San Diego, CA (PRWEB) March 8, 2011
On March 3, 2011, the United States Bankruptcy Court for the Southern District of California approved bidding procedures for the sale of substantially all assets of NexPrise, Inc. (OTC: NXPS.PK), a leading provider of cloud-based Enterprise Content Management (ECM) solutions.
Pursuant to the approved bidding procedures, potential bidders interested in participating in an auction-style process for NexPrise’s assets, including its WebSpace and InfoPrise assets, are required to submit bids by March 30, 2011 at 5:00 p.m. prevailing Pacific Time. Bidders who submit qualified bids by this deadline will be allowed to participate in an auction-style solicitation conference on April 4, 2011 to determine the winning bidder. NexPrise will then seek Bankruptcy Court approval under section 363 of the Bankruptcy to sell the assets to the winning bidder at a hearing on April 7, 2011.
In accordance with the bidding procedures, NexPrise will provide access to reasonable due diligence information to entities interested in bidding to acquire NexPrise’s assets upon execution of a non-disclosure agreement. NexPrise expects a robust competitive process as entities will be able to submit bids in a streamlined process that will enable the winning bidder to acquire NexPrise’s valuable technology and other assets in a quick and efficient manner.
Trubiquity, Inc. has submitted an initial bid to acquire NexPrise’s assets. If no other bids are submitted by the March 30, 2011 deadline, NexPrise will seek court approval of the sale of its assets to Trubiquity at the hearing on April 7, 2011.
About NexPrise Inc.
NexPrise, Inc. is a leading provider of cloud-based Enterprise Content Management (ECM) solutions designed to help companies better manage mission critical documents, automate manual business processes, and collaborate securely with remote partners, suppliers and customers. Global content contributors access WebSpace to create and share documents and data, manage project tasks, and participate in formal electronic approval processes. Flexible deployment models give WebSpace customers the option to host their own private cloud communities, or to leverage the economic benefits of our on-demand software as a service (SaaS).
About Trubiquity, Inc.
Trubiquity, Inc. is a leading provider of global software and solutions for the management, integration, and automation of data flow between our customers and their partners. Headquartered in Troy, Michigan, United States, with offices in Germany, the United Kingdom, and Japan, and along with more than 30 resellers globally, Trubiquity delivers managed file transfer (MFT), collaboration, and process integration solutions for more than 20,000 users worldwide in the Aerospace, Manufacturing, Consumer Goods, Healthcare, and Retail marketplaces.
Safe Harbor Statement
This Press Release may contain "forward-looking statements," as defined in Private Securities Litigation Reform Act of 1995. These statements relate to future events and/or our future financial performance. These statements are predictions and may differ materially from actual future events or results. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, the following: the company’s ability to obtain bankruptcy court approval with respect to motions in the chapter 11 proceeding prosecuted from time to time; the ability of the company to develop, prosecute, confirm and consummate one or more transactions for the sale of the company’s assets or other change of control transactions; risks associated with third parties seeking and obtaining bankruptcy court approval to terminate or shorten the exclusivity period for the company to propose and confirm a chapter 11 plan, for the appointment of a chapter 11 trustee, or to covert the case to a chapter 7 case; the ability of the company to obtain and maintain normal terms and relationships with vendors, service providers, and employees; and the company’s ability to maintain contracts that are critical to its operations. NexPrise, Inc. disclaims any intention or obligation to revise any forward-looking statements whether as a result of new information, future developments, or otherwise. Similarly, these and other factors, including the terms of any sale ultimately approved, can affect the value of the company’s various prepetition liabilities, common stock and/or other securities. It is possible that claims relating to prepetition liabilities may receive no value. Given the purchase price of the existing bid for the Debtor's assets and NexPrise's existing debt , it is unlikely that holders of NexPrise's common stock will receive any distributions on account of their stock.
John Lynch, 760-804-1333