press release

Texaco Press Release - Texaco, Form Strategic Partnership

Companies Sign Memorandum of Understanding


WHITE PLAINS, N.Y., Feb. 14 - Texaco and, Inc. announced today the signing of a Memorandum of Understanding forming a strategic partnership for the global trading of energy commodities. Texaco will take a minority equity position in, Inc. and use its Internet-based trading platform for its expanding crude oil and refined products trading activities worldwide.™ is an electronic bulletin board system, which initially will specialize in international and domestic crude oil, refined product and natural gas trading. When launched on February 29, it will facilitate the instant communication of secure transactions among buyers and sellers of energy commodities worldwide on a 24-hours a day, seven days a week basis. intends to expand its trading capabilities to include power and non-energy commodities.

In making this announcement, Gregory M. Vesey, Vice President, E-Business for Texaco Inc. said, "This partnership advances two key objectives of Texaco's e-business strategy. It will allow us to capture greater efficiencies in an existing business, while at the same time creating a potential new revenue stream. is ahead of the industry and we plan to be a part of their future growth."

"We are delighted to form this alliance with Texaco. The liquidity that Texaco will bring to the website will help us achieve our goal of becoming the industry leader among Internet sites for commodity traders worldwide," stated Vincent P. Annunziata, Chief Executive Officer of "We look forward to forming other strategic partnerships with market leaders similar to Texaco in the coming months as we expand our user base and product scope to include additional commodities and services."

Explaining the impact of the system on Texaco's trading activities, Robert C. Oelkers, President of Texaco International Trader Inc., said, "Using this trading platform, we will reduce cycle time, lower transaction costs and expand our global trading opportunities."

Founded in 1997,, Inc. is a rapidly growing provider of business-to-business Internet-based software solutions for the commodities trading industry. Other Internet enabled products of, Inc. include the ICTS2000, a fully integrated commodity trading and risk management system with complete front, middle and back office functionality. Headquartered in Stamford, Conn., it has offices in Houston, London, Calgary and New York.

Updated: February 2000