CALGARY, Nov. 4 /CNW/ - CriticalControl Solutions Corp., (TSX-V:CCZ) today announced that it has signed a formal agreement with a senior independent oil and natural gas exploration, development and production company (the "Producer") to be the Producer's exclusive provider of gas chart integration services using CriticalControl's proprietary ScanGas(TM) application. The initial term of the agreement is 5 years commencing March 1, 2009 and is renewable on an annual basis after the initial term. The agreement is expected to contribute approximately $900,000 annually to CriticalControl's recurring revenue base, commencing Q2 2009.
"This contract will result in the transfer of more than 5,000 measurement points ("Meters") to CriticalControl's monitoring solutions, resulting in CriticalControl's well surveillance and measurement count exceeding 38,000 Meters," said Alykhan Mamdani, President and CEO of CriticalControl. "As the Producer is also a user of CriticalControl's proprietary NetFlow web-SCADA application, CriticalControl will be able to deliver the Producer production data through a single consolidated web based repository."
About the ScanGas(TM) Service:
The ScanGas(TM) Service is CriticalControl's proprietary method of extracting production data from charts generated by natural gas dry flow meters. Images of gas charts are electronically sent to CriticalControl via ScanGas' image capture system directly from the field. Each individual chart is associated with a meter and the resulting data, once verified, is filed into CriticalControl's production data repository. Data from CriticalControl's proprietary web-SCADA application, NetFlow, and gas composition management application, ProTrend are consolidated together with data from the ScanGas Service into ProStream, CrticalControl's proprietary database for production data.
About CriticalControl:
CriticalControl enables its clients to increase operational performance through the better control of critical business information. Through the balance of practicality, innovation and technology, we empower our clients with everything from strategies and tools, to outsourced solutions to manage information, wherever and in whatever form that information exists. For more information please visit www.criticalcontrol.com.
This media release may contain certain forward-looking statements that reflect the current views and/or expectations of CriticalControl Solutions Corp. with respect to their respective performance, business, and future events. Such statements are subject to a number of risks, uncertainties, and assumptions as outlined in the Company's filings with the Canadian securities regulatory authorities. Actual results and events may vary.