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Gold/Mining/Energy : KERM'S KORNER -- Ignore unavailable to you. Want to Upgrade?

To: Kerm Yerman who wrote (8118)	12/23/1997 5:43:00 AM
From: Kerm Yerman	Read Replies (5) \| Respond to of 15196

SERVICE SECTOR / Grant Geophysical Purchases Solid State Geophysical Monday December 22, 1997 Company Press Release SOURCE: Grant Geophysical, Inc. Grant Geophysical, Inc. announced today that it has acquired more than 99% of the stock of Solid State Geophysical, Inc. (TSE: SSS - news) of Calgary, Alberta, Canada. Grant acquired a majority of Solid State pursuant to agreements with Elliott Associates L.P. and Westgate International L.P. which presently own 100% of Grant. Under the agreements, Grant issued a total of 4,652,555 of its shares to Elliott and Westgate in exchange for 9,305,109 shares, or approximately 64% of Solid State. Grant then purchased 5,181,421 shares, or approximately 35% of Solid State's stock pursuant to a cash tender offer which was completed in Canada on December 19. The remaining one percent of the shares in Solid State will be acquired pursuant to the compulsory acquisition provisions of the Business Corporations Act (Alberta). Solid State will operate as a wholly owned subsidiary of Grant. In a joint statement, Larry E. Lenig, Jr., President of Grant, and Mitchell L. Peters, President of Solid State, said ''The collective operating experience and technical depth of the two companies will provide a springboard for further growth by allowing the combined organization to broaden its product lines, enhance its service capabilities and capitalize on the growing market for 3D surveys in oil and gas areas worldwide.'' Mr. Lenig will remain as President and Chief Executive Officer of Grant, and Mr. Peters has been elected Senior Vice President of Grant reporting to Mr. Lenig. Mr. Peters will continue to be responsible for Canadian and northern U.S. activities of the combined company and will also focus his efforts on developing new market opportunities primarily in Europe, Africa and the Middle East. Solid State was formed in Canada in 1985 and currently has a total of nine land seismic crews with active operations in Canada, the United States and Bolivia. Solid State crews successfully concluded recent operations in Yemen, Gabon and Venezuela. On a combined basis, Grant and Solid State presently operate a total of 20 land and transition zone crews utilizing over 25,000 seismic data recording channels in the United States, Canada, Latin America and the Far East. An additional crew is being mobilized to begin work in the Far East in February. Grant and Solid State provide land and transition zone seismic data acquisition services in the United States, Canada, Latin America and the Far East. The companies employ approximately 3,000 people in nine countries.