U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report Pursuant to Section 13 or 15(d) of
The Securities Act of 1934
Date of Report December 14, 1999
(Date of earliest event reported)
TGC Industries, Inc.
(Exact name of registrant as specified in its charter)
Texas 0-14908 74-2095844
(State or other (Commission (I.R.S. Employer
jurisdiction File Number) Identification No.)
of incorporation)
1304 Summit, Suite 2
Plano, Texas 75074
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (972) 881-1099
Item 5. Other Events
On December 14, 1999, the Board of Directors of TGC Industries, Inc.
("TGC") or ("the Company") announced that WEDGE Energy Services, L.L.C., a
subsidiary of WEDGE Group Incorporated, a diversified Houston firm with
interests in oil and gas services, purchased a $2.5 million 8-1/2%
convertible subordinated debenture of the Company. Proceeds of the financing
together with other available funds will be used for working capital and an
expanded capital expenditure program. The debenture, at WEDGE's option, may be
converted into either preferred stock or common stock at a conversion price of
$1.15 per share. The December 14th Press Release is attached hereto as
Exhibit "A."
Item 7. Exhibits
A. Press Release disseminated on December 14, 1999.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
TGC INDUSTRIES, INC.
/s/ WAYNE A. WHITENER
December 15, 1999 By:_________________________________
Wayne A. Whitener,
President and CEO
(Principal Executive Officer)
EXHIBIT "A"
News Release:
________________________________________________________________________
TGC INDUSTRIES, INC.
Contact: Ken Uselton 972-881-1099
WEDGE ENERGY SERVICES, L.L.C., A SUBSIDIARY OF WEDGE GROUP INCORPORATED, CLOSES
INVESTMENT IN TGC INDUSTRIES, INC.
Plano, Texas December 14, 1999 TGC Industries, Inc. (Nasdaq TGCI; TGCIP;
TGCIW) announced today that WEDGE Energy Services, L.L.C., a subsidiary of
WEDGE Group Incorporated, a diversified Houston firm with interests in oil and
gas services, purchased a $2.5 million 8 1/2% convertible subordinated deben-
ture of TGC Industries, Inc. Proceeds of the financing together with other
available funds will be used for working capital and an expanded capital
expenditure program. The debenture, at Wedge's option, may be converted into
either preferred stock or common at a price of $1.15 per share.
Bill White, President of WEDGE, will be joining the TGC Board of Directors.
Mr.White served as Deputy Secretary and Chief Operating Officer of the
Department of Energy in 1993-1995. He founded Frontera Resources, an
international oil and gas firm which has undertaken a 650 sq. km. 3-D seismic
program on shore in the South Caspian. WEDGE previously built and sold WEDGE
Dia-log, one of the largest North American down hole wireline companies.
WEDGE will also designate one additional director for election to the TGC
board.
Wayne Whitener, TGC's president stated "We look forward to an excellent working
relationship with WEDGE which we believe will accelerate TGC's growth. Bill
White's joining our board will give us access to many new business
opportunities."
TGC, doing business as Tidelands Geophysical, based in Plano, Texas, is a
geophysical services company which primarily provides 3-D seismic services to
oil and gas companies. TGC, doing business as Exploration Surveys, maintains a
geophysical gravity data bank.
This report contains forward-looking statements which reflect the view of
Company's management with respect to future events. Although management
believes that the expectations reflected in such forward-looking statements are
reasonable, it can give no assurance that expectations will prove to have been
correct. Important factors that could cause actual results to differ
materially from such expectations are disclosed in the Company's Securities
and Exchange Commission filings, and include, without limitation, the
unpredictable nature of forecasting weather, the potential for contract delay
or cancellation, and the potential for fluctuations in oil and gas prices.
The forward-looking statements contained herein reflect the current views of
the Company's management and the Company assumes no obligation to update the
forward-looking statements or to update the reasons actual results could
differ from those contemplated by such forward-looking statements.
