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Mitcham Industries To Buy Absolute Equipment SolutionsFeb 23, 2010 (FinancialWire via COMTEX) -- (Comment on this article at http://www.financialwire.net/2010/02/23/mitcham-industries-to-buy-absolute-equipment-solutions/) February 23, 2010 (FinancialWire) -- Mitcham Industries, Inc. (NASDAQ: MIND) said that its Mitcham Canada, Ltd. unit has entered into a definitive agreement with the shareholders of Absolute Equipment Solutions, Inc. to acquire all of the capital stock of AES for a total purchase price of Cdn $4 million. Under the terms of the agreement, Mitcham Canada will pay Cdn $2.2 million at the time of closing the acquisition, Cdn $1.5 million in two-year, 6% notes and Cdn $0.3 million upon the expiration of certain indemnity periods. Mitcham Industries said it will guarantee the obligations of Mitcham Canada, under the agreement. The deal is set to close in early March 2010. Founded in 2005 as a partnership between a helicopter operator and a seismic field supervisor, Alberta-based AES is now a provider of equipment used for the deployment and retrieval of seismic recording systems by helicopter in the seismic industry. The company manufactures leases and sells "heli-pickers" and associated equipment, such as ground assemblies and heli-bags. Mitchell CEO Bill Mitcham said, "We believe the AES products are a natural extension of our lease pool of seismic equipment and will allow us to provide our customers a more complete solution for their equipment needs." He added that Mitchell's existing worldwide network of operating locations and customer relationships will provide a channel for increased business for the AES product line. Texas-based Mitcham Industries is a geophysical equipment supplier. The company leases and sells seismic equipment to the oil and gas industry, seismic contractors, environmental agencies, government agencies and universities. FinancialWire(tm) is committed to serving the financial community through true journalism and providing relevant resources to investors. Standards-based, independent equity research on numerous public companies is available through the Investrend Research Syndicate (http://www.investrend.com/reports) written by FIRST Research Consortium (http://www.investrend.com/FIRST) member-providers. Free annual reports and company filings for companies mentioned in the news are available through the Investrend Information Syndicate (at http://investrend.ar.wilink.com/?level=279). FinancialWire(tm), in cooperation with the Investrend Broadcast Syndicate, also provides complete, daily conference call and webcast schedules as a service to shareholders and investors via the FirstAlert(tm) Network's "FirstAlert(tm) Daily" (http://www.financialwire.net/news-alerts/). FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) website (http://www.financialwire.net/disclosures.php). Contact FinancialWire(tm) directly via [email protected]. http://www.financialwire.net |