CALGARY, ALBERTA--(Marketwire - Oct. 24, 2012) - Zedi Inc. (the "Company" or "Zedi") (TSX VENTURE:ZED) "We see this 3 year reseller agreement with PetroTiger, a leading oil and gas service company headquartered in Colombia, as an ideal vehicle to penetrate the South American market. We selected PetroTiger as our first international reseller because their production operations knowledge and skills enable them to look after a customer from the sale through support. When we contemplated working with resellers, it was important to us to protect Zedi's reputation as a provider of quality products and services. We were delighted when our confidence grew in PetroTiger's ability to deliver the same high level of service our existing customer base enjoys as we worked with Hector and his team developing the terms of our agreement," commented Matthew Heffernan, President and CEO of Zedi.
PetroTiger, a private company, is a member of the Tiger Companies Group. With 2,200 employees they operate out of offices in Colombia, Ecuador, Argentina, Mexico and Panama. Their current customer base includes several Canadian companies in addition to the Colombian major oil and gas producers. They are the leading provider in the Colombian market of Well Testing Services, Early Production Facilities and Oil Fields Operation & Maintenance.
Highlights of the reseller agreement between Zedi and PetroTiger include:
- 3 year initial term
- Exclusive rights in Colombia
- Non-exclusive rights in Ecuador, Peru, Mexico and Argentina
- Right to market and install field instrumentation for surveillance and control; SilverJack artificial lift; and the Zedi Access data management platform
"We are a long-standing provider of fully out-sourced operations for oil and gas producers, using a traditional 7 days a week, 24 hours a day, labor-based delivery model. Introducing Zedi's technology in Colombia will not only increase the value we can offer to our customers, at a reduced cost, but also improve our own profitability because of the efficiencies we will realize. The Canadian market, thanks in large part to companies like Zedi, has enjoyed the benefits technology can provide for a number of years and we think now is the right time for companies operating in Colombia to realize the same rewards," said Hector Gutierrez, President of PetroTiger.
Zedi Inc. (TSX VENTURE:ZED) provides integrated services, applications, and technology to oil and gas producers to help efficiently manage their production operations. Having established a leadership position in our base market, we continue to grow globally by operating in 25 countries around the world. Our expertise helps producers increase revenue while reducing operating costs and ensuring regulatory compliance.
Cautionary Statement Regarding Forward-Looking Information
Certain statements and information contained in this press release may constitute forward-looking information within the meaning of applicable Canadian securities legislation. Specifically, this press release contains statements regarding Zedi's growth expectations, diversification and acquisition activity, strategies, recurring revenue metrics and related expectations of sustainability. These statements are based on certain assumptions and analysis made by Zedi in light of its experience and its perception of historical trends, current market conditions and expected future market developments, as well as other factors it believes are appropriate in the circumstances. However, whether actual results, performance or achievements will conform to Zedi's expectations and predictions is subject to a number of known and unknown risks and uncertainties which could cause actual results to differ materially from Zedi's expectations. Consequently, all of the forward-looking information and statements made in this press release are qualified by this cautionary statement and there can be no assurance that the actual results or developments anticipated by Zedi will be realized or, even if substantially realized, that they will have the expected consequences to or effects on Zedi or its business or operations. Except as may be required by law, Zedi assumes no obligation to publicly update any such forward-looking information and statements, whether as a result of new information, future events, or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.