Decision Dynamics Enter Into Agreement for Sale of Wellcore Assets



    
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    Proposed Sale of Wellcore Assets
    

    CALGARY, Aug. 29 /CNW/ - Decision Dynamics Technology Ltd. (TSXV: DDY)
announced today that its directors have unanimously approved, and Decision
Dynamics and its U.S. subsidiary (collectively, "Decision Dynamics" or the
"Company") have entered into, a formal purchase and sale agreement with a
subsidiary of P2 Energy Solutions, Inc. for the sale of the Company's Wellcore
oil and gas well life cycle management software platform, which includes all
of the assets, (including all applicable intellectual property) and personnel
associated with the development, marketing, sale and support of the Wellcore
software application (collectively the "Wellcore Assets").
    "The Company has been assessing strategic alternatives for its businesses
throughout 2008. Our strategic evaluations and initiatives led to active
discussions with P2 Energy Solutions, the industry's leading provider of oil
and gas information technology solutions. These discussions have culminated in
our entering into a formal purchase and sale agreement for the sale of our
Wellcore Assets. Of paramount importance to both the Company and P2 Energy
Solutions during the negotiations leading to the approval and execution of the
Wellcore Asset sale agreement has been a commitment to ensuring that
Wellcore's customers' investments in the Wellcore product remain secure and
future-oriented. To this end, P2 Energy Solutions has committed to continue
developing and enhancing the Wellcore products," said Justin Zinke, DDY's
Chief Executive Officer. "The sale of the Wellcore Assets enables the Company
to focus on growing its remaining products and business, including the Oncore
line of products. In addition, the proceeds from the Wellcore Asset sale will
allow the Company to aggressively invest in the sales and marketing resources
needed to allow the Company to finish the development of its next generation
of products."
    "The combination of Wellcore's and P2 Energy Solutions' products helps
solidify our focus on creating a more comprehensive solution for customers,"
said Gary Vickers, CEO of P2 Energy Solutions. "In addition, we are excited at
the prospect of integrating our products and people to evolve our combined
solutions to best meet the needs of our current and future customers."
    Completion of the proposed sale of the Wellcore Assets (the
"Transaction") is subject to the terms and satisfaction of the conditions set
forth in the formal purchase and sale agreement between Decision Dynamics and
the P2 Energy Solutions subsidiary (the "Wellcore Asset Sale Agreement"),
which include, among other conditions, that the Company receive TSX Venture
Exchange ("TSXV") approval prior to closing. TSXV approval requires that DDY
shareholders holding more than 50% of the outstanding shares have consented in
writing to the Transaction. Under the Wellcore Asset Sale Agreement, P2 Energy
Solutions has agreed to cash consideration of CAD$5 Million for the Wellcore
Assets, subject to holdback and release conditions. Decision Dynamics is to
receive approximately 80% of the proposed consideration upon the Transaction
closing.
    Under the Wellcore Asset Sale Agreement, P2 Energy Solutions acknowledged
that it will license back to Decision Dynamics rights to use and support the
Company's X-core technology (the X-core assets are being conveyed by Decision
Dynamics to P2 Energy Solutions pursuant to the proposed Transaction), which
is the foundational technology for Decision Dynamic's Linecore product line.
None of DDY's Oncore assets are being conveyed to P2 Energy Solutions pursuant
to the Transaction.
    The Company expects the Transaction to be completed during September
2008.

    About Decision Dynamics Technology Ltd.

    Decision Dynamics is a leading provider of innovative knowledge capture,
workflow management, reporting and analytics software solutions to the energy
sector, including major oil and gas and electrical power companies. Its
flagship products include Oncore, a project cost management solution that
provides real-time cost information, contract validation and approvals for
operations management and capital projects; and Wellcore, a well lifecycle
management solution that provides oil and gas companies with business
visibility and operations agility. The Company has also developed X-Core, a
fully integrated, end-to-end data modeling and application development system
that can be leveraged across vertical markets. Decision Dynamics is a
Microsoft Gold Certified Partner. The Company's head office is located in
Calgary, Alberta, Canada. It operates wholly-owned foreign subsidiaries in the
United States with offices in Houston, Texas.

    About P2 Energy Solutions, Inc.

    P2 Energy Solutions focuses on the development and support of data,
software and enterprise services to meet the information and business process
needs of the energy industry. P2 Energy Solutions is the oil and gas
industry's most comprehensive source of asset management solutions including
Entelligent, Enterprise Upstream, Reserve Management, Excalibur, Qbyte,
Enterprise Land, Tobin GIS Studio and Tobin SuperBase. With solutions deployed
at more than 500 companies worldwide, P2 Energy Solutions enables clients to
achieve greater productivity while maintaining effective controls.
    P2 Energy Solutions has an 80-year history of serving the oil and gas
industry and understands its workflow processes. P2 Energy Solutions has the
breadth and depth of expertise to meet the expanding financial, operational
and data management needs of energy companies from private independents to
supermajors. The company is headquartered in Denver, Colorado and has
operations in the United States, Canada and other international locations.
More information can be found at www.p2es.com.

    Forward-looking Information or Statements

    In this news release, the Company makes forward-looking statements or
provides forward-looking information (collectively "forward-looking
statements"). Forward-looking statements relate to future events or Decision
Dynamics' future performance or financial position and, by their nature,
typically involve numerous assumptions, inherent risks and uncertainties, both
general and specific, and the risk that such forward-looking statements will
not be achieved. The use of any of the words "could", "expect", "believe",
"will", "projected", "estimated" and similar expressions and statements
relating to matters that are not historical facts are intended to identify
forward-looking statements and are based on Decision Dynamics' current belief
or assumptions as to the outcome and timing of such future events. These
forward-looking statements include but are not limited to comments with
respect to objectives and strategies, financial condition, results of
operations and industry conditions. Readers of this news release are cautioned
not to place undue reliance on forward-looking statements as a number of
important factors could cause actual future results to differ materially from
the plans, objectives, estimates and intentions expressed in such
forward-looking statements. For example, forward-looking statements may be
influenced by the following factors: the level of exploration and development
carried on by the Company's customers; crude oil, natural gas and other
commodity prices; demand for electricity; weather; availability of capital and
financing and government policies. The financial Risks sections of the
Company's interim and annual Management Discussion and Analyses, as filed with
applicable securities regulatory authorities and available through
www.sedar.com, provides additional information regarding key factors that
could cause actual results to differ materially from those projected in our
forward-looking statements. The Company cautions that the foregoing list of
factors is not exhaustive and that, when relying on forward-looking statements
to make decisions, investors and others should carefully consider the
foregoing factors as well as other uncertainties and events. The Company
disclaims any intention or obligation to publicly update or revise any
forward-looking statements whether as a result of new information, future
events or otherwise, except as may be expressly required by applicable
securities laws.

    
    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.

    All trademarks or registered trademarks herein are the property of their
    respective owners.
    





For further information:

For further information: Justin Zinke, Chief Executive Officer, Decision
Dynamics Technology Ltd., (403) 451-0731; Eric Flynn, Director of Marketing,
P2 Energy Solutions, Inc., (713) 481-2041

Organization Profile

DECISION DYNAMICS TECHNOLOGY LTD.

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