XoX throws in oil towel

XoX Corporation is pulling the plug on its oil and gas software operations, and seeks a buyer for its ShapesProspector software.

Following a strategic review, XoX has decided to quit producing software for the geoscience marketplace. XoX jumped into the spotlight back in 1998 when GeoQuest selected the XoX geometry engine as core technology in its shared earth model. Since then, XoX has attempted to market PC-based earth modeling software incorporating the same technology. The resulting products, ShapesProspector 3.0 and ShapesPlanner are now up for sale.


XoX CEO John Sutton explained “the geoscience products and services do not meet the growth thresholds expected by our shareholders. While we intend to fulfill our current contract obligations to support our current customers, we are seeking an orderly exit.”


The Board of Directors has also directed management to explore all strategic options including, but not limited to, merger or acquisition. As a result, XoX will be closing its software engineering operations in India as well as its geoscience-related sales offices in Houston, Texas. Further, a major reduction in software engineering staff at its Bloomington headquarters will also occur effective December 31, 2000.

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