WESTBOROUGH, Mass., Jan. 4 - Applix, Inc. (Nasdaq: APLX), a global provider of Business Performance Management (BPM) and Business Intelligence (BI) software solutions, announced today that it has reached a settlement with the Securities and Exchange Commission concerning the SEC's investigation, begun in 2003, relating to the restatement of the Company's financial statements from fiscal years 2001 and 2002.
The settlement does not require Applix to pay a monetary penalty. Applix settled the proceedings without admitting or denying the Commission's findings, believing it was in the best interest of the Company and its shareholders to settle this matter rather face a protracted dispute with the SEC. As part of the settlement, Applix has consented to a cease and desist order requiring future compliance with Federal securities laws and regulations, and will retain a consultant to assist the Company in reviewing its compliance procedures.
David C. Mahoney, President and Chief Executive Officer of Applix, said, "We are very pleased to finally put this matter behind us, without the payment of a penalty, and are now able to completely focus our efforts on the company's future. Applix cooperated fully with the Commission during the course of the investigation, and we believe that this resolution attests to that cooperation as well as the forthright actions taken by our new management team since that time."
The SEC may bring suit against certain current or former employees in connection with this matter. The Company remains subject to indemnification obligations to certain former executives in accordance with the Company's Articles of Organization.
Applix (Nasdaq: APLX) is a global provider of Business Performance Management and Business Intelligence solutions. These solutions, based on Applix's TM1 analytics platform, enable the continuous planning, management and monitoring of performance across the financial and operational functions within the enterprise. Applix is a founder of the BPM Standards Group (http://www.bpmstandardsgroup.org), and has been recognized by numerous industry analyst groups for its technical leadership and vision in the marketplace.
More than 2,100 customers worldwide use TM1 for its tight integration with Excel, real-time response, adaptability, and low total cost of ownership. Delivered by Applix and by a global network of partners, TM1-based solutions help customers manage their business performance and respond to the marketplace in real time. Headquartered in Westborough, MA, Applix maintains offices in four countries in Europe, North America and the Pacific Rim. For more information about Applix, please visit http://www.applix.com.
Contact: Milt Alpern, Chief Financial Officer