PLANO, Texas, Aug. 8, 2014 /PRNewswire/ -- TGC Industries, Inc. (NASDAQ: TGE) ("TGC") today announced that it has purchased 10,500 channels of Hawk(®) autonomous nodal system, along with all peripheral equipment, from INOVA Geophysical.
Wayne Whitener, TGC Industries' President and Chief Executive Officer, stated, "In response to the increasing demand by our North American customers for wireless recording channels, particularly on large high-density seismic surveys, we are purchasing this additional wireless equipment to complement our existing fleet of wireless channels. We expect to take delivery of this equipment and have it deployed in the field by the middle of September.
"We are pleased to be able to respond to the needs of our customer base and believe this additional equipment will further strengthen our position within the industry in fielding the latest state-of-the art equipment. Taking into account the delivery of these additional channels, our total channel count will be approximately 145,000, of which about 80,000 are wireless."
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 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. We use words such as "may," "can," "could," "should," "expect," "anticipate," "estimate," "indicate," "believe," "target," "continue," "plan" and "budget" to identify 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 ability of suppliers to timely deliver equipment, the dependence upon energy industry spending for seismic services, the unpredictable nature of forecasting weather, the potential for contract delay or cancellation, economic conditions 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, except as required by law.
CONTACTS: Wayne Whitener Chief Executive Officer TGC Industries, Inc. (972) 881-1099 Jack Lascar / Karen Roan Dennard ? Lascar Associates (713) 529-6600
SOURCE TGC Industries, Inc.