Texaco Press Release - Texaco Taps Red Sky as E-business Development Partner
The following Press Release was issued by Red Sky.
Alliance to Position Texaco as a Significant Player in Online B2B and B2C Business Solutions
FOR RELEASE: MONDAY, AUGUST 14, 2000.
HOUSTON, August 14 - Red Sky, an Internet professional services company, today announced a two-year, $20 million agreement with Texaco Inc. to bring the energy company into the forefront of emerging technology by consulting on innovative approaches to Texaco's e-business model.
The alliance is part of Texaco's plan to become the oil industry's e-commerce leader by using Web technologies to increase cost savings and productivity, create new sources of revenue, develop an e-enabled workforce and expand its brand online. Red Sky will provide consulting, strategy, design and implementation services in connection with Texaco's Internet initiatives for its multiple domestic and international business units and affiliates.
"Red Sky's expertise in technology-based solutions for interactive and e-commerce initiatives will facilitate Texaco's efforts to become more efficient, effective and profitable by putting us on the cutting edge of e-business technology," said Gregory M. Vesey, vice President, e-business for Texaco Inc. "We look forward to a great relationship with Red Sky in this very important partnership."
The venture with Red Sky is one of several new alliances Texaco has formed with technology leaders. In past months, Texaco has engaged Dell Computer, Landmark Graphics, IBM Global Services and Concert, the AT&T/British Telecom (BT) global venture, as part of its ongoing commitment to improve operations and customer service through advanced technology. "This e-business initiative will be introduced to all of Texaco's business units around the globe and will further Texaco's overall e-business strategy to become the oil industry's e-commerce leader," said Vesey.
"We are pleased to take on such an expansive initiative for Texaco," said Howard Belk, president and chief operating officer of Red Sky. "Texaco is already a successful, influential leader in the energy industry. Our goal is to make Texaco even more successful and profitable by giving it a competitive edge in this new, interactive economy and by crafting successful e-business strategies globally. We look forward to a mutually beneficial relationship with Texaco that will also assist its customers and business partners."
About Red Sky
Red Sky (http://www.redsky.com/) is a premier provider of Internet professional services with particular expertise in applied entertainment. Utilizing balanced expertise in broadband and advanced interactivity, strategic consulting, technology, and branding, the organization delivers end-to-end e-business solutions that enhance users' experiences with brands through the Web, broadband, wireless and other emerging platforms.
Red Sky has more than 450 employees in offices in Atlanta, Boston, Chicago, Houston, Irvine, Calif., Los Angeles, New York, and San Francisco. Current clients include FMC Corp., Miller, PaineWebber, Sony and Texaco. Red Sky also has strategic business partnerships and alliances with IBM, Microsoft, iPlanet, Sun Microsystems, Oracle, Epicentric, Vignette, Intershop, RightNow Technologies, BEA WebLogic, Screaming Media and Digital Island. Red Sky's investors include Omnicom's Communicade division, which manages investments in leading Internet and digital media development companies.
Operating in more than 150 countries, Texaco and its affiliates explore for and produce oil and natural gas; manufacture and market high-quality fuels and lubricant products; operate trading, transportation, and distribution facilities; and produce alternate forms of energy for power and manufacturing. As part of its e-business strategy, Texaco has formed strategic alliances with leading technology companies, as well as equity participation in Internet-based companies to facilitate internal efficiencies, improve customer service and add new streams of revenue. For more information on Texaco visit www.texaco.com.
IMPORTANT NOTE: This press release contains a number of forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In particular, statements made concerning Texaco's and Red Sky's expected performance and financial results in future periods are based upon Texaco's and Red Sky's current expectations and beliefs and are subject to a number of known and unknown risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The following factors known to Texaco and Red Sky, among others, could cause Texaco's and Red Sky's actual results to differ materially from those described in the forward-looking statements: adverse technological and other developments; incorrect estimation of technological requirements; inaccurate data; mechanical failures; decreased demand for e-business services; and higher costs, expenses and interest rates. In addition, you are encouraged to review Texaco's latest reports filed with the SEC, including Texaco's Annual Report on Form 10-K filed with the SEC on March 24, 2000, which describes a number of additional risks and uncertainties that could cause actual results to vary materially from those listed in the forward-looking statements made in this press release.
Updated: August 2000