OilEx Live Pilot Initiates Internal Market Testing
VANCOUVER, British Columbia, March 29, 2021 (GLOBE NEWSWIRE) -- via InvestorWire – Hunter Technology Corp. (TSX-V: HOC; OTCQB: HOILF; WKN: A2QEYH, FSE: RWPM, ISIN: CA4457371090) (“Hunter” or the “Company”) is pleased to announce that its OilEx Platform is now live for market testing.
Ahead of the execution of live pilot transactions for selected hydrocarbon producers and purchasers, targeted for the end of Q2 2021, the Company is leveraging its robust solution development progress into live market testing with senior advisers and prospective users. To ensure vigorous testing of the Platform by all participants in the hydrocarbon value chain, testing will be open to oil trading veterans, industry experts, independent producers, purchasers and brokers.
The limited release of the OilEx Platform includes five core functions of the platform:
purchaser and producer profiles supporting effective transactions based on transparency and trust;
an efficient listing process of transaction offers by purchasers or independent producers, including rich offer data;
an interactive map enabling a visual representation of market data to support discovery of attractive transaction opportunities;
a secure end-to-end encrypted communication channel between prospective purchasers and sellers supporting transaction negotiations; and
a robust document exchange and storage function to transform the current paper trail for transactions into a structured deal document vault.
The testing will be conducted using simulated data, including crude oil type, assay, output capacity, price index and other key variable, and will be coupled with search and sorting functions. Deal terms and live chat communications will be interfaced side-by-side with executed documents for accurate and timely transaction context. Deployed to be accessible as a live solution and as an application in a cloud environment, this product version will be refined by industry critique and analyses, to improve the efficiency and integration of the platform interfaces, providing intuitive ease of use of familiar transactional requirements and features.
The live testing process will enable the Company to generate critical insights into user needs and industry requirements on a transaction specific level, building on the Company’s market research and network of industry experience. The testing and subsequent feedback are critical steps to ensure product-market-fit, reduce delivery risk, and deliver the highest possible value add to Platform users. By conducting live testing with market participants, the Company will be able to ensure a better product-market fit and will also expand a network of potential clients and users.
With this milestone, the limited release OilEx Platform has gone live ahead of schedule and the testing will further accelerate time to market for the full Platform launch.
"Bringing a product live and into the hands of real users is a critical milestone for any digital solutions company. It is superb to see our team reaching this point in such a short time, delivering for live testing a complete and robust system with significant growth potential," said Florian M Spiegl, Hunter’s Chief Executive Officer.
On completion of the live testing, the Hunter product and technology teams will continue agile development of the OilEx Platform, working toward the private beta release of the Platform by mid-year and targeting initial revenue generation.
About Hunter Technology Corp.
Hunter Technology Corp. develops interactive software platforms powered by blockchain technology that digitalize and streamline physical oil trading throughout the transaction lifecycle. With its solutions, Hunter delivers more favorable economics and fair market access for all and promotes the transition towards a more environmentally and ethically responsible ecosystem. Its flagship product OilEx will connect independent oil producers, buyers, and traders in a trusted digital marketplace to optimize prices, simplify processes, improve transparency, and support a reduced carbon footprint. Through its data analytics capabilities, Hunter will offer real time supply chain management tools for tracking the origin, transhipment and processing of hydrocarbons and the environmental, social and governance (ESG) compliance during their life cycle.
ON BEHALF OF THE BOARD OF DIRECTORS
Florian M Spiegl
Chief Executive Officer
For further information, visit our website at www.huntertechnology.com
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This news release contains certain statements which may constitute forward-looking statements or information (collectively, "forward-looking statements") regarding Hunter’s business development plans. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, including factors beyond Hunter’s control, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", "will" or be "on track to" be taken or occur, or other similar expressions. All statements, other than statements of historical fact, included herein are forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements (including execution risk, market risk, industry risk, market reaction, the impact of general economic conditions and competition from other industry participants, as well as stock market volatility). In this news release, forward-looking statements relate to, among other things, Hunter’s business development plans as well as Hunter’s future performance as it develops its business. Although Hunter believes that the expectations in its forward-looking statements are reasonable, they are based on factors, estimates and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statement. Such factors include, but are not limited to: risks relating to delays, development and marketing risks, unforeseen requirements resulting from the COVID-19 pandemic, commodity prices, inability to access, on favorable terms, sufficient capital from internal and external sources, the ability to access, hire and retain employees; regulatory changes and impacts, timing and completion of the Company's online platforms as well as general business, economic, competitive, political and social uncertainties. As such, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to future results, levels of activity or achievements. The forward-looking statements contained in this news release are made as of the date of this news release and, except as required by applicable law, Hunter does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement. Trading in the securities of Hunter should be considered highly speculative. There can be no assurance that Hunter will be able to achieve all or any of its proposed objectives. Please review Hunter’s SEDAR filings including its management discussion and analysis available under the Company's profile at www.sedar.com for a more fulsome discussion of risk factors affecting Hunter.
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