HyperDynamics' SCS and Their Alliance Partner Initiate Estimated $3MM Tape Transcription Project
HOUSTON--(BUSINESS WIRE)--Feb. 14, 2002--HyperDynamics Corporation (OTCBB:HYPD), the premier Integrated Technology Service Provider (ITSP(TM)), today announced that its wholly owned subsidiary, SCS Corporation's, alliance partner in Trinidad and Tobago has been chosen as the contractor for a tape transcription project by a major international oil company. Based on a contract signed on September 19, 2001, SCS is a contract partner in fulfillment of the project. After an extensive nine month process of documenting the tapes to be converted, creating a business plan for the entire project, presenting the plan, and selling the technical groups as well as the decision makers, SCS's partner has received a commitment and issued formal instructions to commence mobilization operations.
The project includes transcription of thousands of 2D and 3D seismic data tapes. Over the next three years the tapes will be converted to DVD Random Access Media or in some cases whatever media the client chooses. Project budgets are estimated at approximately $3MM over three years and the first budget year of $1MM is approved and committed for 2002. SCS will help manage and train new transcribers through the entire transcription process and will write converted data to DVD computer disks. Once the converted and/or transcribed data arrives in Trinidad it will be tested, organized, catalogued and delivered for direct access by client explorationists and management.
Harry Briers, Chief Technology Officer for the company, stated, "This project uses leading edge technology that had to be successfully demonstrated by us. Together with our alliance partner, we delivered all the answers and proof required and now the client will benefit with much lower costs for their data management and will have the real option to retrieve their geophysical data from a library of DVD-RAM. Ultimately, the project will yield a major increase in efficiency for the client. All of their critical databank can now be online and available in seconds as opposed to waiting days, weeks, or months for tapes to be found somewhere in a warehouse, copied, and then finally shipped to them. We are very excited to be a major piece of this technology transfer."
Briers further stated, "During our two most recent trips to Trinidad we have met many new friends and business associates. They have opened our eyes to tremendous need and expansion opportunities for this project and much more. Exciting new service opportunities are being opened up to us as well. We believe this transcription project is merely scratching the surface of what's to come. We hope to leverage this new business and as our relationships grow, we expect a continuous growing stream of mutually profitable commerce with our new friends."
Kent P. Watts, Chief Executive Officer, stated, "This accomplishment shows the traits of our organization and of the professionals from both our partners and SCS as having perseverance and focus towards a visionary goal. Management's significant decision to acquire SCS last year is now meeting original expectations. We believe that SCS will substantially exceed those expectations in the coming months. Other HyperDynamics business potential on the horizon is growing and getting brighter every day. We continue to ask our shareholders to keep watching for more positive news regarding our operations as we move forward in 2002." |
