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DIGICON TO ACQUIRE GFS COMPANY; AGREEMENT EXTENDS DIGICON'S ONSHORE 3D SEISMIC CAPABILITY

 DIGICON TO ACQUIRE GFS COMPANY;
 AGREEMENT EXTENDS DIGICON'S ONSHORE 3D SEISMIC CAPABILITY
 HOUSTON, Sept. 15 /PRNewswire/ -- Digicon Inc. (AMEX: DGC) announced today that it has entered into a letter of intent to acquire GFS Company of Jackson, Miss.
 GFS, which was originally formed in 1972, operates three high channel capacity seismic crews in the marsh, swamp, transition zone, shallow water and highland areas of the U.S. Gulf Coast. GFS has extensive 3D experience in these demanding environments and performed the largest dynamite source 3D survey ever acquired in this region. GFS crews utilize more than 3,000 channels of SGR radio telemetry data recording equipment, and the company owns a large inventory of support equipment for the performance of complex seismic surveys. GFS also provides seismic data processing services, and these services will be enhanced as they are combined with Digicon's extensive data processing capabilities.
 Under the agreement, which is subject to the satisfaction of certain conditions precedent and to the completion of definitive documentation, Digicon will issue 225,000 shares of its common stock and $117,000 in notes in exchange for all of the outstanding stock of GFS. On completion of the transaction, GFS will become a wholly owned subsidiary of Digicon. Closing of the transaction is expected to occur in late October or early November.
 In its most recent fiscal year ended Dec. 31, 1991, GFS recorded revenues of $28 million from the operation of six land seismic crews and two data processing centers. In the six-month period ended June 30, 1992, the operation of three land seismic crews and one data processing center produced revenues of approximately $9 million.
 Digicon provides seismic data acquisition and processing services on a worldwide basis to the petroleum industry. The company currently operates nine seismic survey ships, one land data acquisition crew and 12 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- 9/15/92
 /CONTACT: Larry E. Lenig Jr. or Allan C. Pogach of Digicon, 713-526-5611 or 1-800-DIGICON/
 (DGC) CO: Digicon Inc.; GFS Company ST: Texas, Mississippi IN: OIL SU: TNM


GK -- NY014 -- 9464 09/15/92 08:51 EDT
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Publication:PR Newswire
Date:Sep 15, 1992
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