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Pansoft Company Limited : Pansoft Company Limited Selects Ernst Young to Assist With SOX 404 Compliance Efforts

^{Published on 2009-01-26 05:49:15, Last Modified on 2009-01-26 05:49:45 - Market Wire}
 

JINAN, CHINA--(Marketwire - January 26, 2009) - Pansoft Company Limited (NASDAQ: [ PSOF ]), the leading ERP software solutions and services provider for the energy industry in China, announced that the company has engaged Ernst Young China to assist with its compliance efforts in Section 404 of the Sarbanes-Oxley Act of 2002 ("SOX 404").

Ernest Young will offer services to allow Pansoft to fully comply with SOX 404, which requires the management and its external auditors to report on the adequacy of the company's internal control over financial reporting. It will evaluate Pansoft's existing financial reporting framework and document and test important manual and automated financial controls to ensure their effectiveness. In addition, Ernst Young will provide recommendations for instituting necessary new controls to enhance the integrity of Pansoft's financial reporting.

Mr. Hugh Wang, Chairman of Pansoft, stated, "We are pleased to have Ernst Young assist us in compliance with SOX 404. While we have a reliable financial reporting system in place, with Ernst Young's internal control consulting service, I believe we can ensure the robustness of Pansoft's financial reporting system and framework and fully comply with SOX 404."

About Pansoft Company Limited

Pansoft is a leading enterprise resource planning ("ERP") software solutions and on-demand customized services provider for the oil and gas industry in China. Its ERP software solutions are utilized in various business operations including accounting, order processing, logistics, invoicing, inventory control and customer relationship management.