Daily Archives: March 2, 2017

EPAM Awarded ISAE 3402 Type 2 Certification for All Major Development Centers Worldwide

Company’s 10th Consecutive Year of Leading the Region with Effective Compliance and Control Strategy

NEWTOWN, Pa., March 02, 2017 (GLOBE NEWSWIRE) — EPAM Systems, Inc. (NYSE:EPAM), a leading global provider of product development and software engineering solutions, today announced that its development centers in Belarus, Bulgaria, China, Czech Republic, Hungary, Kazakhstan, Poland, Russia, and Ukraine have been successfully reassessed for the International Standard on Assurance Engagements (ISAE) 3402 Type 2 certification. This certification demonstrates proof of a sustained, effective global control mechanism. The assurance report, issued by Deloitte Auditing and Consulting Ltd, was the result of a comprehensive, four-month audit and included controls over information security, resource strategy and planning, information systems operations, database and application systems implementation and maintenance, and software and hardware support.

The ISAE 3402 Type 2 (formerly SAS 70 Type II) was designed specifically to address customer’s requirements that service organizations demonstrate that they have adequate internal control systems to protect data and sensitive information belonging to the customers.

“These standards deliver transparency to our customers, helping strengthen their trust in EPAM, giving us a true competitive advantage. We believe we are the only service provider with multiple delivery centers, across nine countries, that are ISAE 3402 Type 2 certified, which means that we are compliant with the most rigorous standards set for a service organization’s internal controls,” said Yuriy Goliyad, Head of Global Operations, EPAM. “Our successful completion of this audit report, for the 10th consecutive year, demonstrates our continued commitment to protecting our customer’s sensitive data through the operational excellence of our delivery centers.”

In today’s global economy, customers need to know that any service provider they work with has sufficient controls and safeguards in place. Successful completion of the ISAE 3402 Type 2 audit can help distinguish providers as the report assures customers that the certified service organization has appropriate controls in place.

“This certification, along with our ISO 27001:2013, CMMI, SOX and ISO 9001, is further evidence of our continued investment in ensuring our customer’s security. This is part of our very robust controls and compliance program, which we’ve invested in from day one, to build transparency and aggressively decrease risk for our customers engaged in strategic delivery programs,” continued Goliyad.

The ISAE 3402 Type 2 is widely recognized and represents that a service organization has successfully undergone an in-depth audit of their internal controls. It was developed by the American Institute of Certified Public Accountants (AICPA) to provide an international assurance standard on the controls at a service organization that are likely to impact or be part of the user organization’s system of internal control over financial reporting.

View the full list of EPAM’s Audit Certifications here.

About EPAM Systems
Since 1993, EPAM Systems, Inc. (NYSE:EPAM), has leveraged its core engineering expertise to become a leading global product development and digital platform engineering services company. Through its ‘Engineering DNA’ and innovative strategy, consulting, and design capabilities, EPAM works in collaboration with its customers to deliver innovative solutions that turn complex business challenges into real business opportunities. EPAM’s global teams serve customers in over 25 countries across North America, Europe, Asia and Australia. EPAM is a recognized market leader among independent research agencies and was ranked #8 in FORBES 25 Fastest Growing Public Tech Companies, as a top information technology services company on FORTUNE’S 100 Fastest Growing Companies, and as a top UK Digital Design & Build Agency. Learn more at http://www.epam.com/ and follow us on Twitter @EPAMSYSTEMS and LinkedIn.

Forward-Looking Statements
This press release includes statements which may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the accuracy of which are necessarily subject to risks, uncertainties, and assumptions as to future events that may not prove to be accurate. Factors that could cause actual results to differ materially from those expressed or implied include general economic conditions and the factors discussed in our most recent Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. EPAM undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities law.

CONTACT: Danielle Ruess-Saltz
M: 267.978.7688
[email protected]

Sundance Energy Australia Limited Announces Sale of Anadarko Basin Assets

DENVER, March 01, 2017 (GLOBE NEWSWIRE) — Sundance Energy Australia Limited (ASX:SEA) (NASDAQ:SNDE) (“Sundance” or the “Company”), a U.S. onshore oil and gas exploration and production company focused in the Eagle Ford in South Texas, is pleased to announce the divestiture of its assets located in the Anadarko Basin of Oklahoma for a sale price of US$18,500,000. The Company’s Anadarko Basin assets include approximately 18,500 net acres and 68 gross (29.3 net) operated and non-operated producing wells. The Company’s previously released production guidance for 2017 reflected this anticipated divestiture. The assets being sold include all of the Oklahoma wells and acreage owned by the Company.

