AspenTech Engineering Software Suite Includes Improved Features for European Market
CAMBRIDGE, Mass., Aug 13, 2002 --
Aspen Engineering Suite(TM) incorporates European design standards for superior Process Asset Lifecycle Business Decision MakingAspen Technology, Inc. (Nasdaq: AZPN) today announced that the Aspen Engineering Suite (AES) - which helps process companies design and optimize their plant assets - now incorporates significant enhancements for the European market. These improvements are part of a package of changes to AES 11.1 that provide increased functionality and improved business decision- making.
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Based on feedback from European users, the Aspen Icarus(TM) technology for economic evaluation now features the Euro currency, as well as adopting European design and construction standards. These changes will provide significant benefits for process companies during the strategic planning, investment analysis and front-end engineering design (FEED) of projects being evaluated for design and construction in Europe.
"We are very enthusiastic about the new European Union cost basis and Euro currency included in the Aspen Icarus software in AES 11.1," said Arjen Blok, Head of Estimating at Fluor Corporation's Haarlem, Netherlands office. "This new basis more accurately represents the material and labor costs in the European Union marketplace, as well as European-specific material dimensions and construction methodologies. This enhancement will enable us to perform more accurate benchmarking and estimating for our European clients."
"The improvements to the Aspen Engineering Suite are further proof of our commitment to accelerating the delivery of improved asset lifecycle solutions to the process industries," said Larry Evans, Chairman and CEO of AspenTech. "The changes to our economic evaluation tools will enable process companies executing engineering projects in Europe to make more informed and accurate decisions."
Further changes introduced with the new Service Pack for AES 11.1 include enhanced capabilities in pressure relief analysis, and more accurate simulation of a number of plant processes to drive improved business decision making.
The Aspen Engineering Suite, which now incorporates the products that were formerly part of Hyprotech, is AspenTech's Process Asset Lifecycle Management (PALM) solution(TM) for the process industries. AspenTech's PALM offering helps process companies reduce the cost of capital projects and improve the operating performance of plant assets.
Aspen Technology, Inc. is a leading supplier of enterprise software to the process industries. AspenTech's industry solutions enable companies to maximize their profitability by running their manufacturing and supply chain operations more efficiently, and by increasing the returns from their plant assets. Over 1,200 leading companies already rely on AspenTech's 21 years of process industry experience to increase revenues, reduce costs and improve capital efficiency. AspenTech's customers include: Air Liquide, AstraZeneca, Bayer, BASF, BP, ChevronTexaco, Dow Chemical, DuPont, ExxonMobil, GlaxoSmithKline, Lyondell Equistar, Merck, Mitsubishi Chemical, Shell and Unilever. For more information, visit www.aspentech.com.
Certain paragraphs of this press release contain forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. For this purpose, any statement using the term "will," "should," "could," "anticipates," "believes" or a comparable term is a forward-looking statement. Actual results may vary significantly from AspenTech's expectations based on a number of risks and uncertainties, including: AspenTech's lengthy sales cycle which makes it difficult to predict quarterly operating results; fluctuations in AspenTech's quarterly operating results; AspenTech's dependence on customers in the cyclical chemicals, petrochemicals and petroleum industries; AspenTech's need to hire additional qualified personnel and its dependence on key current employees; intense competition; AspenTech's dependence on systems integrators and other strategic partners; changes in the market for e-business solutions for AspenTech's customers; increased governmental regulation and taxation of e-commerce and the Internet; information security and privacy concerns relating to e-commerce; and other risk factors described from time to time in AspenTech's periodic reports and registration statements filed with the Securities and Exchange Commission. AspenTech cannot guarantee any future results, levels of activity, performance, or achievements. Moreover, neither AspenTech nor anyone else assumes responsibility for the accuracy and completeness of any forward-looking statements. AspenTech undertakes no obligation to update any of the forward-looking statements after the date of this press release.
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