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3rdwave Global Commerce Management Removes Sarbanes-Oxley Compliance Concerns for Companies That Source GloballyTORONTO --(Business Wire)-- April 5, 2005 -- Blinco Systems Inc. announces that its 3rdwave Global Commerce Management ("3rdwave GCM") solution provides the framework needed for companies to establish, document, review and certify procedures required by Sections 404, 302, 401 and 409 of the Sarbanes-Oxley Act of 2002 ("S-OX"). While providing a solid foundation for Section 404 compliance procedures and documentation (management assessment of internal controls), 3rdwave GCM focuses on delivering a powerful value proposition by highly automating Sections 302 (corporate responsibility for financial reports), 401 (disclosures in periodic reports) and 409 (real time issuer disclosures) S-OX compliance. 3rdwave GCM is designed specifically to manage and provide visibility into global sourcing, asset and non-asset-based manufacturing and global distribution, and thus meets S-OX' requirements for not only Section 404, but also for Sections 302, 401 and 409. 3rdwave GCM clients regularly close their financial month and year ends within 48 to 72 hours - well within the optimal 35 day target as set out by S-OX. Ned Blinick, Blinco Systems' V.P. Sales & Marketing, said, "Most of the focus and very high cost of S-OX compliance is on Section 404, which manages procedures and documentation. Organizations must establish documented internal controls and regularly evaluate how effective these controls are. However, the results and benefits of a successful Section 404 implementation should be on having better financial controls, reporting capability and transparency so CEOs and CFOs can make better strategic decisions, increase profitability and confidently certify their company's financial reports. Companies should focus on the real value of their S-OX implementation, which is delivered with Sections 302, 401 and 409 of S-OX." Blinick added, "As companies go global, the complexity of doing global commerce, and the demands made on firms for S-OX compliance, requires systematization of processes that are very difficult to systematize. To be S-OX compliant requires tools that support: a) procedural integrity and total supply chain visibility; b) execution and integration tools that competently handle the complexities of cross-geography execution; and c) provides transparency into all activities that materially affect their organization's financials. Within a S-OX regime, companies can't have any gaping holes in their global processes (global or domestic) and resulting financial reporting. Senior management and Boards need to be absolutely confident whenever they sign off on their financial reports that their financial statements accurately reflect anything material that's taken place across their global supply chain." Blinick explained, "Since 3rdwave GCM supports integrated process controls, execution of global commerce and creates true financial transparency in a real-time environment, being S-OX compliant is not an issue for 3rdwave's client CFOs. All 3rdwave clients, whether a +$2.0 billion global sourcing division of a major automotive manufacturer, or a $100 million import division of a multi-billion dollar specialty food distributor, can easily meet S-OX' requirements because 3rdwave GCM imposes procedural reliability and the financial integrity required for reporting all of their global commerce activities." BACKGROUNDERS: 3rdwave GLOBAL COMMERCE MANAGEMENT (3rdwave GCM) bridges the gaps between ERP systems and specialized point solutions. ERP systems only have rudimentary cross-geography execution, visibility and supporting global financial management capabilities. The narrow focus of point solutions make supporting a fully-integrated environment difficult. 3rdwave GCM is a robust, real-time solution with sophisticated cross-geography execution, visibility and global financial management tools. The solution is designed specifically to run businesses in a global environment, and is built on a fully-integrated and synchronized information architecture. 3rdwave GCM has the ability to provide full transaction support and ensures users will be compliant with Sections 302, 401, 404 and 409 of S-OX. SARBANES-OXLEY ACT OF 2002 (S-OX), particularly Sections 302 and 404, governs financial reporting and documentation of internal controls, and impacts every financial aspect of a corporation, including products imported and/or exported via the global supply chain. S-OX requirements and processes include, but are not limited to: C-TPAT participation and audit compliance, customs valuations, Certificates of Origin, HTUS/Schedule B classifications, Letters of Credit and money transfers, quota documentation, and transfer pricing, among others. BLINCO SYSTEMS INC. (BSI) is a leading developer and solutions provider in the area of global commerce management, synchronized supply chain execution and consulting services to companies involved in global trade and commerce. BSI's clients range from global sourcing divisions of multi-billion dollar companies to SME's who participate in the global sourcing and distribution of goods. 3rdwave's applications globally automate product, order life-cycle, and sales processes for leaders in the automotive, consumer goods distribution (hard goods and soft goods), food, metals trading, retail, apparel and break bulk areas, among others. Blinco has been nominated to Global Logistics & Supply Chain Strategies', Consumer Goods Technology's, Food Logistics', and Inbound Logistics' Top 100 vendors. Supply Chain Systems' Magazine and AMR Research voted 3rdwave's client, Honda Trading America, as North America's leading "Supply Chain Innovator" in 2000. International headquarters are in Toronto, Canada; U.S. offices are in New York, NY. To learn more, visit the company's website at www.blinco.com. |
