HOUSTON, Nov. 17 — Input/Output, Inc., (NYSE: IO – news) announced
today consummation of the merger with DigiCOURSE, which had been announced on
October 1, 1998.
DigiCOURSE, a New Orleans-based subsidiary of privately owned The Laitram
Corporation, is a leading designer and manufacturer of marine positioning
systems for the seismic industry, including birds — which control streamer
cable depth during towing — compasses and acoustical devices.
- Synergies Include Strong Management, Customer Focus and Commitment to
- “DigiCOURSE and Input/Output both emphasize customer focus, product
quality and dedication to high-impact technology," said W. J. "Zeke" Zeringue,
Input/Output's chairman and CEO. "As a result, DigiCOURSE will add strong
leadership to our marine and reservoir divisions, enhancing I/O's marine
solutions and increasing product development opportunities."
DigiCOURSE to be Integrated into I/O's New Marine Division
Input/Output intends to divide its business into land, marine and
reservoir divisions, and to integrate DigiCOURSE's operations into its marine
“This formation of divisions within I/O provides clear lines of
responsibility and accountability to our land and marine customers,'' said Axel
M. Sigmar, I/O's president and chief operating officer. “This merger allows
us to intensify our commitment to the marine seismic business.''
Reporting to Sigmar in this new division structure will be Roy Kelm,
former president of DigiCOURSE, who will become general manager of the marine
division; Rex Reavis, former director of Customer Service for I/O, who will
serve as general manager of the land division; Bruce Reichert, director of
engineering for I/O, who will serve as acting director of the reservoir
division; and Tom Connolly, vice president of manufacturing.
I/O will hold a conference call Thursday, November 19 at 10 a.m. EST to
discuss the DigiCOURSE merger and its impact on I/O going forward. The dial-
in number to participate is 1-800-553-3734. Request the “Input/Output
Conference Call'' to listen and participate. I/O management, including
Zeringue, Sigmar, and Ron Harris, interim CFO, will be available to answer
Input/Output is a world leader in seismic acquisition imaging technology
for land, transition zone and marine exploration and production.
Forward-looking statements contained in this release, particularly those
relating to the impact of the transaction on future earnings and shareholder
value, and its effects on the company's marine product line and customer
support capabilities, are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Investors are cautioned
that all forward-looking statements involve risks and uncertainties which may
cause actual results to differ from the anticipated results, including risks
associated with the timing and development of, and market acceptance of, the
Company's products and services as well as risks of downturns in the oil and
gas exploration industry and in economic conditions generally, risks
associated with competition and competitive pricing pressures, defaults in
purchase obligations and changes in contract terms, the results and effects of
the Company's management and restructuring and the creation of operating
divisions, risks associated with acquisitions and the potential effects
thereof, and other risks detailed in the Company's filings with the Securities
and Exchange Commission, including its latest Forms 10-K and 10-Q.