A binding and conditional Purchase and Sale Agreement (PSA) was executed in the US on 1 March 2017. The PSA, which is effective as of 1 August 2016, is subject to several common closing conditions such as confirmatory due diligence but is not subject to any financing contingencies. The purchaser has placed a 10% deposit in escrow to secure its obligations under the PSA. Depending on timing of the satisfaction of the various contingencies, the transaction is expected to close in May 2017.

About Sundance Energy Australia Limited
Sundance Energy Australia Limited (“Sundance” or the “Company”) is an Australian-based, independent energy exploration company, with a wholly owned US subsidiary, Sundance Energy Inc., located in Denver, Colorado, USA.

The Company is focused on the acquisition and development of large, repeatable oil and natural gas resource plays in North America. Current activities are focused in the Eagle Ford.  A comprehensive overview of the Company can be found on Sundance’s website at www.sundanceenergy.net.

Summary Information

The following disclaimer applies to this document and any information contained in it. The information in this release is of general background and does not purport to be complete. It should be read in conjunction with Sundance’s periodic and continuous disclosure announcements lodged with ASX Limited that are available at www.asx.com.au and Sundance’s filings with the Securities and Exchange Commission available at www.sec.gov.  

Forward Looking Statements

This release may contain forward-looking statements. These statements relate to the Company’s expectations, beliefs, intentions or strategies regarding the future. These statements can be identified by the use of words like “anticipate”, “believe”, “intend”, “estimate”, “expect”, “may”, “plan”, “project”, “will”, “should”, “seek” and similar words or expressions containing same.

These forward-looking statements reflect the Company’s views and assumptions with respect to future events as of the date of this release and are subject to a variety of unpredictable risks, uncertainties, and other unknowns. Actual and future results and trends could differ materially from those set forth in such statements due to various factors, many of which are beyond our ability to control or predict. These include, but are not limited to, risks or uncertainties associated with our the discovery and development of oil and natural gas reserves, cash flows and liquidity, business and financial strategy, budget, projections and operating results, oil and natural gas prices, amount, nature and timing of capital expenditures, including future development costs, availability and terms of capital and general economic and business conditions. Given these uncertainties, no one should place undue reliance on any forward looking statements attributable to Sundance, or any of its affiliates or persons acting on its behalf.  Although every effort has been made to ensure this release sets forth a fair and accurate view, we do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

For more information, please contact:

United States
Eric McCrady, Managing Director 
Tel: +1 (303) 543 5703

Jon Kruljac, VP of Capital Markets and Investor Relations
Tel: +1 (303) 520-7479

Mike Hannell, Chairman
Tel: +61 8 8363 0388

Young Mother with Brain Tumor Will Be Released from ICE Detention

Sara Beltran Hernandez, a 26-year-old mother who fled violence in El Salvador and has been detained by Immigration and Customs Enforcement in Texas for 15 months, will be released from detention to be with her family and to seek treatment for a brain tumor.

Amnesty International had campaigned for her release and mobilized its 1.2 million members across the country to flood ICE with phone calls asking for Sara to be freed.

“Sara and her family are overjoyed that she will finally be able to be with her loved ones and receive medical care after being unjustly detained for over 400 days,” said Eric Ferrero of Amnesty International USA. “Sara never should have been held for so long in the first place, let alone with a medical issue. It is unconscionable to treat people fleeing violence and danger as if they are criminals. Applying for asylum should not mean giving up one’s human rights in the process.”

Sara will be permitted to live with her family in New York while her asylum claim is processed. Under U.S. law and international law, people coming to the U.S. can seek asylum if they fear for their safety in their home country, and their human rights must be protected while their claims are being reviewed.

AIUSA sent a letter to DHS on Feb. 22 emphasizing that detention should only be used by immigration officials as a last resort, and parole should be granted to those who are suffering from medical emergencies and pose no flight riskor threat to public safety. The letter said Sara fits these parameters and should be released from detention immediately.

