|
|
|||||||
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OpenSpirit® Announces Addition of Paradigm as
Equity Investor SUGAR LAND, TEXAS
– February 15, 2007 – OpenSpirit Corporation announces
that Paradigm™, a leading provider of enterprise software solutions
to the global oil and natural gas exploration and production industry,
has joined Schlumberger, Shell Technology Ventures, Inc., and CTTV
Investments LLC, the venture capital arm of Chevron Corp., as an investor.
The total investment amount, including a cash infusion from existing
members, totals $4 million. “This is a
significant step in the growth of our company,” said Dan Piette,
President & CEO of OpenSpirit. “Paradigm’s investment in
OpenSpirit confirms our vision for a platform-independent, standards-based
data and application integration solution. The financial commitment by
Paradigm, as well as our current investors, will allow OpenSpirit to continue
to support G&G professionals by expanding into new domains. From a global
perspective, we will quickly increase our regional technical and sales
presence to better serve our clients. Additional R&D personnel will also
be added to fuel this growth.” Vendor-neutral integration
solutions are critical for success in the oil and natural gas industry. For
multidisciplinary teams of geoscientists and technicians, success means
melding together the best available technology from multiple vendors so they
can leverage the functionality they need to make better decisions. In the
past, incompatible file formats and applications have slowed these teams
down, but OpenSpirit is an integration hub to make applications and data
stores work together, increasing productivity and maximizing a
company’s IT investment. In conjunction
with this announcement, John W. Gibson, Jr., Executive Chairman and CEO of
Paradigm, will be joining the OpenSpirit board alongside members from the
existing investors. In addition, OpenSpirit has expanded its Board of
Directors to include a seat for an independent board member to be announced
in the near future. “Energy
professionals depend upon multi-vendor workflows to achieve their objectives.
Paradigm’s investment in OpenSpirit demonstrates our commitment to
supporting those workflows,” said John W. Gibson, Jr. “We are pleased that another key upstream technology provider has invested in OpenSpirit, validating our vision to provide open interoperable solutions to the industry,” said Olivier Le Peuch, President of Schlumberger Information Solutions and OpenSpirit board member. “Our commitment to openness will accelerate the delivery of innovation to the industry and help address today’s complex resource and workflow challenges.” “As
an exploration and production company, we recognize the value of IT tools
that enable geoscientists and engineers to leverage the best technology from
different sources in an integrated way,” said board member Herbert Yuan,
IT & IM Manager for Shell International EP. “OpenSpirit has a
proven record of allowing end users to build workflows that combine
proprietary and third-party technologies. The addition of Paradigm as an
equity investor is a positive step in OpenSpirit's evolution.” Forward-Looking
Statements Some of
the statements in this press release may constitute "forward-looking
statements" that do not directly or exclusively relate to historical
facts. These forward-looking statements reflect the parties’ intentions,
plans, expectations, assumptions and beliefs about future events and are
subject to risks, uncertainties and other factors, many of which are outside
of their control. Important factors that could cause actual results to differ
materially from the expectations expressed or implied in the forward-looking
statements include known and unknown risks. Because actual results could
differ materially from these intentions, plans, expectations, assumptions and
beliefs about the future, you are urged to view all forward-looking
statements contained in this press release with caution. Neither
OpenSpirit nor any of the other parties discussed in this press release undertakes
any obligation to update or revise any forward-looking statements, whether as
a result of new information, future events or otherwise. About OpenSpirit The
OpenSpirit Corporation, based in CONTACT: Kathy Ashmore OpenSpirit Corporation +1 281 295 1400 |
|
|
|
|