TGC Industries Announces Agreement to Acquire Eight New Vibration Vehicles
Tuesday May 2, 7:00 am ET
PLANO, Texas, May 2 /PRNewswire-FirstCall/ -- TGC Industries, Inc. (Amex: TGE - News) announced today that the Company has entered into a Purchase Agreement with Industrial Vehicles International, Inc. to purchase eight new vibration vehicles. This is in addition to the seven new vibration vehicles announced for purchase on January 13, 2006 that are scheduled for delivery in July and August of 2006. TGC currently has 27 vibration vehicles operating, and the eight new vibration vehicles are scheduled for delivery in October and November of 2006. TGC will then have a total of 42 vibration vehicles.
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Wayne Whitener, President and CEO of TGC Industries, Inc. stated, "We are experiencing rising demand for our land 3-D seismic surveys and have recently deployed our seventh seismic acquisition crew. We continue to respond to this demand by investing in new equipment and state-of-the-art technologies and by maintaining efficient and productive crews, which will better enable us to meet the needs of our customers."
Additionally, at a recent meeting, the Company's Board of Directors approved increasing capital expenditures to $15 million for 2006, above its previously announced number of $10 million for the year.
TGC Industries, Inc., based in Plano, Texas, with a branch office in Houston, is one of the leading providers of seismic data acquisition services throughout the continental United States.
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.
CONTACTS: Wayne Whitener
Chief Executive Officer
TGC Industries
(972) 881-1099
Jack Lascar, Partner
Karen Roan, SVP
DRG&E (713) 529-6600
