NetWorth Services and EDI Announce Debut of Netbasis-Canada

PHOENIX, Oct. 5, 2011 /PRNewswire/ -- NetWorth Services, Inc., a leading provider of cost basis products and services, is pleased to announce the introduction of a new addition to their suite of Netbasis products – Netbasis-Canada.  The result of a synergistic collaboration between NetWorth Services and Exchange Data International (EDI), Netbasis-Canada will provide crucial cost basis services to the Canadian financial industry.  

Netbasis-Canada (http://canada.netbasis.com) is an internet-based system that can rapidly retrieve historical pricing and corporate action information and calculate the adjusted cost basis. Providing supporting documentation, a detailed display showing each adjustment and calculation in chronological order literally recreates every event and adjustment that happened to a security during the holding period.  

"We are very excited about this marriage between the premier worldwide data provider, EDI and NetWorth Services.  Calculating cost basis can be a daunting task for the Canadian financial industry as well as the US and we know that Netbasis-Canada will provide a very valuable service to that market," says Nico R. Willis, CEO of NetWorth Services, Inc.  "Like the US, the recent financial crisis in Europe will most likely result in an increase in corporate events in the European market as well as the need for accurate cost basis calculations."

With as little information as the year of purchase, Netbasis-Canada quickly and easily filters through its massive database of financial information and within seconds, reaches back into time and recreates a complete history of that investment, and then delivers an accurate adjusted cost basis.  Corporate and individual investors often rely heavily upon their investment advisors to understand and handle every aspect of their complex investment transactions.  While most brokerage firms are able to provide some cost basis information to their clients, too frequently the information is incomplete or unreliable. It becomes even more complicated when investors transfer their accounts from one firm to another, often losing valuable cost basis information that may have been collected about their securities transactions. In the absence of an industry standard, investors are left to the whim of different firms using different methods to perform their calculations. Together with the time constraints of tracking years of historical information, unfortunately "best guess" has become the only viable solution.  

"This year, we have concentrated our effort on strengthening our growth and development in Canada and opened a new office in Montreal. We are delighted to share our expertise with NetWorth Services and launch Netbasis-Canada which will enable the financial industry to easily access critical cost basis data," says Jonathan Bloch, CEO at EDI.

NetWorth Services, Inc. (NWS) (www.networthservices.com) is a financial web application and database software company, headquartered in Phoenix Arizona, with offices in New York and Philadelphia, PA.  In response to the increased demand for an accurate and efficient automated cost basis calculation solution, NetWorth developed its flagship product, Netbasis in 1997, which retrieves historical corporate actions, and calculates dividend reinvestment and pricing adjustments which can affect the original cost basis of securities.  Netbasis quickly and accurately determines the adjusted Cost Basis or original price of financial securities (e.g., stocks and open and closed end mutual funds) regardless of their history of capital changes.

Exchange Data International (EDI) (www.exchange-data.com) specializes in the collection and delivery of hard-to-get, accurate and high quality data to the financial industry. EDI provides customized data sets and ad-hoc feeds for Worldwide Corporate Actions, Worldwide Dividends, Worldwide End of Day Prices and Securities Reference Data. EDI constantly develops its suite of products and its geographic coverage.

SOURCE NetWorth Services, Inc.