Press Release Source: TGC Industries, Inc.
TGC Industries Announces Purchase of Additional GSR Wireless Channels
PLANO, Texas, Jan. 12, 2012 /PRNewswire/ -- TGC Industries, Inc. (NASDAQ: TGE) today announced that the Company has entered into a purchase agreement to acquire 14,200 OYO Geospace single-channel GSR wireless channels and related equipment, to be financed with a combination of cash and debt, for delivery by the end of January 2012. Upon delivery of this equipment, TGC Industries will own more than 32,000 single-channel GSR wireless units.
Wayne Whitener, TGC Industries' President and Chief Executive Officer, stated, "Due to customer demand, we are adding additional wireless channels to our GSR recording crews. The operational flexibility of the GSR system allows it to be utilized in many different types of surroundings, and these new channels will further enhance our capabilities and enable us to continue to respond promptly to customer requests. With the delivery of these new GSR channels, our total channel count will be approximately 99,000, comprised of ARAM and GSR channels."
TGC Industries, Inc., based in Plano, Texas, is a leading provider of seismic data acquisition services with operations throughout the continental United States and Canada. The Company has branch offices in Houston, Midland, Oklahoma City and Calgary.
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on our current expectations and projections about future events. All statements other than statements of historical fact included in this press release regarding the Company are forward-looking statements. There can be no assurance that those expectations and projections will prove to be correct. Important factors that could cause actual results to differ materially from such expectations and projections are disclosed in the Company's Securities and Exchange Commission filings, and include, but are not limited to, the dependence upon energy industry spending for seismic services, the unpredictable nature of forecasting weather, the potential for contract delay or cancellation, and the potential for fluctuations in o il and gas prices. We undertake no obligation to publicly update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.
Chief Executive Officer
Jack Lascar / Karen Roan
DRG&L (713) 529-6600
Source: TGC Industries, Inc.