Applied Terravision Systems Signs Deal With TransZap; ATS Will Market e-business Product Oildex Connect.Business Editors DALLAS and CALGARY, Alberta--(BUSINESS WIRE)--Feb. 28, 2000 Applied Terravision Systems (ATS) (CDNX CDNX See Canadian Venture Exchange (CDNX). :TER Third version. See bis. ) has signed a joint marketing agreement with TransZap Inc., a Denver company that provides end-to-end e-business solutions to the oil and gas industry. TransZap is an application service provider, and is providing a business-to-business platform for oil and gas operators, partners and vendors. This platform will host the Oildex.com Community, an online trading Online Trading Making trades via the Internet. Notes: The use of online trading increased dramatically in the mid to late 1990's with the advent of high-speed computers and Internet connections. Stocks, bonds, options, futures, and currencies can all be traded online. group of oil and gas companies that exchange documents electronically. The product line, Oildex Connect, automates business-to-business workflows, which deliver secure Internet transactions operated through a graphical user interface graphical user interface (GUI) Computer display format that allows the user to select commands, call up files, start programs, and do other routine tasks by using a mouse to point to pictorial symbols (icons) or lists of menu choices on the screen as opposed to having to accessible from a Web browser The program that serves as your front end to the Web on the Internet. In order to view a site, you type its address (URL) into the browser's Location field; for example, www.computerlanguage.com, and the home page of that site is downloaded to you. . TransZap recently announced the PetroXML solution, which provides the first-ever standardized eXtensible Markup Language See XML. (language, text) Extensible Markup Language - (XML) An initiative from the W3C defining an "extremely simple" dialect of SGML suitable for use on the World-Wide Web. http://w3.org/XML/. (XML XML in full Extensible Markup Language. Markup language developed to be a simplified and more structural version of SGML. It incorporates features of HTML (e.g., hypertext linking), but is designed to overcome some of HTML's limitations. ) tag set for vendor invoicing for oil and gas field operations. The revolutionary XML tag set See XML vocabulary. creates standardized statements for Internet transactions that were previously unavailable. Operating companies and vendors will be able to transport detailed invoicing between each other despite having incompatible accounting systems. "TransZap is an exciting new business partner for ATS," said Bob Tretiak, ATS' president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "As e-commerce gains rapid business acceptance, XML is the powerful business-to-business language for the Internet. TransZap has delivered a much-needed e-solution for oil and gas field operations with the XML tag set. With this technology, ATS will continue with its strategy to e-enable our existing commercial business solutions for our customers. ATS and TransZap share a common advanced technology strategy with the goal of delivering mission-critical business information that can be exchanged regardless of platform or content, taking advantage of the Internet and Web technologies." ATS will embed the product into its market-leading petroleum enterprise solutions. PetroXML has been integrated with the Artesia System, the dominant e-business solution for mid-size to large oil and gas companies. TransZap will bring ATS customers the means to ensure correct and efficient processing of invoices in a fraction of the time it takes today. "ATS' large customer base of 600 clients, representing leading independent oil and gas operators in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , is very appealing to us," said Peter W. Flanagan, president of TransZap. "The relationships they have built with these customers, their commitment to technology, together with our strong working relationship, will propel subscriptions to the Oildex solution." ATS will be rewarded with on-going revenue based on a percentage of the monthly investment made by ATS customers subscribing to TransZap's services. "Over 76 million invoices are processed annually in the oil patch, with each invoice carrying an internal average cost of $16. The petroleum industry is spending more than $1.2 billion annually on this labor-intensive process," Flanagan said. "It is estimated that electronic invoicing can save the industry 90 percent of these costs. Companies that deliver these type services can potentially expect to realize revenues of 1 percent to 2 percent of savings delivered to customers." Flanagan said the potential for oil industry business-to-business e-commerce is significant. For example, industry expenditures are in excess of $500 billion on goods and services In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. . "By bringing the revolutionary efficiencies of e-commerce to this enormous industry, TransZap and its partners, including ATS, have a striking opportunity for growth." About Applied Terravision With offices in Calgary, Dallas and Houston, Applied Terravision Systems provides mission-critical e-business information solutions that effectively manage the complex ownership of revenue-producing assets for government organizations, blue-chip companies and small businesses around the globe. This news release and more information are available at www.atsi.com. About TransZap Denver-based TransZap, an application service provider (ASP), provides a business-to-business e-commerce platform to the oil industry. The XML-based application, Oildex Connect, automates oil industry B2B (Business to Business) Refers to one business communicating with or selling to another. See B2B e-commerce, B2C and B2G. B2B - business to business workflows and delivers secure Internet transactions, and is operated from a Web browser. Oildex Connect interconnects and interoperates with popular oil industry back office systems via the PetroXML standard. This news release and more information are available at www.oildex.com, www.petroxml.org, and www.transzap.com. |
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