Borland Software Corporation today announced that, in accordance with Rule 12b-25 under the Securities Exchange Act of 1934, it has filed an extension notification with the Securities and Exchange Commission relating to its annual report on Form 10-K for the year ended 31 December 2004.
The company stated that the additional time required is a direct result of the significant requirements imposed on public companies in complying with the Sarbanes-Oxley Act of 2002. The extension will allow for further time to complete the audit of its consolidated financial statements.
Borland expects to be able to file its annual report on Form 10-K, inclusive of management`s assessment of internal controls for the year ended 31 December 2004, by 31 March 2005. The expected inclusion of management`s assessment of internal controls in this time frame would be approximately 30 days earlier than permitted under the Exemptive Order issued by the Securities and Exchange Commission on 30 November 2004 (Release No 50754) allowing for deferral of such assessment for certain public companies. Based on its market value as of 30 June 2004, Borland is eligible for the relief provided by the Exemptive Order. Borland may, if necessary, in compliance with the Exemptive Order, defer the filing of management`s assessment of internal control over financial reporting until such later date as management can complete its assessment.
Borland believes its results of operations to be reflected in the financial statements included in the annual report on Form 10-K will be consistent with its announcement of unaudited 2004 financial results on 1 February 2005.
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Founded in 1983, Borland Software Corporation (NASDAQ: BORL) is a global leader in software delivery optimisation. The company provides the software and services that align the people, processes and technology required to maximise the business value of software. To learn more about delivering quality software, on time and within budget, visit http://www.borland.com.