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No jobs are being lost and the company expects to survive, but the collapse of the new-economy "dot-coms" has touched a pillar in the information technology branch of the Canadian petroleum industry.
Applied Terravision Systems Inc. of Calgary called off a merger with The Petroleum Place Inc. after the Denverbased architect of www.petroleumplace.com failed to keep a promise to sell an initial public offering of shares on disillusioned stock exchanges.
In an interview, Terravision president Bob Tretiak said "let the markets fall where the markets fall . . . when the dust clears, ATS will still be standing." Although the Calgary firm offers Internet-based subscriptions to its products, Tretiak stressed that its core business remains specialized services and software developed since 1986 that set it apart from dot-com ventures focused exclusively on Web communications wizardry.
With about 180 employees in Calgary, Dallas and Houston, Terravision has more than 600 clients for its family of software products in financial accounting, product marketing, asset ownership, geographical...