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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 April 1999
PARADIGM GEOPHYSICAL LTD.
(Translation of Registrant's Name into English)
Merkazim House 32 Maskit 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-.....................
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Attached hereto as Exhibit 99 to the Registrant's Form 6-K for the
month of April 1999 and incorporated by reference herein is the Registrant's
news release dated March 31, 1999.
FORM 6-K
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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)
/s/ Brian Berman
------------------------------
By: Brian Berman
Chief Financial Officer
Dated: April 5, 1999
FORM 6-K
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Exhibit 99
[LOGO PARADIGM GEOPHYSICAL]
CONTACTS:
BRIAN W. BERMAN, CFO STEVEN CURTIS, RUDER FINN
Phone: +972-9-970-9339 Phone: +1-212-593-6319
Fax: +972-9-955-3016 Email: [email protected]
Email: [email protected]
PARADIGM GEOPHYSICAL ANNOUNCES ACQUISITION OF PETROLEUM TECHNOLOGY MINCOM
HERZLIA, ISRAEL, March 31, 1999 - Paradigm Geophysical Ltd. (NASDAQ: PGEOF)
today announced that it has reached a definitive agreement to acquire the
Petroleum Technology division of Mincom Limited ("PTM") for approximately US$9
million in cash.
PTM's flagship product, Geolog, is a complete suite of well information software
tools for log analysis and petrophysics. Widely used throughout the exploration
and production industry, Geolog has a long history of development and refinement
through user cooperation and input.
Commenting on the transaction, Eldad Weiss, Paradigm's President and CEO, said,
"PTM's log analysis expertise fits Paradigm's vision to provide the oil and gas
industry with a full range of solutions from field tapes to reservoir
characterization. Geolog complements our current product offerings to
geologists, including GeoSec for geological analysis and SolidGeo for mapping
and modeling, and allows us to target the growing reservoir management market
with the complete software suite the industry demands."
He added, "PTM's large installed-base also represents a unique opportunity for
Paradigm to expand its market share."
PTM's sales for the six months period ended December 31st, 1998 totaled $3.75
million. Earnings before financial expense and taxation for the same period
amounted to $1.2 million. PTM has offices in Brisbane, Houston, Calgary, London
and Aberdeen.
On January 27, 1999 Paradigm announced record results for 1998 with revenues of
$45.5 million, and net profits of $4.5 million.
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
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"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 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 publicity 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.
