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Benthos Receives Order of Approximately $1 Million for GeoPoint Seismic Hydrophones
NORTH FALMOUTH, Mass. --(Business Wire)-- Jan. 10, 2005 -- (NASDAQ: BTHS) Benthos, Inc. announced today that it has received an order worth approximately $1 million for its GeoPoint(TM) Export geophysical hydrophones.
A GeoPoint hydrophone is an underwater microphone that is slightly larger than a AA battery and is used by geophysicists to locate oil and gas deposits beneath the ocean floor. Thousands of hydrophones are connected together in large streamer arrays, up to several kilometers long, that are towed behind survey ships. A sound source is then used to generate an acoustic wave that penetrates subterranean layers and reflects back to the hydrophones in the array. The output from the hydrophone array is processed to produce an image of the subterranean geology and is used by exploration geophysicists to identify potentially rich oil fields for future drilling. The innovative GeoPoint hydrophone design produces maximum fidelity and sensitivity in deep water seismic studies, allowing researchers to obtain more accurate data than ever before.
Commenting on today's announcement, Ronald L. Marsiglio, Benthos President and CEO, said, "Our Undersea Systems Division continues to benefit from orders for our seismic hydrophones. This order is another indication that exploratory activities within the offshore oil industry are on the rise. It is also further confirmation of the survey industry's acceptance of the GeoPoint as the premier seismic hydrophone on the market."
Delivery of the hydrophones has begun and will continue into the second quarter of fiscal 2005.
Benthos, Inc., through its Undersea Systems Division, designs, manufactures, sells and services a variety of oceanographic products for underwater tasks; and through its TapTone Package Inspection Systems Division makes systems for testing consumer packages made of glass, metal or plastic. The common stock of the Company is traded on the Nasdaq SmallCap market under the symbol BTHS. For more information, Benthos can be found on the Internet at www.benthos.com.
Forward Looking Statements
The statements in this news release relating to plans, strategies, economic performance and trends and other statements that are not descriptions of historical facts are "forward-looking statements" within the meaning of the Federal Securities Laws. Forward-looking statements are based on management's current assumptions and expectations, which are inherently subject to risks and uncertainties and are difficult to predict. Actual results could differ materially from those currently anticipated due to a number of factors which include: the timing of large project orders, competitive factors, shifts in customer demand, government spending, economic cycles, availability of financing, regulatory changes and other factors. More information about these factors is contained in the Company's filings with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those described herein as anticipated, believed, estimated, expected or intended. The Company undertakes no obligation to publicly review or update any forward-looking information, whether as a result of future developments, newly acquired information or other matters.
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