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FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Month of August 1999
PARADIGM GEOPHYSICAL LTD.
(Translation of Registrant's Name into English)
Shenkar Street 9, Gav Yam Center No.3, P.O.B. 2061 Herzlia B, Israel 46120
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F.
Form 20-F X Form 40-F
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Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No X
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If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82-
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Attached to the Registrant's Form 6-K for the month of August 1999 and
incorporated by reference herein are the Registrant's news releases dated August
18, 1999 and August 19, 1999.
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SIGNATURE
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, thereunto duly authorized.
PARADIGM GEOPHYSICAL LTD.
(Registrant)
By: /s/ Brian Berman
----------------------------
Brian Berman
Chief Financial Officer
Dated: August 20, 1999
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[LOGO PARADIGM GEOPHYSICAL]
Contacts:
BRIAN W. BERMAN, CFO STEVEN CURTIS
Paradigm Geophysical Ltd. Ruder Finn, Inc.
Phone: +972-9-970-9339 Phone: +1-212-593-6319
Fax: +972-9-970-9319 Fax: +1-212-715-1660
Email: [email protected] Email: [email protected]
SHAMROCK HOLDINGS INC. EXPANDS SHARE HOLDING IN PARADIGM GEOPHYSICAL
Burbank, CA, August 19, 1999 - Shamrock Holdings, Inc. today reported the
expansion of its shareholding in Paradigm Geophysical Ltd. (NASDAQ: PGEO)
through open market purchases of an additional 539,000 shares. This additional
purchase brings Shamrock's holdings in Paradigm to approximately 13 percent with
a total holding of 1,649,943 shares. Shamrock is now the largest shareholder of
record of Paradigm.
In making this announcement of its expanded holding, Stanley Gold, President of
Shamrock noted: "Paradigm continues to represent for Shamrock an investment that
we believe should deliver high equity returns over the medium-term horizon. We
look forward to our expanding involvement with the company and its development."
Paradigm's Chairman and CEO, Eldad Weiss noted: "The management of the Company
is gratified with this expression of confidence in the Company and its oil field
services strategy by a significant shareholder and Board member."
Shamrock Holdings Inc. is the private investment firm for the Roy E. Disney
family. Shamrock has invested, both currently and in the past, in a wide range
of U.S. and International investment sectors, including, oil & gas services,
food, entertainment, telecommunications and real estate.
Paradigm Geophysical Ltd. provides geoscience software and service solutions to
the oil and gas industry. The Company has sales, customer support and service
offices in Houston, London, Aberdeen, Moscow, Caracas, Buenos Aires, Sao Paulo,
Perth, Brisbane, Beijing, Jakarta and Singapore.
"Paradigm Geophysical (R)" is a registered trademark of Paradigm Geophysical
Ltd.
-More-
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SHAMROCK HOLDINGS INC. EXPANDS SHARE HOLDING IN PARADIGM GEOPHYSICAL...
Recent press announcements and quarterly financial results are available on
Paradigm's web site: www.paradigmgeo.com
Safe Harbor statement: This news release may contain certain forward-looking
statements relating to the future performance of Paradigm Geophysical Ltd. Such
statements are subject to certain factors which may cause Paradigm's plans to
differ or results to vary from those expected including the risks associated
with the impact of competitive products and pricing, increased investment to
support product introductions, market acceptance of products, product
transitions by the Company and its competitors, currency fluctuations, changes
in product sales mix, and a variety of risks described in the Company's filings
with the U.S. Securities and Exchange Commission. Paradigm undertakes no
obligation to publicize or release results of any of these forward-looking
statements, which may be made to reflect events or circumstances after the date
hereof or to reflect the occurrence of unexpected results.
# # #
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[LOGO PARADIGM GEOPHYSICAL]
FOR IMMEDIATE RELEASE
BRIAN W. BERMAN, CFO STEVEN CURTIS
Paradigm Geophysical Ltd. Ruder Finn, Inc.
Phone: +972-9-970-9339 Phone: +1-212-593-6319
Fax: +972-9-970-9319 Fax: +1-212-715-1660
Email: [email protected] Email: [email protected]
PARADIGM GEOPHYSICAL EXPANDS
GEOPHYSICAL SERVICES OPERATIONS
AWARDED LONG-TERM SERVICES CONTRACT BY ANADARKO PETROLEUM
Herzlia, Israel, August 18, 1999 - Paradigm Geophysical Ltd. (NASDAQ: PGEO)
today announced the further expansion of its geophysical data analysis services
operations.
In response to increasing client demand for its services, Paradigm has increased
the capacity of its supercomputer in its Houston service center. The Company has
recently installed a 64 processor addition to its Silicon Graphics
supercomputer, expanding its computer capacity in Houston to over 180
processors, thus permitting the Company to offer clients a significant reduction
in data analysis turnaround time.
In announcing this expansion of capacity, the Company's Chairman and CEO, Eldad
Weiss, stated: "This level of dedicated computing capacity demonstrates our
expanding commitment to provide the oil and gas industry with value added
services for complex geoscience data analysis tasks. Our contract awards since
the beginning of the year demonstrate our clients' confidence in Paradigm's
ability to apply leading-edge software solutions to complex analysis problems,
like those of the sub-salt oil and gas prospects in the Gulf of Mexico."
NEW SERVICES AGREEMENT WITH ANADARKO PETROLEUM
In addition, Paradigm and Anadarko Petroleum Company signed a two-year services
agreement valued at approximately $2.3 million. Under the terms of Phase I of
the agreement, Paradigm will provide pre-stack depth imaging for two Gulf of
Mexico projects.
"The Gulf of Mexico is a very significant piece of Anadarko's exploration
portfolio," explained Bob Lunn, Anadarko's Exploration Manager for the Gulf of
Mexico and
-More-
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Alaska. "We have a very aggressive growth strategy in the Gulf of Mexico and
will look to Paradigm to help provide the information we need to carry out our
plans in this particular area."
Paradigm Geophysical Ltd. provides geoscience software and service solutions to
the oil and gas industry. The Company has sales, customer support and service
offices in Houston, London, Aberdeen, Moscow, Caracas, Buenos Aires, Sao Paulo,
Perth, Brisbane, Beijing, Jakarta and Singapore.
"Paradigm Geophysical[R]" is the registered trademark of Paradigm Geophysical
Ltd.
Recent press announcements are available on Paradigm's web site:
www.paradigmgeo.com.
Safe Harbor statement: This news release may contain certain forward-looking
statements relating to the future performance of Paradigm Geophysical Ltd. Such
statements are subject to certain factors which may cause Paradigm's plans to
differ or results to vary from those expected including the risks associated
with the impact of competitive products and pricing, increased investment to
support product introductions, market acceptance of products, product
transitions by the Company and its competitors, currency fluctuations, changes
in product sales mix, and a variety of risks described in the Company's filings
with the U.S. Securities and Exchange Commission. Paradigm undertakes no
obligation to publicize or release results of any of these forward-looking
statements, which may be made to reflect events or circumstances after the date
hereof or to reflect the occurrence of unexpected results.
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