TYSONS CORNER, Va., Nov. 14, 2013 (GLOBE NEWSWIRE) -- InferX Corporation (OTC/PK:NFRX) announced the planned acquisition of e-Discovery firm Crossfield Data Services, Inc. and retaining Wynston Hill Capital, LLC to assist in an upcoming financing round. Crossfield has a strong track record in the e-discovery arena and specialized document discovery tools including CFD Timekeeping Toolkit for FLSA Compliance; CFD Review-e-Discovery processing and review software, a fully integrated software suite that stores e-Discovery documents in a centralized database.
The Company also announced restructuring of the executive management team. Michael J. Deale, now serving as Acting EVP Services and Marketing and Crossfield President, is appointed CEO and President. Mr. Deale is a former Silicon Valley senior executive with Red Pepper software which was acquired by Peoplesoft under highly favorable terms. He also led and exited several other software ventures and served as Entrepreneur in Residence and investor in NextGen Capital, a venture capital fund. Paul B. Silverman, currently President and CEO, is appointed Executive Chairman and will also serve as Senior Advisor. B.K. Gogia is appointed Senior Healthcare Advisor.
"Coupling Crossfield's experience and resources with our predictive analytics technologies enhances our legal analytics offering which is a strategic target within the Financial Analytic Management Solutions ("FAMS") portfolio," said Paul B. Silverman, Executive Chairman and former CEO. " Michael Deale brings a proven track record and outstanding experience to lead the InferX team and continue the current momentum we are building to create value for shareholders," said Silverman.
Both Paul Silverman and Michael Deale will execute three year employment agreements with the Company. Additional management announcements are expected in coming weeks.
"InferX's powerful suite of proprietary predictive analytics technologies support exciting new applications helping users maximize performance and minimize risk," said Michael J. Deale, InferX CEO and President." I look forward to working with Paul Silverman and the InferX team to position the Company to establish a leadership position in the global analytics market," said Deale.
Michael J. Deale has extensive experience in the data analytics industry and a strong track record managing successful technology companies. Mr. Deale has 10 years in litigation support and served as an expert witness in numerous cases. In prior positions he developed Enterprise Applications Databases working with Fortune 500 companies. He has testified in Federal and State Courts, filed numerous affidavits, declarations and expert reports for litigation, arbitration and government investigations. He has served as senior executive of high growth, software and technology firms in Northern Virginia and also served as Entrepreneur-in-Residence at the NextGen Capital Fund. He spent eight years in Silicon Valley. He served as Vice President for Customer Advocacy at Arbor Software (now Hyperion Solutions) and directed education programs and technical consulting for On-Line Analytical Processing (OLAP) software companies. He also served as Director of Technology for Red Pepper Software and created a best-in-class, enterprise scale supply chain management suite. Red Pepper Software was acquired by PeopleSoft in 1996 in a successful exit for Red Pepper investors. Mr. Deale is a graduate of the University of Virginia and George Mason University and holds BS and MS degrees in Computer Science.
About Crossfield Data Services
Crossfield Data Services provides advanced data analytics in support of litigation and government investigations. By utilizing in-house developed software and industry-leading practices, Crossfield can rapidly turn mountains of data into valuable information to support or disprove litigation theories. Structured ESI ("Electronically Structured Information"), are a source of facts which can be rapidly computed by examining large volumes of disparate raw data, often from diverse sources, providing advantages compare to traditional econometric models or sampling techniques often used by other litigation support data analytics practices. Crossfield also offers CFD Timekeeping Analysis, a proprietary toolkit designed to rapidly analyze timekeeping data and ensure compliance with FLSA regulations. Our consultants have applied the toolkit in class action litigations to create valuable information. The CFD toolkit provides support for legal teams to enter settlement negotiations with defensible, reliable information about potential liability. Crossfield's CFD Review, a proprietary e-Discovery processing and review software, runs in a dedicated e-Discovery processing environment to create the most advanced and flexible capabilities in the industry. Given the increasing complexity of e-Discovery, this flexibility reduces the cost and time burden when responding to opposing counsel's e-Discovery requests. Crossfield Data Services is headquartered in McLean, Virginia. For more information visit the company's website.
About InferX Corporation
InferX is a market leader in next generation distributed Predictive Analytics and Business Intelligence Products and Solutions. InferX has pioneered and commercialized a powerful, patented suite of advanced data analytical solutions that improve corporate performance across the enterprise in the healthcare, financial services, and government markets. The Company has two patents issued for its real time, distributed predictive analytics and business intelligence system. InferX is uniquely capable of delivering secure, real-time, and privacy preserving intelligence and decision support — all without the need to move data. InferX is headquartered in Tysons Corner, VA. For more information, visit the InferX website www.inferx.com
About Wynston Hill Capital LLC
Wynston Hill Capital LLC (www.wynstonhill.com) is a New York City-based boutique investment banking firm focused primarily on serving middle market companies. Wynston Hill partners have a unique expertise in helping companies maximize the value of their brands. The firm combines its strategic financial capabilities with creativity and differentiated thinking to increase collective shareholder value. The principal activities of the firm are public and private financings, corporate finance services, including mergers, acquisitions, and divestitures, institutional and retail services, asset management and real estate development. Wynston Hill Capital LLC is a Member of FINRA and SIPC.
Forward-Looking Statements
Certain statements above, in press releases and NFRX officials oral statements are "Forward-Looking Statements" (FLS) according to the Private Securities Litigation Reform Act of 1995 (the "Act"). FLS include statements predictive in nature, depending upon or referring to future events / conditions, including words like "believes," "anticipates," "intends," "plans," "expects," and similar expressions. Statements concerning future financial performance (revenues, earnings, and growth rates), ongoing business strategies / prospects, and future actions, which may be provided by management, are also FLS as defined by the Act. The actual and any future results, performance or achievements of the Company, expressed or implied, may be materially different and vary significantly for different reporting periods due to FLS that involve known and unknown risks and other factors. See InferX's 10-K for 12/31/11 for a discussion of those risks. Management believes that the assumptions made and expectations reflected in the FLS are reasonable. There is no assurance that the underlying assumptions will prove to be correct and the actual future results may be different from expectations expressed above. These statements are not guarantees of future performance. NFRX has no specific intention to update these statements.
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