Transzap Awarded Fourth SAS 70 Type II Certification


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Sarbanes Oxley : Technology : SAS 70

Transzap Awarded Fourth SAS 70 Type II Certification

Peter Flanagan
President and CEO
Transzap

Transzap, Inc., provider of Oildex, the energy industry's leading digital data exchange and e-payable service, announced that the company has achieved its SAS 70 Type II certification for its design and execution of operational controls. This is the fourth time Transzap has achieved this distinction. Passing the SAS 70 Type II audit is critical for companies like Transzap as it provides customers and their auditors with industry-standard assurances that the necessary controls and procedures are in place to effectively manage and protect their data.

The SAS 70 Type II audit examined the integrity and security of Transzap's systems, including an exhaustive assessment of the company's controls in the area of operations. It also evaluated procedures critical to the processing of vast quantities of information, including the exchange of several billion lines of financial transaction detail.

"Transzap is honored to receive its fourth consecutive SAS 70 Type II certification," stated Peter Flanagan, President and CEO of Transzap. "Transzap prides itself on providing customers with a high level of data protection and reliability - and having SAS 70 Type II certification lets them know that we are committed to maintaining the highest industry standards and controls when it comes to protecting their mission-critical data.

"Transzap will continue to provide important data safety assurances to our customers, particularly those who must comply with Sarbanes-Oxley regulations," said Flanagan. "And we will continue to submit to annual examinations to ensure that our customers and their auditors can rely on our services and satisfy their SEC reporting needs."

The SEC's Sarbanes-Oxley Act of 2002 requires publicly held companies to submit proof that their service providers have measures in place to ensure a secure and stable environment for their data. A SAS 70 Type II Service Auditor's Report, conducted under guidelines established by the American Institute of Certified Public Accountants (AICPA), provides this proof.

About Transzap, Inc.
Transzap is the parent company of Oildex, which operates one of the energy industry's largest SaaS-based (Software as a Service) data exchanges, serving over 4,200 companies and 44,000 registered users. The Oildex suite of services streamlines operations, enabling companies to shift from paper-based processes to electronic and provides tools for companies to track and understand their transactions in near-real time. Currently available services include: digital and scanned invoice processing (Spendworks™), business intelligence (TrendX™), owner/producer relations data posting, check stub reporting (Checkstub Connect™ - CDEX), scanned check stub reporting (CDEX Complete™), joint interest bill processing (JIB Connect™), scanned JIB processing (JIB Complete™), crude oil data exchange (Run Ticket Connect™ - CODE) and production and sales volume reporting. Oildex has offices in Denver and Houston.

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