WILMINGTON, Del., Jan 28, 2008 -- Business Intelligence International (BII), developers of the on-demand Aline(TM) Governance, Risk and Compliance plus Performance (GRC+P) platform, announced today that Omagine, Inc. (OTC Bulletin Board: OMAG), a developer of large-scale tourism attractions and residential areas aimed toward the Middle East, selected its Aline4SOX tool to automate the company's Sarbanes-Oxley compliance program.
Aline4SOX is a user-friendly Software as a Service (SaaS) solution for Sarbanes-Oxley Sections 404 and 302, allowing companies to automate and streamline the SOX process while reducing their total cost of compliance. The product enables users to document and assess the design of controls, track the testing of their effectiveness and easily locate and remedy any deficiencies.
"The Aline SOX software platform was ideally suited to reduce the time and cost of implementation while ensuring a completeness of regulatory SOX compliance," said Salvatore J. Bucchere, Chairman of Omagine's Audit Committee. "SOX compliance is a permanent challenge and as we add overseas locations to our enterprise, Aline's streamlined, yet comprehensive methodology will deliver a multi-year solution that will solidify our financial control environment in the most efficient way possible."
"With operations currently in Oman and projects rapidly developing, Omagine, Inc. saw the value in our CompleteCompliance solution from the very start," said David Zach, National Account Executive for BI International. "As a non-accelerated filer, Omagine chose our solution for its combination of proven key control documentation templates with powerful functionality to fast-track their compliance program. Instead of spending tens of thousands on consultants to design and build a SOX program themselves, we were able to rapidly train them on our solution and they were off and running in a plug- and-play environment."
Aline4SOX provides companies with a single repository of all SOX data, dynamic update of standard deliverables, as well as integrated on-line project management reporting and powerful analytics.
William Hanley, Controller for Omagine added, "Aline4SOX will provide the level of detailed documentation required to satisfy external auditors and will provide a superior approach to tighter financial control management. In addition, Omagine's ongoing compliance will become a standardized, repeatable and sustainable process that is part of our everyday activity."
Aline4SOX, which was included earlier this year as a niche player in Gartner, Inc.'s Magic Quadrant Research Study for Finance Governance, Risk and Compliance Management (GRCM) Software, is the only on-demand solution proven to reduce the cost and time of SOX compliance by up to 50% and transform compliance into sustainable business improvement.
About Omagine, Inc.
Omagine, Inc. is primarily involved in the real-estate development, entertainment and hospitality industries in the Middle East and North Africa.
The Company's OMAGINE project is planned to be an integration of cultural, heritage, educational, entertainment, hospitality and residential components. As presently planned, OMAGINE will be located on approximately 300 acres of beachfront land facing the Gulf of Oman just west of Muscat -- the capital city of the Sultanate of Oman and near Oman International Airport.
OMAGINE also includes the construction and sale of approximately 3,300 residential housing units including luxury villas, townhouses and apartments. Significant commercial, retail and hospitality elements are also included. OMAGINE is expected to take between 4 to 5 years to complete.
For further details on OMAGINE: http://www.omagine.com. Investors are encouraged to visit Omagine's Investor Relations Hub at: http://www.agoracom.com/IR/Omagine or contact OMAG@agoracom.com where they may join the investor e-mail list and/or request receipt of all future press releases and updates in real time.
About Business Intelligence International (BII):
Business Intelligence International (BI International) is a global software and consulting company specializing in the development of web-based business-intelligence solutions to provide GRC + P functionality to companies of all sizes. Since 1996, BI International has provided robust, flexible and secure solutions to enable customers worldwide to cost-effectively manage their compliance, risk and performance initiatives.
Leveraging its Aline(TM) platform, BI International offers a suite of affordable yet powerful and easy-to-use tools that provide a single repository of data along with integrated analytics and standard reporting. This allows clients to gain real time visibility to critical information to identify key issues and driving critical decision-making. Visit http://www.aline4value.com for more information.
Note: This press release may include forward-looking statements that are subject to risks and uncertainties. A number of factors, including political, currency, regulatory and competitive and technological developments, could result in material differences between actual results and those outlined in any forward-looking statements.
SOURCE Business Intelligence International
http://www.aline4value.com
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