DETROIT, Dec. 14, 2012 (GLOBE NEWSWIRE) -- Compuware Corporation (Nasdaq:CPWR) today announced that Covisint Corporation, currently a wholly owned subsidiary of Compuware, submitted a draft registration statement on a confidential basis to the U.S. Securities and Exchange Commission for a possible initial public offering of its Class A common stock ("Proposed IPO").
The Proposed IPO is intended, among other things, to give Covisint greater flexibility to pursue strategic opportunities and to increase the company's visibility in the marketplace. The Proposed IPO is expected to commence within three to six months as market conditions permit and subject to the SEC's review process.
This announcement is being made pursuant to and in accordance with Rule 135 under the Securities Act of 1933. As required by Rule 135, this press release does not constitute an offer to sell, or the solicitation of an offer to buy, securities, and shall not constitute an offer, solicitation, or sale in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.
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Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements in this announcement that are not historical facts, including but not limited to the statements regarding the purposes of the Proposed IPO and Covisint's ability to complete the Proposed IPO, represent only the current expectations, assumptions, estimates and projections of the Company and Covisint and are forward-looking statements. These forward-looking statements involve various risks and uncertainties. Important risks and uncertainties that could cause the actual results to be materially different from expectations include but are not limited to, market conditions, Covisint's ability to complete in the Proposed IPO, the clearance by the relevant regulators of the regulatory filings of Covisint relating to the Proposed IPO and the other risks set forth in the Covisint's filings with the U.S. Securities and Exchange Commission. Neither Compuware nor Covisint undertakes any obligation to update any forward-looking statement, except as required under applicable law.
