COMPLIANCE WITH REGULATIONS KEY TO SOLUTION DEPLOYMENT
SANTA BARBARA, Calif. — January 12, 2015 — Precision Software, a division of QAD Inc. (NASDAQ:QADA) (NASDAQ:QADB), and a leading provider of industry-leading transportation and global trade management software solutions, today announced that Serial System Ltd., a Singapore-based distributor of electronic and electrical components, selected its PRECISION Trade Compliance and Global Trade Management solution.
The deployment of PRECISION Trade Compliance and Global Trade Management software provides increased visibility into trade compliance screenings and helps standardize critical business processes. It enables Serial System the ability to automate compliance checks and audit compliance processes to ensure due diligence with in-country regulatory programs and cross-border customs requirements.
“We are pleased to deploy the PRECISION Trade Compliance and Global Trade Management solutions to help us better support our supplier network requirements,” stated Serial System Ltd. Vice President Sidney Thong, Corporate IT & Central Functions. “Regulatory compliance is a critical consideration for a global distributor of electronic components and Precision’s solution helps ensure we are compliant in all markets we serve.”
“Global distributors of electronic and electrical components must comply with regulations from the various jurisdictions in which they operate or risk suspended operations,” said Precision Software President Steve Gardner. “The PRECISION solution automates screening processes and provides the audit trail necessary for any required audits which addresses a major concern for companies operating in multiple markets.”
The implementation of the PRECISION Trade Compliance and Global Trade Management solution has helped the company meet trade compliance requirements for Serial System’s Line Card suppliers and local customs authorities. All orders are screened through the Precision software when shipped from warehouses across Asia. This was a critical factor as Serial System Ltd. required a scalable solution able to maintain regulatory compliance with markets throughout Asia, Europe and the United States.
About Serial System Ltd.
Serial System Ltd. is an Asian based company listed on the Singapore Exchange that distributes electronic and electrical components. With more than 1000 employees in over fifty offices and eight product distribution centers and 2 third-party logistics warehouses, in key Asian markets, namely, Singapore, China, Hong Kong, India, Indonesia, Japan, Malaysia, Philippines, South Korea, Taiwan, Thailand and Vietnam. Serial System has one of the largest and most extensive distribution networks in the region.
About Precision Software – Effective Enterprise Logistics
Precision Software, a division of QAD Inc. (NASDAQ: QADA) (NASDAQ: QADB), provides an industry-leading transportation and global trade management software solutions on a single, integrated platform. The Precision suite of products is designed with open architecture allowing for easy integration with most Enterprise Resource Planning (ERP) solutions and Warehouse Management Systems (WMS), and other existing solutions to reduce transportation costs, avoid delays at border crossings and mitigate the risks associated with dynamic trading environments. Precision Software enables customers and partners in the life sciences, consumer packaged goods, electronics, retail, industrial products, and food and beverage verticals and third-party logistics providers to meet their goals of better managing Logistics, and becoming more Effective Enterprises.
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Note to Investors: This press release contains certain forward-looking statements made under the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding projections of revenue, income and loss, capital expenditures, plans and objectives of management regarding the Company’s business, future economic performance or any of the assumptions underlying or relating to any of the foregoing. Forward-looking statements are based on the company’s current expectations. Words such as “expects”, “believes”, “anticipates”, “could”, “will likely result”, “estimates”, “intends”, “may”, “projects”, “should”, “would”, “might”, “plan” and variations of these words and similar expressions are intended to identify these forward looking statements. A number of risks and uncertainties could cause actual results to differ materially from those in the forward-looking statements. These risks include, but are not limited to: evolving demand for the company’s products and companion products; the ability to sustain license and service demand; fluctuation in revenue and earnings in the software industry; the ability to leverage changes in technology; the ability to sustain customer renewal rates at current levels; third party opinions about the company; the reliability of estimates of transaction and integration costs and benefits; competition in our industry; delays in localizing the company’s products for new or existing markets; the ability to recruit and retain key personnel; delays in sales; changes in operating expenses, pricing, timing of new product releases, the method of product distribution or product mix; timely and effective integration of newly acquired businesses; general economic conditions; exchange rate fluctuations; and, the global political environment. For a more detailed description of the risk factors associated with the company, please refer to the company’s latest Annual Report on Form 10-K, and in particular, the section entitled “Risk Factors” therein, and in other periodic reports the company files with the Securities and Exchange Commission thereafter. Management does not undertake to update these forward-looking statements except as required by law.