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READY OR NOT, HERE COMES EDGAR SEC'S OPERATIONAL SYSTEM RECEIVES FIRST LIVE FILING

 READY OR NOT, HERE COMES EDGAR
 SEC'S OPERATIONAL SYSTEM RECEIVES FIRST LIVE FILING
 NEW YORK, July 16 /PRNewswire/ -- At 7:30 a.m. Wednesday morning July 15, the Securities and Exchange Commission, which turned 58 on July 2, gave birth to EDGAR, its long-awaited electronic filing system, after an eight-year gestation period. One minute later, at 7:31 a.m., EDGAR successfully received its first live filing, a Form S-8 registration statement transmitted by Bowne & Co., Inc. (AMEX: BNE) to the EDGAR project's network of five fault-tolerant Stratus(R) computers at the SEC's Operations Center in Arlington, Va. Bowne, the world's largest financial printer, is part of the team that assisted the SEC in developing EDGAR.
 With the successful July 15 inauguration of the operational phase of electronic filing, the time has come to start taking the long-delayed EDGAR system seriously, according to Bowne's director of EDGAR Services, Robert T. Buckholz. He noted that the commission's published timetable calls for it to release its schedule for phasing in the first wave of the 14,300 U.S. filing companies, expected to number about 1500, this summer, and anticipates required filings starting in the second quarter of 1993 (after the 10-K filing season).
 EDGAR Readiness-Audit Finding: Thus Far, Few Are
 Bowne, which offers an EDGAR Readiness Audit to help companies determine what upgrades they might need - in hardware, software, personnel and staff training -- should they wish to do some or all of their own EDGAR filings, has found that few U.S. companies as yet are prepared to file their quarterly Form 10-Q's, annual Form 10-K reports and other requires private-sector partners, has been laboring since it was first announced in 1984, to build EDGAR. And the challenge was daunting. EDGAR must be capable of accepting (computer-to-computer, over phone lines via modern, or by delivery of diskettes or magnetic tape) all required SEC filings from all public companies, large and small. It must absorb the crush of year-end 10-K's and quarterly 10-Q's. And it must protect the confidentiality of certain market- sensitive documents filed with the SEC, while rapidly releasing others to the public, via electronic databases.
 10 Million Pages Filed Annually
 EDGAR's primary function is to help the SEC staff continue to fulfill its mandate to protect investors and maintain fair and orderly securities markets. To continue to fulfill its mandate, the SEC's staff must dig itself out from under an ever-growing mountain of paper filings -- an estimated 10 million pages per year -- that is clogging the regulatory gears and could render the commission's oversight task impossible to perform. A secondary goal of EDGAR is to speed the flow of nonconfidential filings to the public via databases.
 The team chosen by the SEC to make EDGAR a reality includes Bowne & Co., Inc., the world's largest financial printer. Bowne, a publicly held company, files its own 10-K's, 10-Q's, etc. electronically and was also the first company to join the fledgling EDGAR pilot project, in 1984. Bowne has served as the EDGAR filing agent on thousands of EDGAR filings for those of its financial printing clients that volunteered for the project's pilot phase.
 Five Companies on EDGAR Contract
 The EDGAR-contract team includes BDM International, Inc.; Bowne & Co., Inc.; CompuServe Information Service; Disclosure Inc., and the Mead Data Central division of Mead Corp.
 Bowne & Co., Inc. founded in 1775, is the world's largest financial printer. It specializes in the preparation and distribution of documentation for securities offerings, corporate restructurings, and other financial transactions.
 -0- 7/16/92
 /CONTACT: Robert T. Buckholz of , 212-924-5500, or David L. Rosenstein of Public Interest Marketing, 212-268-7790, for Bowne & Co./ CO: Bowne & Co. Inc. ST: New York IN: PUB SU:


SM-OS -- NY102 -- 9931 07/16/92 16:08 EDT
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Date:Jul 16, 1992
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