SOURCE: TradeCard, Inc.

TradeCard, Inc.

June 09, 2009 10:01 ET

TradeCard Completes Type II Examination in Conformity With Statement on Auditing Standards No. 70 (SAS 70)

NEW YORK, NY--(Marketwire - June 9, 2009) - TradeCard, Inc., the leading supply chain collaboration platform, has completed its third consecutive examination in conformity with Statement of Auditing Standards No. 70 (SAS 70), Service Organizations, for the period January 1, 2008 through December 31, 2008. The SAS 70 Type II examination was performed by an independent audit firm and it covered the company's internal control related to the processing of transactions impacting customers and partners on its TradeCard Platform.

"The TradeCard Platform has evolved into a multienterprise collaboration hub that delivers an extensive range of supply chain execution services to 4,000 retailers, brands, suppliers and service providers in 50 countries," said Kurt Cavano, CEO of TradeCard, Inc. "Data from our partners and customers, along with the control processes that surround them, are vital to our business and we take extensive measures to fully secure our service delivery infrastructure. The SAS 70 examination is an important factor for our customers as they evaluate outsourcing their IT infrastructure. The SAS 70 audit verifies that our platform operations maintain the highest levels of security and accuracy throughout the TradeCard transaction flow."

Completion of the SAS 70 Type II examination indicates that selected TradeCard processes, procedures and controls have been formally evaluated and tested by an independent accounting and auditing firm. The examination included the company's controls related to security monitoring, change management, service delivery, support services, backup and environmental controls, logical and physical access.

SAS 70 is identified by the U.S. Securities and Exchange Commission (SEC) as an acceptable method for a user organization to rely on for a service organization's internal control without conducting a separate assessment.

A SAS 70 examination is widely recognized because it represents that a service organization's internal control activities that relate to an audit of the financial statements of its customers have been examined. A Type II report not only includes the service organization's description of controls, but also includes tests of operating effectiveness of the service organization's controls.

The TradeCard Platform enables exception-based procure-to-pay processes and delivers supply chain services on a hosted platform that enhances visibility into the movement of payments and products in the extended supply chain to eliminate delays. More than 30,000 individual users rely on TradeCard to connect and transact with trade partners. Last year TradeCard added more than 1,000 new members and use of trade finance products on the TradeCard Platform tripled as buyers and their suppliers sought a safe haven from credit concerns during the global credit crisis.

TradeCard's software-as-a-service (SaaS) delivery model combined with local support presence in 50 countries enables buyers, suppliers and service providers to easily connect and transact without adding additional resources and staff. Financial services available on the TradeCard Platform help companies of all sizes to better compete by improving margin and cash flow. TradeCard's global support team enables rapid deployment in as little as 90 days.

About TradeCard, Inc.

TradeCard, Inc. is the leading provider of on-demand supply chain management solutions. The TradeCard Platform synchronizes financial transactions with physical events in the global supply chain to help customers automate trade transactions from purchase order to payment and chargebacks. Buyers, suppliers and their trading partners manage transactions through a web-based platform with online financial services integrated into the workflow. This turnkey transaction management enables customers to improve margins and enhance growth, with extra-organizational supply chain visibility. TradeCard's on-the-ground trade experts throughout the world assure superior supply chain agility.

TradeCard manages global trade for thousands of users in over 50 countries, including Columbia Sportswear, Rite Aid and Wolverine Worldwide. TradeCard Inc. is headquartered in New York City and has offices in San Francisco, Hong Kong, Brussels, Taipei, Seoul, Colombo, and Shenzhen. TradeCard is located online at www.tradecard.com.

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