January 17, 2001
Inc. today announced the purchase of OM2 software and technology
assets from Enbridge Pipelines Inc. OM2 is an electronic
information exchange for pipeline customers. The $3.7 million
transaction, the Exchange's first acquisition, is key to its
growth strategy which includes the addition of applications and
services related to the Exchange's online trading business.
Benefits to the Exchange include the strong revenue stream
generated by OM2 operations, the opportunity to grow sales through
broader application of the OM2 system, and the potential to market
the OM2 software globally. These benefits not only enhance the
Exchange's current operations but also reinforce its strategic
direction. Given the Exchange's links to Asia through its
investor, Circuit Technology Limited, a wholly owned subsidiary of
Hong Kong-based Kowloon Development Company Limited, the Exchange
is well positioned to explore international markets for OM2.
"We are very excited about this acquisition. It falls directly in
line with the type of growth we want to realize in our business.
It also opens new avenues for use of the OM2 software. The
Exchange is uniquely suited to market this product and it allows
us to increase market share and profitability," said John Macleod,
President and Chief Executive of Enbridge Petroleum Exchange Inc.
Art Meyer, Enbridge Pipelines' Vice President of Technology said,
"We're proud of our record for innovation, and the sale of this
e-business technology testifies to its sophistication and value.
Another positive feature of this transaction is Enbridge
Pipelines' continued access to and use of OM2, with no impact on
our ability to continue providing our customers top quality
service."
OM2 is an electronic information exchange that not only allows
customers to electronically place commodity transportation orders,
forecasts, and unlimited receipt and transfer change requests per
month, but also provides an electronic window into the pipeline
transportation system. Through this window, customers can check
the status of their orders or nominations, receive important
information about daily pipeline operations, and view details on
the size, location, and delivery times of their individual batches
of commodities moving in the system.
Calgary-based Enbridge Petroleum Exchange Inc. is an independently
operated affiliate of Enbridge Inc. The Exchange, launched in
January 1999, is the Canadian leader in internet-based crude oil
trading systems. It provides an independent platform that offers
a secure environment to transact anonymous, real-time trades with
the assurance of guaranteed commodity delivery and payment.
Information about Enbridge Petroleum Exchange Inc. is available at