Pandell News - Sep 19, 2009
Pandell Prepares for IFRS with NexusSuite Software Package for Junior O&G Companies
JVNexus and FANexus Financial Accounting Software Lead the Way in Supporting 2010 IFRS
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Calgary, AB, Sep 14, 2009 – Pandell Technology Corporation announced today that it is on schedule in modifying its JVNexus and FANexus financial accounting software, and other business management software products to comply with the January 2010 International Financial Reporting Standards (IFRS). Pandell’s IFRS-ready industry-tailored software, support, product training, and advisory services will begin rolling out to clients on October 31, 2009.
“Our motivation for ensuring IFRS compliancy in all our software products is based on our commitment to our junior O&G clients,” says Greg Chudiak, Pandell’s President and CEO. “Changes in reporting standards will impact most E&P companies in the O&G sector – not just publically traded companies – due to high merger and acquisition activity in the industry. Our clients need to be IFRS compliant to attract investors and larger companies that may one day buy them up. We’re making sure they have the tools they need to achieve that successful outcome.”
Backing the company’s position as the only software vendor to supply a complete back-office toolkit for small E&P companies, Pandell is launching its NexusSuite bundled-software option in conjunction with its IFRS readiness project. The 5-product package option includes software applications to manage all business areas impacted by IFRS, including: financial accounting, economic analysis, capital tracking, production accounting, and land management.
“IFRS affects more areas of O&G back-office management than just financial accounting, and that’s where Pandell offers the most complete solution to junior companies,” says Joel Pollard, Pandell’s VP Product and Support. “Facing the necessity for stricter data analysis and reporting than what they’re accustomed to in the current business environment, junior companies can affordably enlist the entire NexusSuite to help generate IFRS required data from their economic analysis, capital tracking, and production tracking applications.”
While other software vendors in Canada’s oil and gas industry have not committed to delivering IFRS compliance capabilities, or have asserted to charging exorbitant upgrade fees, Pandell is implementing all IFRS system changes through its existing monthly subscription fee. Pandell’s approach is to provide a comprehensive package of IFRS-ready, back-office software products that are available at an affordable price.
About Pandell Technology Corporation
Pandell is a software solutions company that delivers industry specialized software products and business services. For oil and gas companies, Pandell offers its NexusSuite™ of oil & gas software products and its NexusWorkforce™, oil & gas accounting services. For enterprise organizations, Pandell builds and manages PLISolutions™, large-scale, web-based applications delivered on Pandell's advanced technology. With its industry expertise and proprietary Pandell Liquid Intelligence™ technology ("PLI"), the company delivers the most modern, affordable software solutions to its clients. The company has achieved rankings on Branham's Top 300 Technology Companies in Canada, Alberta Venture™ Fast Growth 50 List, and Calgary Inc™ Best Places to Work.
