GeoNet services.com inc Forms Alliance With StorageNetworks; Delivers Cost-Saving E-Business Tool To Oil & Gas Companies

Business Wire, March 13, 2000

Business/Energy Editors & High-Tech Writers

HOUSTON--(BUSINESS WIRE)--March 13, 2000

As a critical building block of its Knowledge Management portal scheduled to launch March 31, 2000, GeoNet services.com inc, the oil and gas industry's only Application Service Provider (ASP), has forged a strategic alliance with StorageNetworks Inc., the world's leading storage services provider (SSP) for the e-Economy. The alliance will provide GeoNet customers with access to StorageNetworks(SM) industry-leading resources for storing, managing and accessing corporate data.

"In-house data storage can be costly, resource-depleting and not always optimally available," said Pat Herbert, chairman and chief executive officer of GeoNet services.com inc. "By accessing StorageNetworks services through GeoNet, our users will be able to obtain 'pay-as-you-go, pay-as-you-grow,' scaleable storage services that replicate and safeguard valuable corporate information."

Because energy is one of the most data-intensive industries, GeoNet users will rely heavily on access to StorageNetworks SafePACS(SM) and DataPACS(SM) services, so that they will be able focus on their core competencies, without the added capital costs of creating, maintaining and operating an in-house data storage infrastructure. StorageNetworks' SafePACS service provides remote-site data replication, while the DataPACS service supplies the back-end infrastructure and expertise to meet primary data storage needs.

"Oil and gas data is the crown jewels of the enterprise," Herbert noted. "Like other valuables, data should be guarded by experts specifically in the business of protecting these assets. In-house storage can expose companies to unnecessary risks that can be avoided through an ASP. StorageNetworks' dedicated, Global Data Storage(SM) Network (GDSN) will provide exceptional real-time, virtually unlimited storage capacity, guaranteed backup and restorability."

GeoNet, based in Houston, is preparing to launch the industry's only comprehensive, navigable software database later this month and ASP services by July 2000. GeoNet will deliver on-demand software applications, remote computing and data management services that can be accessed and used over the Internet. GeoNet is the first Application Service Provider (ASP) to emerge in the energy industry and will develop an industry hub, commonly known as a vertical portal ("Vortal") that will, as an ASP, offer packaged applications from oil and gas software vendors. For further information, please visit the company's Web site at http://www.geonetservices.com.

StorageNetworks Inc. is the leading Storage Service Provider (SSP) for the e-Economy and an innovator that is making managed data storage services as accessible as phone or electric utility services. StorageNetworks enables emerging Internet companies, e-commerce companies and established enterprises to store, protect and access critical information more easily, reliably and efficiently. Based in Waltham, Mass., StorageNetworks operates in major business and government centers nationwide. For further information, please visit the company's Web site at http://www.StorageNetworks.com, email info@StorageNetworks.com, or call 1-800-463-7105.