Zedi Inc.

Zedi Inc.

June 17, 2010 13:31 ET

Zedi Inc. Announces Worldwide Partnership Agreement with a Global Services Company

CALGARY, ALBERTA--(Marketwire - June 17, 2010) - Zedi Inc. ("Zedi" or the "Company") (TSX VENTURE:ZED) announced today the signing of an exclusive agreement with a major services company to provide Zedi technologies worldwide. 

"This agreement is a significant step change for Zedi, accelerating our international strategy. Having been chosen as a global partner is a milestone achievement and is testament to the unique capabilities of our technologies, our software as a service business model and the hard work of our dedicated team" says Matthew Heffernan, President and CEO of Zedi.

The agreement comes as a result of a successful 6-month trial period during which Zedi commissioned approximately 1000 wells located in 23 countries onto the Zedi Network. The resulting 3-year exclusive agreement positions Zedi in the delivery of value-added lift optimization service for oil wells equipped with the total well count over the three-year period expected to grow as high as 5,000.

Zedi will use their Zedi Connect™ product line for the entire hardware deployment, which provides the reliability, functionality and flexibility required for the demanding environment of oil well production optimization. The agreement maintains Zedi's proven revenue model, with revenue on delivery for field devices and monthly recurring fees for their use and operation. The Zedi Connect technology is a combination of products and intellectual property acquired through the purchase of UMS in 2008 coupled with significant research and development efforts by Zedi employees. 

Visibility to production parameters and remote control of Electronic Submersible Pumps ("ESPs") adds value to customers through lowered maintenance costs, reduced pump failure and optimized production. Zedi is uniquely positioned to provide real time monitoring on a global scale to the ESP market, enabling higher value services to be offered to end users.

Zedi Inc. (TSX VENTURE:ZED) specializes in the end-to-end management of oil and gas production operations. Zedi arms producers from the field to head office with accurate, timely and centralized data to help them make better business decisions. Using technology to gather highly accurate data from well sites, Zedi automatically moves it through critical work processes including web-based field data capture and production accounting systems. Zedi technology is continually evolving in the control and optimization of wells to ensure maximum production and cost reduction. Established in 1987, Zedi has enhanced the operational performance of more than 800 upstream, midstream and oilfield service customers.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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