Source: Amnesty International USA

Myanmar Farmers Protest Decade-old Land Grab in Kachin State

Farmers who were victims of land expropriations in the Hukaung region of northern Myanmar’s Kachin state protested on Thursday against the company that took more than 270,000 acres from them a decade ago, local residents said.

Local residents and farmers from 20 villages in three of the region’s townships-Hpakant, Mongkaung, and Tanaing-attended the Farmers’ Day rally in Warazut village.

The rally was directed against Yuzana Company Ltd., a Myanmar conglomerate owned by business tycoon Htay Myint, who was previously on the United States sanctions list that bans American companies from doing business with certain foreign individuals or firms.

Htay Myint is one of Myanmar’s “cronies”-wealthy and well-connected business scions with ties to military-backed enterprises-who have contributed to Myanmar’s reputation as a poor investment destination.

“We held today’s event with the intention of getting our land back as well as to celebrate Farmers’ Day and to express our feelings about losing our land because of Yuzana Company,” said Nashee Aung Lat, a farmer from Warazut village.

Villagers at the time had no choice but to accept compensation they say was insufficient, while some received no money at all.

Yuzana, which operates in the agriculture, construction, hospitality, real estate and fishery sectors, seized the farmland for large-scale agricultural production, including cassava and sugarcane plantations, in 2007 when Myanmar was under the rule of a military junta.

Farmers who lost land filed a lawsuit against the company in 2013 in a bid to get it back. Yuzana later responded by filing a countersuit.

In May 2016, more than 8,000 villagers sent a written request to the new civilian-led government that came to power a month before, urging it to help in addressing their dispute with Yuzana, the online journal The Irrawaddy reported at the time.

Farmers’ Day, also known as Peasants’ Day, is a March 2 annual public holiday in Myanmar honoring those who work in the country’s agricultural industry.

About 70 percent of Myanmar’s population of 54 million people make their living as farmers.

March 2 also marks the day 55 years ago when a military coup led by General Ne Win came to power, ushering in the political dominance of the armed forces. An oppressive military junta ruled Myanmar from 1962 to 2011.

Letpadaung land dispute

In a related development, the Sagaing regional government in northwestern Myanmar has submitted complaints by farmers in the town of Letpadaung who lost land to a controversial copper mine operated by a Chinese company to the national government to resolve, a local official said.

Letpadaung farmers have long protested land takeovers in 2014 and 2015 by the mine project operated by China’s Wanbao Mining Copper Ltd. Company and Union of Myanmar Economic Holdings Ltd. (UMEHL), a Myanmar army-owned conglomerate.

They met with Sagaing Chief-Minister Myint Naing on Feb. 25 to discuss roughly 2,000 acres of land for which they have not received compensation from Wanbao.

The company wants to pay them a limited annual amount as compensation for lost land and crops, but the farmers are demanding 700,000 kyats (U.S. $517) per acre for this year and compensation for future years, said Myint Kyi, Sagaing’s municipal minister.

“Farmers want compensation for the years they can’t work on their lands,” he told RFA’s Myanmar Service. “Some can’t work for four years, some for three years,” he said. “The company said it can’t do this.”

“The regional government can’t decide how to resolve their disagreement over the compensation amount because the company made the agreement with the previous government,” he said. “That’s why we transferred the case to the Union government yesterday.”

A parliamentary inquiry commission on the Letpadaung project called for more transparency in Wanbao’s land appropriation process and for police riot-control training in the wake of a violent raid on protesters at the mine site in 2012.

Aung San Suu Kyi, Myanmar’s current de facto leader who led the commission, accused the government of former President Thein Sein of ignoring the body’s recommendations to improve conditions at the mine, saying these had sparked clashes in December 2014 between police and farmers trying to prevent Wanbao employees from fencing off land for the project.

The incident left one farmer dead and dozens injured.

Last month nearly 100 Letpadaung residents blocked the road to the mine and demanded that Wanbao give them the 1,900 acres of the land they were supposed to receive according to the recommendations of a parliamentary commission.

Police later charged 25 farmers with blocking trucks loaded with copper from leaving the mine.

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