SEC Expected to Vote on Summary Prospectus Rule on November 19th: Expert Available for Commentary

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SEC to Decide Whether to Adopt Shorter Version of the Standard Mutual Fund Prospectus

Andover, MA --

Why: On November 19, 2008, the Securities and Exchange Commission (SEC) will hold an open meeting where they will vote on whether to adopt the Summary Prospectus rule, an amendment designed to improve mutual fund disclosure. The rule, if adopted, will call for a shorter version of the standard mutual fund prospectus, or "summary prospectus." With $11 trillion in mutual funds - of which $3-$4 trillion are defined contribution (401ks) - the Department of Labor may also follow suit with the SEC in order to provide better disclosure and transparency to investors. Specific benefits of the Summary Prospectus rule include:

  • To get investors a concise summary document containing key information about a fund.
  • To supply investors with information that is easier to use and more readily accessible while retaining the comprehensive quality of the information available today.
  • To help investors by standardizing fund information in a way that will facilitate comparisons; today funds are described in lengthy and legalistic prospectuses.
  • To provide investors with direct access to information that is important to making an informed investment decision, including information about fund fees.

What: An opportunity to understand what the proposed Summary Prospectus means for mutual fund providers and investors. In NewRiver's ongoing commitment to helping financial leaders simplify investor disclosure - providing transparency and cost savings to the delivery of fund data and investor communications - the company has helped some of the world's leading financial organizations move from paper to electronic disclosure via an easy to use, cost-effective, managed service offering. More specifically, NewRiver can discuss:

  • Details of the SEC summary prospectus ruling
  • Soft and hard benefits which prompted the rule
  • Major trends surrounding the move to electronic delivery
  • Current and future ways of delivering the mutual fund prospectus and what it means for providers and investors
  • Environmental benefits

Who: Russell Planitzer, Chief Executive Officer and Chairman, NewRiver
Mr. Planitzer is Chief Executive Officer and Chairman, of NewRiver and a Managing Principal of Lazard Technology Partners (LTP). In this capacity, he is responsible for the overall strategic direction, growth and management of the company. Prior to NewRiver, Mr. Planitzer co-founded LTP with Kevin J. Burns in 1998 and has since then headed the firm's New York office. From 1981 through 1993, he served as a general partner at JH Whitney, where he established a strong investment record by focusing on early-stage technology and emerging-growth companies, including the incubation and founding of Wellfleet Communications, Inc. (renamed Bay Networks, Inc.). In 1993, Mr. Planitzer left JH Whitney to become Chairman and Chief Executive Officer of Computervision, where he reorganized the business and restored its profitability. Mr. Planitzer led Computervision to profitability by the end of 1995, in recognition of which he was named ''CEO of the Year: 1995'' by D.H. Brown and Associates. Mr. Planitzer orchestrated the sale of Computervision to Parametric Technology Corporation. Mr. Planitzer holds a Masters of Business Administration from the Harvard Business School and a Bachelor of Science in Mechanical Engineering from the United States Naval Academy. Additionally, he is a past director of the National Venture Capital Association.

Len Driscoll, Chief Client Officer, and Electronic Delivery Expert, NewRiver
Mr. Driscoll oversees the company's Product Management, Client Services, Sales and Marketing and functions and is responsible for product planning and product management for NewRiver's product lines. Before joining NewRiver in 1998, Mr. Driscoll was Senior Vice President of Institutional Services for Allmerica Financial, where he led the defined contribution business unit, led the start-up of a Group Variable Universal Life product for the corporate market, and established Allmerica's first bank distribution channel for insurance products. Previously, Mr. Driscoll served as Vice President of Bank Operations for Fleet Financial Group. Mr. Driscoll holds a Masters of Business Administration from Boston University and a Bachelor of Arts in Economics and Government from Bowdoin College. He is also one of the inventors of NewRiver's consent patent (Patent No. 7,028,190, entitled ''Method and System for Electronic Delivery of Sensitive Information'').

When: Interviews are now available. To schedule one, please contact Chris McCoin (508-429-5988) or Richard Smith (978-433-3304) of McCoin & Smith Communications Inc. [email protected] or [email protected]

About NewRiver, Inc.
NewRiver develops innovative technology solutions that help financial leaders simplify investor disclosure - providing transparency and cost savings to the delivery of fund data and investor communications. Since 1995, the company has helped some of the world's leading financial organizations move from paper to electronic disclosure via an easy to use, cost-effective, managed service offering. NewRiver pioneered the first electronic prospectus, and is the only company to guarantee its data to be "compliance grade" which allows customers to reduce risk, lower compliance costs and increase revenues. Through a patent-pending, automated process NewRiver efficiently monitors 8.6 million data points from over 24,600 fund CUSIPs. Further, the company's unique "paperless" approach improves the investor experience while offering a real alternative to the environmental impact of paper-only delivery. Relied on daily by over 100 leading financial services firms, and millions of investors, NewRiver is a trusted and growing solution provider facilitating the transition from paper-based mutual fund information, to electronic. To learn more, please visit our website http://www.newriver.com or call 978-247-7200.

Note to editors: One on one interviews are available by contacting: Chris McCoin or Richard Smith of McCoin & Smith Communications Inc. at 508-429-5988 (Chris) or 978-433-3304 (Rick) [email protected] or [email protected]

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Chris McCoin

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