HUNTSVILLE, Texas, June 13 /PRNewswire-FirstCall/ -- Mitcham
Industries, Inc. (Nasdaq: MIND) (the "Company") today announced
that it has agreed to purchase 7500 channels of Sercel's Unite
cable-free land acquisition system. This latest acquisition of
equipment from Sercel is an extension of the Mitcham/Sercel
business relationship, which has historically included conventional
land, marine and transition zone acquisition technologies and
downhole tools, such as MaxiWave, GeoWaves and SlimWave. The
relationship now extends to the Unite acquisition system.
Bill Mitcham, Mitcham's President
and CEO, stated, "The Unite cable-free technology is an important
addition to our inventory of equipment that will enable us to offer
our customers a more complete solution to their land and transition
zone acquisition programs. Our long-standing relationship with
Sercel enables us to continue providing our customers with the
latest technology they demand."
Pascal Rouiller, CEO of Sercel,
said, "We are very pleased to extend the successful business
relationship Sercel has developed with Mitcham Industries over the
last 12 years. With our Unite acquisition system, which is the
leading wireless technology for 3D acquisition, we are opening a
new chapter in our mutually beneficial relationship."
Mitcham Industries, Inc., a geophysical equipment supplier,
offers for lease or sale, new and "experienced" seismic equipment
to the oil and gas industry, seismic contractors, environmental
agencies, government agencies and universities. Headquartered in
Texas, with sales and services
offices in Calgary, Canada;
Brisbane, Australia; Singapore; Ufa, Bashkortostan, Russia; Lima,
Peru; Bogota, Colombia and
the United Kingdom and with
associates throughout Europe,
South America and Asia, Mitcham conducts operations on a global
scale and is the largest independent exploration equipment lessor
in the industry.
This press release includes forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act of 1934
and Section 27A of the Private Securities Litigation Reform Act of
1995. All statements other than statements of historical facts
included herein, including statements regarding the Company's
future financial position and results of operations, planned
capital expenditures, the Company's business strategy and other
plans for future expansion, the future mix of revenues and
business, future demand for the Company's services and general
conditions in the energy industry in general and seismic service
industry, are forward-looking statements. While management believes
that these forward-looking statements are reasonable when and as
made, actual results may differ materially from such
forward-looking statements. Important factors that could cause or
contribute to such differences include possible decline in demand
for seismic data and our services; the effect of fluctuations
in oil and natural gas prices on exploration activity; the effect
of uncertainty in financial markets on our customers' and our
ability to obtain financing; loss of significant customers;
seasonal fluctuations that can adversely affect our business;
defaults by customers on amounts due us; possible impairment of
long-lived assets; risks associated with our manufacturing
operations; inability to obtain funding or to obtain funding
under acceptable terms; intellectual property claims by third
parties; risks associated with our foreign operation, including
foreign currency exchange risk; and other factors that are
disclosed in the Company's filings with the Securities and Exchange
Commission, including its Annual Report on Form 10-K, Quarterly
Reports on Form 10-Q and Current Reports on Form 8-K, which are
available from the Company without charge. Readers are cautioned to
not place undue reliance on forward-looking statements which speak
only as of the date of this release and the Company undertakes no
duty to update or revise any forward-looking statement whether as a
result of new information, future events or otherwise.
Contacts:
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Billy F. Mitcham, Jr., President & CEO
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Mitcham Industries, Inc.
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936-291-2277
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Jack Lascar / Karen Roan
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Dennard Rupp Gray & Easterly
(DRG&E)
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713-529-6600
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SOURCE Mitcham Industries, Inc.