Court Declares That Paradigm Geophysical Ltd. Has No Obligation To Sell SeisX To GMA.HERZLIA, Israel--(BUSINESS WIRE)--Sept. 15, 1998--Paradigm Geophysical Ltd. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : PGEOF) announced that on September 11, 1998, a Texas Court entered a Final Judgment declaring that Paradigm has no obligation to sell SeisX or any related products to Geophysical Micro Computer Applications (International) Ltd. (TORONTO: GMA GMA glycol methacrylate. CN) under the terms of a Letter of Intent between Paradigm and GMA. The Court signed a Final Judgment, after granting Paradigm's Motion for Summary Judgment motion for summary judgment n. a written request for a judgment in the moving party's favor before a lawsuit goes to trial and based on recorded (testimony outside court) affidavits (or declarations under penalty of perjury), depositions, admissions of fact, answers , determining that there was no fact issue that required a trial. SeisX is one of the analysis tools in Paradigm's suite of software solutions for the oil and gas markets. It is a Windows NT (Windows New Technology) A 32-bit operating system from Microsoft for Intel x86 CPUs. NT is the core technology in Windows 2000 and Windows XP (see Windows). Available in separate client and server versions, it includes built-in networking and preemptive multitasking. and UNIX based Refers to a Unix operating system. The operating system may comply with the UNIX specifications governed by The Open Group, such as Sun's Solaris, or it may be an operating system based on the architecture and principles of Unix, such as Linux. regional interpretation product designed to accommodate multi-vintage 2D and 3D seismic and well logs, which can map horizons and faults. As previously disclosed in the Company's IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. filings (June, 1998), the Letter of Intent, which was entered into between Paradigm and GMA in August 1997, provided that if Paradigm acquired certain computer software programs called SeisX, and related products, from CogniSeis Development, Inc., GMA would then purchase them from Paradigm. Paradigm acquired CogniSeis in October 1997. The Letter of Intent expired on December 1, 1997, after lengthy negotiations failed to produce a definitive agreement. Paradigm filed suit on December 11, 1997, for a Declaratory Judgment declaratory judgment In law, a judgment merely declaring a right or establishing the legal status or interpretation of a law or instrument. It is binding but is distinguished from other judgments or court opinions in that it includes no executive element (an order that determining that it had no obligation to GMA under the expired Letter of Intent. In its answer, GMA claimed that the Letter of Intent was a binding agreement and asserted various counterclaims, all of which were dismissed by the Final Judgment, which is subject to post-trial motions and appeal. Paradigm develops, markets and supports integrated computer aided exploration software systems and provides seismic data processing and interpretation services to companies engaged in oil and natural gas exploration and development. Paradigm serves this industry with offices and sales representatives in the United States, the United Kingdom, Canada, China, Australia, Argentina, Singapore, Venezuela, Russia and Norway. "Paradigm Geophysical(R)" and "CogniSeis development(R), are registered trademarks of Paradigm. CONTACT: Brian W. Berman CFO See Chief Financial Officer. , Paradigm Geophysical +972-9-970-9339 brian@geodepth.com or Robert D. Ferris Ruder Finn, Inc. +212-715-1573 ferrisb@ruderfinn.com |
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