Implementation Spans Five Locations Across Two Continents
Petaluma, California – November 2, 2010 – Vibato is pleased to announce the recent implementation of a robust internal controls framework for Worldwide Energy and Manufacturing USA, Inc. (OTC BB: WEMU) at their California headquarters and four additional subsidiaries located throughout China. Vibato products were implemented at each location to establish a comprehensive, scalable set of controls and procedures to support Worldwide’s Sarbanes-Oxley, Section 404(a) and (b) compliance requirements.
Worldwide, headquartered in South San Francisco, California, is a 17-year-old engineering-oriented firm specializing in photovoltaic (PV) module, mechanical, electronics and fiber optic products manufacturing. The Company specializes in products for customers in the solar energy, aerospace, wireless telecommunications, medical equipment and automotive industries.
Vibato performed an on-site implementation at each of the five locations that included a risk assessment, best-practice controls implementation and risk mitigation, segregation of duties analysis, and complete supplemental documentation to execute each control. Training, language translation, and remediation assistance were also provided along with initial controls testing and review to ensure an effective baseline was established. This modular, scalable approach provides standardized controls across locations, localization where required, and support for corporate-level controls at Worldwide’s headquarters.
“We are very pleased with Vibato’s commitment to our success and the value they deliver through their software-based approach,” said Gerald DeCiccio, Chief Financial Officer of Worldwide Energy and Manufacturing USA, Inc. “They helped us instill the process understanding and discipline necessary to prepare us for our growth plans, in a very cost-effective manner, and performed valuable client advocacy services with our auditors on our behalf.”
“Worldwide Manufacturing is an excellent example of a fast-growing, multi-location, international company that required a rigorous foundation of internal controls to stay on top of their financial reporting compliance activities across a diverse set of locations,” said Bill Bockwoldt, Chief Executive Officer of Vibato. “The standardized but scalable approach we offer is ideal for companies with distributed organizations that need a flexible solution to adapt to their unique cultural and organizational characteristics.”
Vibato was founded in 2008 to leverage a proven, best-practice methodology for implementing and maintaining internal controls over financial reporting. Vibato’s unique software products identify risks, map mitigating controls, and provide complete supporting documentation to implement a complete internal control infrastructure in a matter of days. Our streamlined approach has been benchmarked against the Big Four audit plans, and deployed successfully across a diverse array of industries. Vibato solutions focus on scalability, standardization, modularity, and efficiency to deliver a compelling return-on-investment for companies of all sizes, in every industry.
About Worldwide Energy and Manufacturing USA
Worldwide Energy and Manufacturing USA, Inc. (http://www.wwmusa.com), headquartered in South San Francisco, California, is a 17-year-old engineering-oriented firm specializing in photovoltaic (PV) module, mechanical, electronics and fiber optic products manufacturing. The company's worldwide customer base includes the solar energy, wireless telecommunications, aerospace, automobile and medical equipment industries. Subsidiaries include Shanghai Intech Electro Mechanical Products Co. Ltd., Shanghai Intech Electronics Manufacturing Co. Ltd. and Shanghai Intech Precision Mechanical Products Manufacturing Co. Ltd., located in Shanghai, China.