ION initiates review of strategic alternatives
ION Geophysical Corporation (NYSE: IO) announced on September 15, 2021, that its Board of Directors has begun evaluating strategic alternatives to enhance its financial position and shareholder value. Potential options include business sales, asset divestitures, equity transactions, or debt financing. Tudor Pickering, Holt & Co. has been engaged to assist in this evaluation. No timeline is set for conclusions, and the company will not provide further updates until a specific course of action is approved.
- Initiating evaluation of strategic alternatives to strengthen financial position.
- Engaging Tudor Pickering, Holt & Co. for expert guidance.
- No assurance that the evaluation will lead to beneficial transactions.
- Continued assessment of capital market conditions suggests financial instability.
HOUSTON, Sept. 15, 2021 (GLOBE NEWSWIRE) -- ION Geophysical Corporation (NYSE: IO) today announced that its Board of Directors (the “Board”) has initiated a process to evaluate a range of strategic alternatives to strengthen its financial position and maximize stakeholder value as the company continues to assess conditions in the capital markets and right-size the business. These strategic alternatives include, among others, a sale or other business combination transaction, sales of assets, private or public equity transactions, debt financing, or some combination of these.
ION has engaged Tudor Pickering, Holt & Co. to assist with the evaluation process.
There can be no assurance that such evaluation will result in one or more transactions or other strategic change or outcome. The company has not set a timetable for the conclusion of its consideration of strategic alternatives, and it does not intend to comment further unless and until the Board has approved a specific course of action or the company has otherwise determined that further disclosure is appropriate or required.
About ION
Leveraging innovative technologies, ION delivers powerful data-driven decision-making to offshore energy and maritime operations markets, enabling clients to optimize investments and results through access to our data, software and distinctive analytics. Learn more at iongeo.com.
Contacts
ION (Investor relations)
Executive Vice President and Chief Financial Officer
Mike Morrison, +1 281.879.3615
mike.morrison@iongeo.com
ION (Media relations)
Vice President, Communications
Rachel White, +1 281.781.1168
rachel.white@iongeo.com
The information herein contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements may include information and other statements that are not of historical fact. Actual results may vary materially from those described in these forward-looking statements. All forward-looking statements reflect numerous assumptions and involve a number of risks and uncertainties. These risks and uncertainties include the risks associated with the timing and development of ION Geophysical Corporation's products and services; pricing pressure; decreased demand; changes in oil prices; agreements made or adhered to by members of OPEC and other oil producing countries to maintain production levels; the COVID-19 pandemic; the ultimate benefits of our completed restructuring transactions; political, execution, regulatory, and currency risks; and the impact to our liquidity in the current uncertain macroeconomic environment. For additional information regarding these various risks and uncertainties, see our Form 10-K for the year ended December 31, 2020, filed on February 12, 2021. Additional risk factors, which could affect actual results, are disclosed by the company in its filings with the Securities and Exchange Commission, including its Form 10-K, Form 10-Qs and Form 8-Ks filed during the year. The company expressly disclaims any obligation to revise or update any forward-looking statements.
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