|
Year
2000 Statement
Oiltest
Services recognizes the serious potential problem posed by
the new millennium. In order to protect the interest of
our clients, strategic partners and shareholders, Oiltest
Services has taken reasonable and necessary steps to ensure
that the new century will not interrupt our business
system, operations or the functionality of our products
and service.
In early 1999, Oiltest Services implemented a
comprehensive Year 2000 Compliance Program covering all
potentially impacted aspects of our business. The goal of
the program was to certify that our operational systems,
information systems, and products and services are year
2000 compliant.
For the purpose of this exercise, year 2000 compliant
means that each and every system component, product and
service provided or used by Oiltest Services, shall
without affecting performance or functionality, be able to
accurately process date/time data (including, without
limitation, calculating, comparing and sequencing) from,
into, and between the twentieth and twenty first
centuries, and the years 1999 and 2000 and leap year
calculations to the extent that together information
technology, used in combination with the information
technology of the products or services , properly exchange
date/time data with it.
Additional goals of the test included ensuring that
Oiltest Services will suffer no supply interruptions
resulting from the onset of the new Millennium, so that
our clients will not endure any resulting delays. We are
pleased to say that compliance has being achieved
with no cost to clients and business partners.
As of the date of this update, Oiltest Services has
completed the audit /inventory phase of the test, and is
now through with the remediation portion of the program.
Based on the programs success, Oiltest Services is now
able to issue this Year 2000 compliance statement
regarding our business systems, operations and products:
PRODUCTS
With the exception of the products listed below,
Oiltest's products do not utilize date-based calculations,
and are therefore, year 2000 compliant.
DATA ACQUISITION SYSTEMS
All our gauges, surface data acquisition systems
are now year 2000 compliant.
MAINTENANCE
SERVICES
The
services provide? by Oiltest services under our preventive
maintenance schedules do not include auditing, reviewing,
or monitoring client equipment or systems for year 2000
compliance whether or not such was originally provided by
Oiltest Services.
OPERATIONAL
SYSTEMS
Oiltest
Services has conducted an extensive investigation of all
internal operating systems critical to the conduct of our
business. We also inquired as to the readiness of all
mission critical service and product suppliers. Based on
our internal investigation and communication with mission
critical service and product supplies, we believe that our
business will suffer no material interruptions resulting
from the new Millennium.
INFORMATION
SYSTEM
We
have. completed the audit of our information systems, and
have finished remediation of
all non-compliant systems. System re mediation consists of
the following items, at
the indicated level of completion
| Accounting
Software |
Replace
existing software |
100% |
| PCs |
Replace
and/or install vendor release |
100% |
| Network |
Install
vendor up date |
100% |
| Data
acquisition software |
Correct
in-house |
100% |
| PVT
calculation and reporting |
Correct-in-house |
100% |
CONCLUSION
Oiltest
Services has completed its remediation efforts. Based on
this, we are confident, that
we will meet all our goals regarding year 2000 compliance.
It must be noted, however, that our compliance is to a
large extent dependent upon the readiness of mission
critical services and products suppliers., both private
and governmental. Oiltest Services cannot guarantee the
validity of assurances received from such third parties,
and the failure of certain of these (such as
telecommunications providers) could detrimentally impact
the company's compliance status. |
