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AspenTech Launches New Release of Aspen Icarus -- the Process Industry Standard For Economic Evaluation

10/23/02
CAMBRIDGE, Mass., Oct 23, 2002 /PRNewsire-FirstCall via Comtex/ --

Aspen Icarus(TM) 12.0 incorporates comprehensive updates to enable improved investment analysis and decision-making on capital investment projects

Aspen Technology, Inc. (Nasdaq: AZPN) today announced a new release of Aspen Icarus(TM), the process industry's standard software solution for investment analysis and economic evaluation in the design and construction of manufacturing plants. Aspen Icarus 12.0 incorporates a package of improvements and industry cost updates that will enable process manufacturers to maximize the returns on their plant assets by making better-informed and more reliable investment decisions.

(Photo: http://www.newscom.com/cgi-bin/prnh/20000811/ASPENLOGO )

Aspen Icarus is used by companies to analyze the potential cost of capital projects, including new plants and revamps for existing facilities. The software is based on the Icarus evaluation engine that utilizes industry standards, design codes and detailed real-world engineering and construction information. In the latest release, the database and analysis tools have been substantially updated, ensuring that investment decisions are based on extremely accurate estimates that reflect current global design and construction practices.

"The process industries invest over $300 billion per year in capital projects such as plants and refineries," said David McQuillin, president and CEO of AspenTech. "Intense global competition makes it vital that companies maximize the returns on their assets, and the accurate economic analysis made possible by Aspen Icarus is an essential part of making better quality investment decisions."

Aspen Icarus 12.0 combines a range of tools for optimal investment decision-making including "what if?" scenarios, life-cycle investment analysis, automatic expansion of process simulation models and project management systems. Its evaluation engine uses mathematical models for designing and analyzing the costs of thousands of variables such as foundations, structures, piping, electrical equipment, instrumentation and labor rates. The solution can help users confidently identify the best plant capacity, configuration, location and timing of events early in the project decision cycle, and also enables engineering and construction firms to develop rapid project estimates and condense the sales process.

"AspenTech is committed to a continuous improvement process for Aspen Icarus to meet or exceed industry requirements," said customer Art Byram, Principal Estimator, KBR Halliburton. "They continue to provide timely updates of their software products and core technology based on customer feedback."

Aspen Icarus 12.0 is made up of Aspen Decision Analyzer(TM), Aspen Icarus Process Evaluator(TM), Aspen Kbase(TM) and Aspen Icarus Project Manager(TM). The product is a key component of the Aspen Engineering Suite(TM) (AES), which enables process companies to increase their return on capital by continually optimizing their operating assets throughout their lifecycle.

About AspenTech

Aspen Technology, Inc. is a leading supplier of enterprise software to the process industries, enabling its customers to increase their margins and optimize their business performance. AspenTech's engineering solutions, including Hyprotech's technologies, help companies design and improve their plants and processes, maximizing returns throughout their operational life. AspenTech's manufacturing/supply chain solutions allow companies to run their plants and supply chains more profitably, from customer demand through to the delivery of the finished products. Over 1,200 leading companies rely on AspenTech's software every day to drive improvements across their most important engineering and operational processes. AspenTech's customers include: Air Liquide, AstraZeneca, Bayer, BASF, BP, ChevronTexaco, Dow Chemical, DuPont, ExxonMobil, GlaxoSmithKline, Lyondell Equistar, Merck, Mitsubishi Chemical, Shell, Southern Company, TXU Energy 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.

AspenTech, the Aspen Icarus family of products and the Aspen Engineering Suite are trademarks of Aspen Technology, Inc., Cambridge, Mass.

     Contacts:

     For Media:
     Peter Watt
     Aspen Technology, Inc.
     +44 1223 819-752
     peter.watt@aspentech.com

     For Investors:
     Carin Warner
     Warner Communications
     (978) 526-1960
     carin@warnerpr.com

     Joshua Young
     Aspen Technology, Inc.
     (617) 949-1274
     joshua.young@aspentech.com

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SOURCE Aspen Technology, Inc.

Photo    : NewsCom:  http://www.newscom.com/cgi-bin/prnh/20000811/ASPENLOG
CONTACT:          For Media: Peter Watt of Aspen Technology, Inc.,
                  +44 1223 819-752, peter.watt@aspentech.com; or For Investors: Carin Warner of
                  Warner Communications, +1-978-526-1960, carin@warnerpr.com; or Joshua Young of
                  Aspen Technology, Inc., +1-617-949-1274, joshua.young@aspentech.com

URL:              http://www.prnewswire.com
                  http://www.aspentech.com
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