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Apurba Joins AGC Surety Connection Project at CSU Chico to Develop an Extension to XBRL Taxonomy for the Construction and Energy Industries

Apurba Technologies Inc.

SUNNYVALE, Calif., June 3, 2014 (GLOBE NEWSWIRE) -- Apurba Technologies Inc. announced today that it has joined the AGC Surety Connection Project at CSU Chico lead by Chico alumni and Surety executive Dixon Wright to develop open standards and interoperability for the construction and energy industries supported by a grant from Chico alumni Paul Thompson of West Bay Builders. The AGC Surety Connection Project at CSU Chico is a university based multi industry shared R&D facility for creating the building blocks needed to foster interoperability.

This collaboration aims to create an open data exchange format for interoperability between various entities, particularly financial services, construction and energy. The goal is to design this as a formal extension to the established data format for business and financial information reporting and compliance, known as eXtensible Business Reporting Language, or XBRL.

The recently enacted Data Act mandates all activity that includes federal funding to be administered with transparency, requiring universal adoption of open data standards to achieve its objective. The Data Act has not formally identified which standard will be adopted, instead left it open for consensus building and deliberation.

XBRL is currently the standard for compliance reporting by public companies to the US Securities and Exchange Commission and is a leading contender for compliance with the Data Act.

This collaboration is a first step towards implementing the essence of the Data Act by bringing together stakeholders from multiple industries toward a common approach.

"Open data standards are increasingly being adopted across industries to foster interoperability and transparency not only in the financial industry, but also in other industries such as energy and construction," said Fuad Rahman, CEO of Apurba Technologies Inc. "Apurba is very happy to provide its technical expertise and domain knowledge of XBRL and open data formats in this most time appropriate venture."

About Apurba Technologies Inc.

Apurba Technologies Inc. is a Silicon Valley based software development company that specializes in building software - specifically in regulatory compliance, data mining, large data analytics, mobile enterprise and mobile app development spaces. Apurba is a member of XBRL US.

CONTACT: Fuad Rahman Chief Executive Officer Tel: 408-858-1304 www.apurbatech.com, www.agcsuretyconnectionprojectatCSUChico.com

Source:Apurba Technologies Inc.