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KBC and AspenTech Settle Dispute; Settlement Resolves All Outstanding Legal Issues Between the Companies

  • Monday, October 4, 2004 10:05AM IST (4:35AM GMT)
 
London and Cambridge, Mass., United States: KBC Advanced Technologies plc (LSE:KBC) ("KBC") and Aspen Technology Inc.(Nasdaq:AZPN)("AspenTech") today announced that they have agreed to settle all legal disputes between the two companies in all jurisdictions. As part of the settlement AspenTech recognises KBC's right to develop, market and license HYSYS.Refinery (now marketed as Petro-SIM) and KBC recognises AspenTech's right to develop, market and license Aspen RefSYS(TM), their respective refinery-wide simulation products. Additionally, AspenTech will license to KBC Aspen HYSYS(TM), Aspen PIMS(TM) and Aspen Orion(TM) for use as part of its consulting services business. KBC will also be paid $3.75 million in lieu of costs incurred in the dispute. "We believe this settlement is in the best interests of our customers, eliminating the uncertainty that this litigation has generated," said Peter Close, CEO of KBC, and David McQuillin, president and CEO of AspenTech. "Both companies can focus on developing and marketing their products independent of each other and without fear of legal matters stifling proper market competition." About KBC KBC Advanced Technologies plc is a leading independent consulting and services group, delivering improvements in business performance and asset value to owners and operators in the oil refining, petrochemical and processing industries worldwide. KBC analyses plant operations and business processes, and recommends changes that deliver material and measurable improvements in profitability. KBC works in partnership with its clients and offers implementation services when requested to assist them in realising financial benefits. In support of these efforts, KBC makes extensive use of its proprietary process modelling and its refinery-wide simulation technology. KBC provides strategic planning advice, petroleum and chemical price forecasting, economic studies, capital project reviews, and process engineering services to help clients find the most cost-effective way to achieve their short- and long-term objectives. Formed in 1979, KBC has its principal offices in the UK, USA, Singapore, Japan, Russia, and the Netherlands. For more information, visit www.kbcat.com. About AspenTech Aspen Technology Inc. provides industry-leading software and implementation services that enable process companies to increase efficiency and profitability. AspenTech's engineering product line is used to design and improve plants and processes, maximising returns throughout an asset's operating life. Its manufacturing/supply chain product line allows companies to increase margins in their plants and supply chains by managing customer demand, optimizing production, and streamlining the delivery of finished products. These two offerings are combined to create solutions for enterprise operations management (EOM), integrated enterprise-wide systems that provide process manufacturers with the capability to dramatically improve their operating performance. Over 1,500 leading companies already rely on AspenTech's software, including Aventis, Bayer, BASF, BP,ChevronTexaco, Dow Chemical, DuPont, ExxonMobil, Fluor, Foster Wheeler, GlaxoSmithKline, Shell, and Total. For more information, visit www.aspentech.com.


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