Xedar Corp. (fka XDRC)

[di4]

XeDAR Files With SEC to End Public Reporting
May 13, 2009 8:00:00 AM
Copyright Business Wire 2009


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View Additional ProfilesDENVER--(BUSINESS WIRE)-- XeDAR Corporation (OTCBB:XDRC), provides homeland security, defense consulting and IT management-and-security services to the Departments of Homeland Security, Defense and others; the national intelligence agencies; and the U.S. Military. It announced today that it has filed paperwork with the Securities and Exchange Commission (SEC) to terminate the Company's registration under the Securities Exchange Act of 1934, as amended. As a result, the Company's obligation to file periodic and current reports with the SEC, including Forms 10-K, 10-Q and 8-K, has been suspended. The stock will continue to be quoted on the Pink Sheets alternative market.

Hugh Williamson, XeDAR's Chief Executive Officer, said "This decision comes after we spent more than 18 months trying to raise debt or equity to do more acquisitions on reasonable terms; efforts that proved unfeasible, largely due to the banking crisis and ongoing weakness in the equity markets. After careful analysis and deliberation, the XeDAR Board of Directors concluded that deregistration was both the fiscally responsible choice and the most advantageous decision for the company's stockholders."

XeDAR's Chief Financial Officer, Steven Bragg, adds that this does not mean that XeDAR is changing its plans for organic growth. "We view deregistration as a first step to assuring the sustained health of XeDAR," noting that the current recession has both depressed the stock price and contributed to very low trading volumes. He adds that "the benefits of remaining public are not there. In fact, the costs of remaining public are adding more burden. We currently spend nearly $500,000 annually just to remain a publicly traded company. Also, it is widely expected that regulatory burdens will increase, which will drive up our reporting costs even more."

Williamson stresses that XeDAR remains "extremely well-positioned in a growing and recession-proof market, and is seeing an increasing number of transaction opportunities open to us. We are successfully continuing our organic growth, and are 100% focused on being a profitable company, and maximizing shareholder value."

About XeDAR Corporation

XeDAR Corporation provides strategic consulting, systems analysis, predictive modeling, digital imaging, and geospatial data analysis tools and services to the Department of Homeland Security, the Department of Defense and other national intelligence agencies, as well as commercial clients.

Forward-Looking Statements

The statements included in this news release, other than statements of historical fact, are forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "expect," "intend," "estimate," "anticipate," "plan," "seek," or "believe." These forward-looking statements, which are subject to risks, uncertainties, and assumptions, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations about future events. There are important factors that could cause our actual results, level of activity, performance, or achievements to differ materially from the results, level of activity, performance, or achievements expressed or implied by the forward looking statements, including, but not limited to: (1) integration of operations as we acquire companies and (2) our ability to win additional government business based on the expertise of the combined companies. In particular, you should consider the risks outlined under the heading "Risk Factors" in our most recent Annual Report on Form 10-KSB. Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance, or achievements. You should not rely upon forward-looking statements as predictions of future events. These forward-looking statements apply only as of the date of this news release; as such, they should not be unduly relied upon as circumstances change. Except as required by law, we are not obligated, and we undertake no obligation, to release publicly any revisions to these forward-looking statements that might reflect events or circumstances occurring after the date of this report or those that might reflect the occurrence of unanticipated events.



Source: XeDAR Corporation


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Capital Group Communications
Inc. ("CGC")
Mark Bernhard
415-332-7200
[e-mail]
www.capitalgc.com