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After a disastrous merger with AremisSoft that nearly sank the business of Richfield-based Fourth Shift Corp., Randy Tofteland and other managers spent nearly three years picking up the pieces and assembling them into a new company, called SoftBrands Inc.
Now, at last, those pieces are falling into place. SoftBrands plans to Me papers in January with the Securities and Exchange Commission that will allow it to once again trade on national exchanges, after years of exile following a financial scandal. The problem wasn't Fourth Shifts accounting, but that of Westmont, N.J.-based AremisSoft, which bought the business-soft ware provider in 2001 just months before the news of sketchy AremisSoft international deals came to light.
Tofteland said that the company has finally assembled the three years of audited financial statements required by the SEC, material it couldn't provide before because it couldn't verify the AremisSoft numbers. Assuming the SEC doesn't raise further questions, the company could once again be trading on national markets by spring.
"That's an important milestone for our shareholders," said Tofteland, the president and chief operating officer of SoftBrands. "We're committed to helping them return to the point...