DIGICON INC. TERMINATES DISCUSSIONS WITH GRANT TENSOR GEOPHYSICAL CORP.
HOUSTON, May 20 /PRNewswire/ -- Digicon Inc. (AMEX: DGC) said today that its board of directors has decided to terminate discussions with Grant Tensor Geophysical Corp. regarding the proposed merger of the two companies. Digicon said that their decision was prompted primarily by litigation that had been initiated on behalf of the Grant preferred holders. This litigation created significant concern as to whether any resolution could be reached which would result in a transaction structure likely to obtain the affirmative vote from all required classes of shareholders. Digicon provides seismic data acquisition and processing services on a worldwide basis to the petroleum industry. The company operates seismic survey ships, land data acquisition crews and geophysical data processing centers around the world. Digicon is a Houston-based company whose common stock is listed on the American Stock Exchange under the symbol "DGC". -0- 5/20/93 /CONTACT: Larry E. Lenig Jr. or Allan C. Pogach of Digicon Inc., 713-526-5611, or 1-800-DIGICON/ (DGC)
CO: Digicon Inc.; Grant Tensor Geophysical Corp. ST: Texas IN: SU:
TS -- NY082 -- 0828 05/20/93 13:45 EDT
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|Date:||May 20, 1993|
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