TGC Industries Announces Purchase of Additional Wireless Recording Equipment
Poster: SySAdmin
Posted on October 15, 2012 at 6:56:02 AM
TGC Industries Announces Purchase of Additional Wireless Recording Equipment
PLANO, Texas, Oct. 15, 2012 /PRNewswire/ -- TGC Industries, Inc. (NASDAQ: TGE) ("TGC") today announced that it has entered into an agreement with Geospace Technologies to purchase 8,000 stations of 3-channel GSX wireless recording equipment, along with all peripheral equipment, to be deployed in Canada. After this delivery, TGC will own approximately 70,000 wireless channels, enabling the Company to have the largest fleet of Geospace wireless data acquisition units in North America.
Wayne Whitener, TGC Industries' President and Chief Executive Officer, stated, "We continue to add new equipment, driven by strong customer demand for our services. Over the past three years, we have invested over $100 million in new advanced equipment to provide our customers with the latest available technology, as well as maintain optimum efficiency of our crews. We expect to take delivery of this equipment and have it deployed in the field during the current quarter. Taking into account the delivery of these additional 24,000 channels, our total channel count will be approximately 137,000 comprised of GSR, GSX and ARAM equipment. By the end of 2012, we anticipate having 13 crews operating in North America, 9 in the U.S. and 4 in Canada as we continue to expect the upcoming winter season in Canada to be strong."
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 oil 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.
CONTACTS: Wayne Whitener
Chief Executive Officer
TGC Industries, Inc.
(972) 881-1099
Jack Lascar / Karen Roan
DRG&L (713) 529-6600
SOURCE TGC Industries, Inc.
TGC Industries, Inc.
Web Site: http://www.tgcseismic.com
PLANO, Texas, Oct. 15, 2012 /PRNewswire/ -- TGC Industries, Inc. (NASDAQ: TGE) ("TGC") today announced that it has entered into an agreement with Geospace Technologies to purchase 8,000 stations of 3-channel GSX wireless recording equipment, along with all peripheral equipment, to be deployed in Canada. After this delivery, TGC will own approximately 70,000 wireless channels, enabling the Company to have the largest fleet of Geospace wireless data acquisition units in North America.
Wayne Whitener, TGC Industries' President and Chief Executive Officer, stated, "We continue to add new equipment, driven by strong customer demand for our services. Over the past three years, we have invested over $100 million in new advanced equipment to provide our customers with the latest available technology, as well as maintain optimum efficiency of our crews. We expect to take delivery of this equipment and have it deployed in the field during the current quarter. Taking into account the delivery of these additional 24,000 channels, our total channel count will be approximately 137,000 comprised of GSR, GSX and ARAM equipment. By the end of 2012, we anticipate having 13 crews operating in North America, 9 in the U.S. and 4 in Canada as we continue to expect the upcoming winter season in Canada to be strong."
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 oil 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.
CONTACTS: Wayne Whitener
Chief Executive Officer
TGC Industries, Inc.
(972) 881-1099
Jack Lascar / Karen Roan
DRG&L (713) 529-6600
SOURCE TGC Industries, Inc.
TGC Industries, Inc.
Web Site: http://www.tgcseismic.com