Teekay Shipping Corp. Selects XRT Enterprise Suite to Streamline
Treasury Operations and Improve Global Visibility of Cash
KING OF PRUSSIA, Pa., March 14 /PRNewswire/ -- Teekay Shipping Corp. (NYSE:TK), the world's largest operator of midsized oil tankers, has selected
the XRT Enterprise Suite (XES) to centrally manage its global treasury
operations, including cash, liquidity and risk.
"We chose the XRT Enterprise Suite because of its integrated communications
module and its ability to manage cash," said Vince Lok, senior vice president
and treasurer of Teekay Shipping. "XRT's extensive experience in dealing with
foreign banks and its strong presence in Europe, which will provide us with
localized support on a global scale, were also important considerations in our
decision." With operations in 14 countries, Teekay will utilize XES to automatically link
information from Teekay's banks to its corporate accounting system in Canada.
This includes debt, investments, foreign exchange and other treasury activities
- all in an airtight secure environment. As a result, Teekay expects to be
able to eliminate a number of manual processes, which will improve data
integrity and save time and money.
"XES integrates and delivers critical financial information across the
organization to streamline collaboration and provide extended visibility into
key business operations," said Glen Solimine, vice president of XRT North
America. "We are excited to be working with Teekay to help improve global
visibility of the company's cash." About Teekay Teekay Shipping Corporation transports more than 10 percent of the world's
seaborne oil and has recently expanded into the liquefied natural gas shipping
sector. With a fleet of over 150 tankers, offices in 14 countries and 5,500
seagoing and shore-based employees, Teekay Shipping Corporation provides a
comprehensive set of marine services to the world's leading oil and gas
companies, helping them seamlessly link their upstream energy production to
their downstream processing operations. Teekay's reputation for safety,
quality and innovation has earned it a position with its customers as a premier
marine midstream company. Teekay's common stock is listed on the New York
Stock Exchange where it trades under the symbol "TK." About XRT XRT is the world's largest provider of financial management software that is
solely dedicated to supporting the working capital management needs of medium
and large organizations. The company's solutions provide financial executives
a comprehensive, real-time view of their global cash flows, allowing them to
optimize their working capital management, reduce their exposure to financial
risks and improve their profitability. For more than 20 years, XRT has served
an extensive global client base, with more than 6,800 organizations in 55
countries currently using the company's solutions. XRT is ranked as one of the
top software and services providers in the world by Software Magazine, and
named the "Best Treasury Management Software for 2005" by Global Finance
magazine. XRT generated EUR 40.2 million in revenue in 2004 with a staff of
350. Its global headquarters is in Paris-La Defense, and the U.S. headquarters
is in King of Prussia, PA. Visit http://www.xrt.com/ for more information. DATASOURCE: XRT CONTACT: Heather Jones, XRT, +1-610-290-0348, ; or Kristin Keyes, Tattar Richards-DBC, +1-215-957-0300, , for XRT Web site: http://www.xrt.com/
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