News

SMO taps into petroleum market

May 28, 2002

BELLINGHAM, Wash. -- SMO Multimedia Corp. (Pink Sheets:SMOC), which is developing a line of airport and shopping mall kiosks, is expanding into the petroleum sector. The company on May 28 announced that it had reached a development agreement with petroleum technology developer PetroSync Inc.

Under the terms of the agreement, SMO will help develop several unspecified state-of-the-art technologies for the petroleum industry. Robert Pratt, SMO chief executive officer, said he could not go into detail on the project because of its "sensitive nature."

The contract will run between 18 and 36 months and is worth $3.5 million plus sales revenues and maintenance fees. Pratt said the deal would enhance the company's service offerings and boost revenues.