<PAGE> 1
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 June 1999
PARADIGM GEOPHYSICAL LTD.
(Translation of Registrant's Name into English)
Gav Yam Center No. 3, 9 Shenkar Street 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
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
If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82-
Form 6-K
<PAGE> 2
Attached to the Registrant's Form 6-K for the month of June 1999 and
incorporated by reference herein is the Registrant's news release dated June 10,
1999.
Form 6-K
<PAGE> 3
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: June 17, 1999
Form 6-K
<PAGE> 1
[LETTERHEAD]
FOR IMMEDIATE RELEASE
CONTACTS:
BRIAN W. BERMAN, CFO STEVEN CURTIS
PARADIGM GEOPHYSICAL LTD. RUDER FINN, INC.
Phone: +972-9-970-9300 Phone: +1-212-593-6319
Email: [email protected] Email: [email protected]
PARADIGM GEOPHYSICAL ANNOUNCES ACQUISITION OF RESERVOIR
MODELING AND NETWORK PLANNING TECHNOLOGIES
HERZLIA, Israel - June 10, 1999 - Paradigm Geophysical Ltd. (NASDAQ: PGEO) today
announced that it has reached a definitive agreement to acquire PlaNET, an
integrated suite of software for reservoir modeling and oil and gas field
network planning, from Dr. Andrew Wadsley. Dr. Wadsley has joined Paradigm to
continue development and integration of the software into Paradigm's existing
technologies.
PlaNET's network planning system enables planning and scheduling for integrated
gas production and optimized allocations from distributed gas fields to multiple
gas markets and products. The software is a complete reservoir-to-market
integrated solution currently used in South America, Europe and South East Asia.
It has been developed, tested and proven over a period of eight years with
complex reservoir studies.
Eldad Weiss, Paradigm's President and CEO, said, "The acquisition of PlaNET
enables Paradigm to leverage its technology base and provide a bridge between
the geoscience and petroleum engineering disciplines. Dr. Wadsley's reservoir
management software represents a fundamental improvement in reservoir simulation
technology and workflows using an innovative approach to seismic and geological
integration. We are very pleased he is joining our team."
Dr. Wadsley has twenty five years experience in developing and applying
solutions for oil and gas production and reservoir management, and is an expert
in the application of numerical methods to fluid flow and optimization problems.
Paradigm Geophysical Ltd. develops, markets and supports seismic data analysis
software solutions and provides seismic data processing and interpretation
services to companies engaged in oil and natural gas exploration and production.
Paradigm Geophysical serves this industry with offices and geophysical data
analysis services centers in the United States, the United Kingdom, Canada,
China, Australia, Indonesia, Argentina, Venezuela, and Russia. Paradigm on the
web: www.paradigmgeo.com
-More-
<PAGE> 2
PARADIGM GEOPHYSICAL ANNOUNCES ACQUISITION
"Paradigm Geophysical(R)" is the registered trademark of Paradigm Geophysical
Ltd. 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 Paradigm
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 publicly 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.
-30-
