Today at 4pm EST/1 pm PST Sun Microsystems will upset the entire Reg FD Press Release ecosystem. To quote Jonathan Schwartz, CEO of Sun Microsystems from his blog:
"I’ve asked our investor relations (known as "IR") and press relations ("PR") teams to gear up to announce our results via Sun’s web site and RSS feeds. We will announce our results to the general public via Sun’s IR web site before making that same information available through the third party news services that traditionally distribute such information to paying subscribers. We will simultaneously file a Form 8-K with the United States Securities and Exchange Commission (for their redistribution).
Specifically, we will publish our results to this web site on July 30th at 1:00 PM (Pacific Time), which will in turn be disseminated via open syndication protocols (namely, RSS) to those who have subscribed to Sun’s news feeds. 10 minutes after publication to the internet, we will distribute this information via traditional news wires for dissemination to private news agencies and distribution vehicles. " Read the full post.
To be clear Sun’s earnings release will come 10 minutes prior to distribution via PR Newswire! (PR Newswire is Sun’s Press Release distribution service)
Newstex will import Sun’s Earning Release via Sun’s RSS Feed and then distribute it in real time to our customers who receive the Newstex Press Release newsfeeds. Thus our customers will receive it in real time from Sun and then 10 mintues later from Sun via PR Newswire.
Matt Mike Dillion, Sun’s General Counsel blogs more details here.
We could not find any comment from PR Newswire, but BusinessWire has a nice counterpoint post titled "Sun’s Solar Eclipse:A Return to The Dark Age of Disclosure"
We’ll keep you informed as this story develops. If you are a public company syndicating your REG FD information via RSS and would like Newstex to add your content to our Newstex Press Release Newsfeed, email Newstex at email@example.com.