Geospace Technologies Corporation Announces Postponement of Special Meeting of Stockholders

  Geospace Technologies Corporation Announces Postponement of Special Meeting
  of Stockholders

Business Wire

HOUSTON -- July 11, 2013

Geospace Technologies (NASDAQ:GEOS) today announced that it has postponed its
Special Meeting of Stockholders originally scheduled for July 16, 2013 to a
date to be determined in the future, and that a new record date will be set.

Geospace Technologies Corporation (the “Company”) disclosed that one of its
stockholders filed a complaint against it in the United States District Court
for the District of Delaware. The complaint alleged that the Company’s proxy
statement materials, dated June 21, 2013, impermissibly bundled two distinct
proposals into one proposal for consideration by its stockholders. While the
Company continues to believe that its prior presentation of a single proposal
was consistent with the applicable rules, the Company has decided to
re-solicit the proxies of its stockholders to give the Company’s stockholders
the opportunity to vote on two separate proposals. The Company’s stockholders
will be notified of the new date and time of the Special Meeting of
Stockholders.

Geospace Technologies Corporation designs and manufactures instruments and
equipment used by the oil and gas industry to acquire seismic data in order to
locate, characterize and monitor hydrocarbon producing reservoirs. The company
also designs and manufactures non-seismic products, including industrial
products, offshore cables, thermal printing equipment and film.

This press release includes “forward-looking statements” within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. All statements other than
statements of historical fact included herein including statements regarding
potential future products and markets, our potential future revenues, future
financial position, business strategy, future expectations and estimates and
other plans and objectives for future operations, are forward-looking
statements. We believe our forward-looking statements are reasonable. However,
they are based on certain assumptions about our industry and our business that
may in the future prove to be inaccurate. Important factors that could cause
actual results to differ materially from our expectations include the level of
seismic exploration worldwide, which is influenced primarily by prevailing
prices for oil and gas, the extent to which our new products are accepted in
the market, the availability of competitive products that may be more
technologically advanced or otherwise preferable to our products, tensions in
the Middle East and other factors disclosed under the heading “Risk Factors”
and elsewhere in our most recent Annual Report on Form 10-K and Quarterly
Report on Form 10-Q, which are on file with the Securities and Exchange
Commission. Further, all written and verbal forward-looking statements
attributable to us or persons acting on our behalf are expressly qualified in
their entirety by such factors.

Contact:

Geospace Technologies
Gary D. Owens, 713-986-4444
Chairman, President and CEO
Fax: 713-986-4445
 
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