Press Releases: 02/22/2010

OL&T Expands Scope of SAS 70 Certification Process to Include Europe

Expanded scope of Type II examination supports Sarbanes-Oxley Requirements for OL&T clients

DANBURY, Conn. (Feb. 22, 2010) — Odyssey Logistics & Technology Corporation (OL&T), a global  logistics and transportation service provider for chemical and process industries, has expanded the scope of the SAS 70 Type II certification to include the European, Middle East and African (EMEA) region in addition to the company’s North America region. The SAS70 audit was conducted by the independent audit firm of BDO Seidman, LLP and issued on January 15, 2010.

SAS70 is a widely recognized and highly stringent auditing standard for service organizations, developed by the American Institute of Certified Public Accountants (AICPA).  According to OL&T Executive Vice President and Chief Financial Officer Cosmo Alberico, “OL&T’s service model requires managing high volumes of transactions that encompass a wide range of data-dependent, freight-related activity, and the SAS 70 certification demonstrates our company’s commitment to rigorous controls to deliver a fully secure, reliable information technology environment.”

“What’s more,” Alberico said, “Expanding SAS 70 scope to include EMEA enhances OL&T’s ability to deliver best-in-class transportation management and logistics services to our global customers.”

Toine Matthijssen, managing director, OL&T Europe added, “Having the same systems and processes in the Americas aided us in our success with becoming SAS 70 certified here in Europe.   The advantages of operating from one global technology platform not only had significant benefits to our global customer base, but it also allowed for an efficient audit.

“The controls also depict an adequate segregation of duties to prevent one individual or employee group from having exclusive control over transactions. The team at Odyssey Logistics & Technology is consistently maintaining controls that guard our customers’ critical data and hosted infrastructure,” Alberico said.

Statement on Auditing Standards No. 70:  Service Organizations (SAS 70) is an auditing statement issued by the Auditing Standards Board of the AICPA and defines the professional standards used by a service auditor to assess the internal controls of a service organization and issue a service auditor’s report.

Further, the requirements of Section 404 of the Sarbanes-Oxley Act of 2002 make SAS 70 audit reports important to the process of reporting on effective internal controls at service organizations. Organizational controls include application development and maintenance controls, logical security and access controls, application controls, system maintenance controls, data processing controls and business continuity controls.

About BDO Seidman
BDO Seidman, LLP, a U.S. professional services firm, provides assurance, tax, financial advisory and consulting services to a wide range of publicly traded and privately held companies. The firm serves clients through 37 offices and more than 400 independent alliance firm locations nationwide. As an independent Member Firm of BDO International Limited, BDO serves multi-national clients through a global network of 1,138 offices in 115 countries.

About OL&T
Odyssey Logistics & Technology (OL&T) delivers a comprehensive portfolio of managed logistics and third-party services to the global chemical and process manufacturing industries. The Odyssey Global Logistics PlatformSM  is OL&T’s technology infrastructure, and features a proprietary net-native transportation management system that supports the safe, reliable and efficient delivery of client products throughout the world.

With more than 30 percent average annual revenue growth for the last five years, OL&T moves products with more than $42 billion in value between 185,000 origins and destinations and 220 ports worldwide, servicing midsize to large global chemical and process industry clients.

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