Hunter Technology on Track for OilEx Product Launch
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VANCOUVER, British Columbia , Feb. 09, 2021 (GLOBE NEWSWIRE) -- Hunter Technology Corp. (TSX-V: HOC; OTCQB: HOILF; WKN: A2QEYH, FSE: RWPM, ISIN: CA4457371090) (“Hunter” or the “Company”) is pleased to report that it is on track to launch pilot transactions for selected hydrocarbon producers and buyers in Q2 2021.
The Company is developing the first functional end-to-end blockchain-based modular software platform for hydrocarbons, creating transparency and trust between buyers and sellers through the entire supply chain, from production through sale and delivery. The OilEx platform is designed to relieve both producers and purchasers from the historical analogue transaction burden by providing a digital pathway underpinned by secure document handling and messaging, providing for straight-through back-office settlements and payments.
The OilEx platform is structured into four functional modules: identity, marketplace, transactions, and settlement. Each module will include core features to satisfy customer needs.
Independent producers, corporate consumers, traders and sovereign purchasers will benefit from data rich profiles featuring secure identity management, integrated within a strict Know Your Client (KYC) operating process including production profiles and user ratings, building trust across all transactional touchpoints.
The platform interface will also provide interactive maps defining user-relevant markets for supply and buyside transactions. Embedded in this module will be a Request for Quote function supporting a robust marketplace for buyers to aggregate geographically distributed goods from smaller producers, combining single contracts into cost-effective commercial transactions. Smart matching, powered by an algorithmic engine, will be used to greatly reduce the time and effort historically required to find and serve suitable trade counterparties. A structured transactional workflow will also simplify execution as a controlled process chain, creating a verifiable and irrevocable audit trail inclusive of the origin of the goods. Customers can monitor transactions in real-time via the transaction dashboard and can also instantly run reports to support efficient compliance with recordkeeping and disclosure requirements.
Hunter plans to charge a one percent platform fee on successful transactions and a nominal subscription to access the platform. Forecasts under this economic model project Hunter’s potential gross revenue for Q4 2021 at $6,570,000 USD and full operating year in 2022 at $67,260,000 USD This assumes average daily transaction volumes of 142,415 MBPOD in Q4 2021 and 358,928 through 2022 with an average price of $50 USD per bbl. Operating costs for the corresponding periods are estimated to be $1,440,000 USD and $8,834,000 respectively. *
“Our mission is to connect oil producers, buyers and traders in a secure and trusted digital marketplace, unlocking value through transparent pricing and simplifying manual processes and eliminating fraud,” said Alex Medana, Hunter’s Chief Executive Officer. “With each milestone achieved, our mission is being realized upon.”
About Hunter Technology Corp. Hunter Technology Corp. is a technology provider developing interactive blockchain platforms to enable the facilitation of physical oil transactions throughout the trade lifecycle, with more favorable economics for producers and access to a fair market for all. Through oilex.com Hunter will operate a physical oil marketplace to facilitate the buying and selling of physical oil by independent producers to corporate consumers, traders and sovereign purchasers. Through oilexchange.com, Hunter will offer robust supply chain management tools that track physical oil throughout the supply chain and automate the reporting process via this blockchain enabled platform.
ON BEHALF OF THE BOARD OF DIRECTORSAlex MedanaChief Executive Officer(888) 977-0970
For further information, visit our website at www.huntertechnology.com
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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", or "will" 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.
* Key assumptions in the future-oriented financial information and financial outlook information (collectively, "FOFI") include the projected transaction volumes, the amount of the transaction fee, and the oil price per barrel. Readers are cautioned that the assumptions used, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on FOFI. The Company's actual results, performance or achievement could differ materially from those expressed in, or implied by, these FOFI, or if any of them do so, what benefits the Company will derive therefrom. The Company has included the FOFI in order to provide readers with a more complete perspective on the Company's future operations and such information may not be appropriate for other purposes. These forward-looking statements and FOFI are made as of the date of this news release and Hunter disclaims any intent or obligation to update any forward-looking statements and FOFI, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
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