Labrador Technologies (LTI, formerly Sterne Stackhouse) has announced the expiry of its non-compete agreement regarding the Canadian Petro-Lab disposal. Petro-Lab was acquired by PriceWaterhouse unit QByte – which later was bought by IBM Canada and divested to PE Energy Solutions earlier this year (OITJ Vol. 10 N° 7).
Speaking to shareholders LTI CEO Ron Sterne announced that LTI now plans to ‘aggressively re-enter the Calgary oil and gas software market.’ Labrador will re-establish its historical relationships with Calgary’s oil and gas Data Centers, leveraging its flagship Labrador data management package. LTI is also working with industry and market experts to identify and develop critical Data-Flow Management software components. Design and development of these products is to start forthwith.
A lot is riding on the success of this new software. At the present LTI has ‘no ongoing source of revenue.’ The company has enough cash to operations through to April 2006 and is actively seeking alternative sources of revenue. LTI warns however that ‘future operations will depend on the successful development and marketing of the its data retrieval technology.’
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