Geospace Technologies Corporation (NASDAQ: GEOS) today announced the receipt of an order from TGC Industries for 8,000 stations of its 3-channel GSX wireless recording system. Delivery of this 24,000-channel wireless system is expected to occur in October 2012 and the system will be deployed by TGC Industries in Canada.
“We continue to improve the performance of our wireless recording technology and we are very pleased to receive this order from TGC Industries. When compared to our original GSR wireless system, the GSX wireless system includes upgraded features such as expanded memory capacity, reduced power consumption and other features improving the system’s field performance,” said Gary D. Owens, Geospace Technologies’ Chairman, President and CEO.
Geospace Technologies Corporation designs and manufactures instruments and equipment used by the oil and gas industry in the acquisition and processing of seismic data as well as in reservoir characterization and monitoring activities. The company also designs and manufactures non-seismic products, including industrial products, offshore cables, thermal printing equipment and film.
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. All statements other than statements of historical fact included herein including statements regarding potential future products and markets, our potential future revenues, future financial position, business strategy, future expectations and other plans and objectives for future operations, are forward-looking statements. We believe our forward-looking statements are reasonable. However, they are based on certain assumptions about our industry and our business that may in the future prove to be inaccurate. Important factors that could cause actual results to differ materially from our expectations include the level of seismic exploration worldwide, which is influenced primarily by prevailing prices for oil and gas, the extent to which our new products are accepted in the market, the availability of competitive products that may be more technologically advanced or otherwise preferable to our products, tensions in the Middle East and other factors disclosed under the heading “Risk Factors” and elsewhere in our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, which are on file with the Securities and Exchange Commission. Further, all written and verbal forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by such factors.
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