our position as a leading provider of independent research to the financial services and institutional investment communities. For more information, please visit the Sagient Research Systems website at www.sagientresearch.com.
Safe Harbor Statement
Certain statements in this press release, including discussions of potential deregistration of the Company's stock, constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and are subject to the safe harbors created thereby. These include statements regarding the intent, belief or current expectations of the Company and statements regarding future events and our plans, goals and objectives, including statements relating to the proposed reverse stock split, the termination of registration of the Company's common stock under the Exchange Act and the expected cost savings of the reverse stock split. The forward-looking statements contained in this release are based upon various assumptions, and certain risks and uncertainties could cause actual results to differ materially from those stated. For further details and a discussion of these risks and uncertainties, see the Company's filings under the Exchange Act, including its most recent Form 10-KSB for the fiscal year ended December 31, 2004. The proposed reverse stock split and the subsequent termination of registration under the Exchange Act are each subject to various conditions and may not occur. The Company undertakes no obligation to correct or update any forward-looking statements, whether as a result of new information, future events or otherwise.