TGC Industries Announces Purchase of New Equipment
TGC Industries, Inc. (NASDAQ: TGE) today announced that it has entered into a purchase agreement with OYO Geospace to acquire an additional 13,000 GSR single-channel wireless data acquisition units and related equipment for a total cost of $14 million. Delivery is expected by the end of May 2012. Upon receipt of this equipment, TGC Industries will have the largest fleet of single-channel GSR wireless data acquisition units in North America, comprised of more than 45,000 channels.
The Company also announced that it will purchase seven vibrator vehicles from INOVA, for delivery by the end of April 2012. The purchase of the new equipment will be financed with a combination of cash and debt.
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