BURLINGTON, Mass.--(BUSINESS WIRE)--Jul. 31, 2012--
Aspen
Technology, Inc. (NASDAQ: AZPN), a leading provider of software and
services to the process industries, announced that an Arbitral Tribunal
operating under the auspices of the International Court of Arbitration
of the International Chamber of Commerce had issued a partial final
award in the arbitration proceeding captioned Aspen Technology, Inc. v.
Advanced Technology Middle East, WLL, Case No. 16732/VRO. Among its
determinations, the Tribunal concluded that AspenTech acted lawfully in
terminating the reseller agreement with AspenTech Middle East (now known
as Advanced Technology Middle East, WLL) (“ATME”). As a result,
AspenTech is not obligated to pay to ATME the termination fee specified
by the reseller agreement or any other fee or damages. In addition, the
Tribunal concluded that ATME is liable to pay AspenTech damages of
approximately $20 million, including interest, and approximately $5
million in costs. The award is final and binding, although the Tribunal
has reserved certain other residual claims by AspenTech against ATME for
subsequent determination by the same Tribunal if required.
Mark Fusco, Chief Executive Officer of AspenTech, said, “We are pleased
with the result in this arbitration proceeding, and we look forward to
continuing to serve our customers in the Middle East and around the
world.”
About AspenTech
AspenTech is a leading supplier of software that optimizes process
manufacturing – for energy, chemicals, pharmaceuticals, engineering and
construction, and other industries that manufacture and produce products
from a chemical process. With integrated aspenONE solutions, process
manufacturers can implement best practices for optimizing their
engineering, manufacturing and supply chain operations. As a result,
AspenTech customers are better able to increase capacity, improve
margins, reduce costs and become more energy efficient. To see how the
world’s leading process manufacturers rely on AspenTech to achieve their
operational excellence goals, visit www.aspentech.com
© 2012 Aspen Technology, Inc. AspenTech, aspenONE, the Aspen leaf logo,
OPTIMIZE, and the 7 Best Practices of Engineering Excellence are
trademarks of Aspen Technology, Inc. All rights reserved. All other
trademarks are property of their respective owners.
Source: Aspen Technology, Inc.
Aspen Technology, Inc.
AspenTech
Erik Mason, +1
781-221-8386
erik.mason@aspentech.com
or
North
America
Lois Paul & Partners (for AspenTech)
Maribel
Lopez, +1 617-986-5719
aspentech@lpp.com