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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: marc chatman who wrote (23509)	6/5/1998 5:47:00 PM
From: Big Dog	Read Replies (1) \| Respond to of 95453

You boys better start buying MIND before it gaps back up to 20...so sayeth the Dog. Input/Output and Mitcham Industries Announce Preferred Supplier Agreement Business Wire - June 05, 1998 17:30 HUNTSVILLE, Texas--(BUSINESS WIRE)--June 5, 1998--Input/Output (NYSE:IO) and Mitcham Industries, Inc. (NASDAQ:MIND) announced today that they have agreed in principle to terms for a new Preferred Supplier Agreement. The definitive agreement is expected to be signed no later than June 30, 1998, and will replace the parties' Exclusive Lease Referral Agreement. The terms provide that Mitcham Industries will purchase a minimum of between $90 and $100 million of Input/Output products over a five year term. In addition Input/Output will refer rental inquiries from customers worldwide to Mitcham Industries during the term of the agreement. In a related transaction, Input/Output sold for $15 million a substantial portion of its equipment lease pool to Mitcham Industries, some of which is subject to existing short-term lease agreements. Mitcham Industries has a 30 day option to purchase the remaining portion of Input/Output's equipment lease pool, including the assignment of existing leases. Input/Output has agreed in principle not to rent products covered by the Preferred Supplier Agreement except in limited circumstances. Billy F. Mitcham, Jr., Chairman, President & CEO of Mitcham Industries, said, "This new Preferred Supplier Agreement builds on the alliance with Input/Output we began in 1994. We look forward to continuing our mutually beneficial and profitable relationship under the more favorable terms of the new agreement." Input/Output Chairman, President and CEO, W.J. "Zeke" Zeringue, commented, "For several years now Mitcham Industries has been the leading provider of rental seismic equipment to the marketplace. While our relationship with the company has always been strong, we believe the new arrangement will further our mutual objectives and enhance shareholder value for the owners of both companies." Input/Output is a world leader in seismic acquisition technology for land and marine exploration. Mitcham Industries, Inc. is the leading independent company specializing in the leasing of 3-D seismic equipment to the oil and gas exploration industry. Forward-looking statements contained in this release, particularly those relating to the signing of definitive agreements and impact of the arrangements on future earnings and shareholder value, 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, and other risks detailed in the Company's filings with the Securities and Exchange Commission, including its latest Forms 10-K and 10Q. CONTACT: Mitcham Industries, Inc. Roberto Rios Chief Financial Officer, (409) 291-2277 or INVESTOR RELATIONS COUNSEL: The Equity Group Inc. Marie Driscoll, (212) 836-9605 Linda Latman, (212) 836-9609