ANTs Software Provides Shareholder Update
ANTs Software Provides Shareholder Update
Timing of Filing Form 10-Q; Progress on Strategic Alternatives
ANTs software inc. (OTCBB: ANTS), a leader in database consolidation solutions, announced today that it intends to file its financial report on Form 10-Q for the quarter ending June 30, 2011 within the next several weeks.
The quarterly report was due on August 16, 2011, but the Company has been delayed due to the consolidation of its closed office in New Jersey with its headquarters in Atlanta. In addition, despite its best efforts, the resignation and replacement of the Company’s accounting personnel also complicated the Company’s efforts to complete necessary accounting work before the deadline.
The Company has recently retained a nationally-recognized accounting firm to complete its second quarter accounting efforts and its financial report on Form 10-Q. The Company and its newly-retained accounting firm intend to work diligently to complete the Form 10-Q filing.
The Company also announced that its Board of Directors has decided to explore strategic alternatives, including discussions with several large software vendors regarding potential strategic transactions.
About ANTs Software
The mission of ANTs Software is to help customers drive down IT operating costs by consolidating hardware and software infrastructure and eliminating cost inefficiencies. To this end, ANTs develops and sells the ANTs Compatibility Server (ACS) an innovative middleware solution that accelerates database consolidation between database vendors, enabling application portability. In addition to ACS, ANTs offers a complete portfolio of services ranging from architecting or managing IT infrastructure, to full application performance tuning and administrative services. ANTs is a public company with headquarters in San Francisco, California. Our shares trade on the OTC Bulletin Board under the symbol: ANTS. For more information visit, www.ants.com.
This press release contains forward-looking statements within the meaning of the federal securities laws, including statements concerning financial projections, financing activities, product development activities and sales and licensing activities. Such forward-looking statements are not guarantees of future results or performance, are sometimes identified by words of condition such as “should,” “could,” “expects,” “may,” or “intends,” and are subject to a number of risks and uncertainties, known and unknown, that could cause actual results to differ materially from those intended or anticipated. Such risks include, without limitation: problems securing the necessary financing to continue operations should revenues not be sufficient to offset expenses, problems encountered in commercializing the ANTs technology, potential of undetected infringing technology or non-infringing competitive technologies, difficulties experienced in product development, roadblocks experienced in sales and marketing activities, longer than expected sales processes, difficulties in recruiting knowledgeable and experienced personnel, possible problems in migrating applications using the ANTs Compatibility Server (ACS), and potential problems in protecting the Company’s intellectual property. Further information concerning these and other risks is included in the Company’s filings with the Securities and Exchange Commission, including the Company’s most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2010, as supplemented by the Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2011. The Company undertakes no obligation to update or revise such forward-looking statements to reflect events or circumstances occurring after the date of this press release.
ANTs software inc.
Joe Kozak, 678-666-4808
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