HOUSTON – October 1, 1998 – Input/Output, Inc. (NYSE: IO) and DigiCOURSE, Inc. today announced the signing of a definitive merger agreement. Under the terms of the agreement, Input/Output will acquire, for 5,794,000 shares of I/O common stock, all of the stock of DigiCOURSE.
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. These systems include birds — which control streamer cable depth during towing – compasses and acoustical devices.
"This merger is in line with our strategic initiatives, broadens our product lines and strengthens our customer service business," said W.J. "Zeke" Zeringue, Input/Output’s chairman and CEO. "DigiCOURSE has achieved its industry-leading position in the marine seismic market through strong management, a commitment to customer service and a focus on developing technology. Its products are an excellent fit with I/O’s product and technology roadmap. This transaction reflects I/O’s commitment to further increase its leadership in the marine market. I/O provides the industry’s most complete marine product line and will continue to enhance its customer support service capabilities".
The transaction is subject to certain closing conditions, including additional due diligence, regulatory approval and negotiation of certain ancillary documents. The parties anticipate that the transaction will close by the end of Input/Output’s second fiscal quarter. Input/Output anticipates that the transaction will be accretive to earnings per share in fiscal 1999.
Input/Output is a world leader in seismic acquisition technology for land, transition zone and marine exploration and production.