VANCOUVER, British Columbia, March 02, 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 the scheduled private release of its OilEx platform as a minimum viable product ("MVP") in April 2021.
Ahead of the execution of live pilot transactions for selected hydrocarbon producers and purchasers at the end of Q2 2021, the Company is taking advantage of its robust solution development progress and plans to deliver a platform MVP for market testing in early Q2. This MVP delivery will be targeted to independent producers and purchasers in North America.
The MVP is designed to provide early users a view of the OilEx digital marketplace consolidating the trading supply and demand and enabling transactions with three functional areas:
A visual representation of market data utilizing interactive maps to support discovery of attractive transaction opportunities. The real-time information visualization functions will be supported by a live deal database with all required details for each individual offer (crude oil type, assay, output capacity, price index, etc.), coupled with search and sorting functions.
A secure end-to-end encrypted communication channel between prospective purchasers and sellers supporting transaction negotiations. It combines key transaction data with the flexibility of a conversation.
A robust document storage function will transform the current paper trail for transactions into a structured deal document vault. Deal terms and conversations will be aligned side-by-side with executed documents for accurate and timely context.
Deployed to be accessible as a live solution in a cloud environment, this product version will be made available to a private group of early users and senior industry advisers. The trial will follow a structured protocol with a series of functionality tests assessing end-to-end performance of realistic physical oil trading scenarios along fully digital processes supported by the OilEx marketplace. Testing will be accompanied by interviews and analyses to determine how effectively the platform interfaces with the user and the intuitive ease of use of features.
The testing process is designed to generate critical insights into user needs and industry requirements on a more 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.
"This MVP is a critical step in our product development work. It will allow the detailed validation of the OilEx core product functions to optimize benefits provided to our clients and partners and help realize our core value proposition: connecting independent oil producers, buyers, and traders in a trusted digital marketplace to optimize prices, simplify processes, improve transparency, and support environmental responsibility," said Florian M Spiegl, Hunter’s Chief Executive Officer. “We are excited to go through rigorous testing with independent producers in April before we schedule our next major release.”
In addition, the Company is pleased to announce the appointment of Dr. Florian M Spiegl to the Company’s Board of Directors.
Andrew Hromyk, Director of the Company, stated: “We are pleased to welcome Dr. Spiegl to the Board. His technical expertise and experience are a great resource to support the Board of Directors and corporate vision through the continued product development and launch cycle.”
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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Cautionary Statement Regarding Forward-Looking Information.
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.