ION announces new appointment to its Board of Directors
February 11 2021 - 4:21PM
ION Geophysical Corporation (NYSE: IO) today announced the election
of Mr. Zhang ShaoHua to its Board of Directors effective February
8, 2021.
Under an Investor Rights Agreement between the
Company and BGP Inc., China National Petroleum Corporation (‘BGP”),
BGP has the right to appoint a nominee to the Company’s Board of
Directors, and to replace that nominee from time to time. Mr.
Zhang’s appointment came as his predecessor on our Board, Mr. Zheng
HuaSheng, transferred to another China National Petroleum
Corporation company. Our Board approved Mr. Zhang’s appointment
unanimously.
Mr. Zhang is currently General Manager of BGP,
the world's largest land seismic contractor. Having spent over 30
years in the seismic industry, he has a strong technical background
as well as significant management experience. Mr. Zhang began his
career at BGP in geophysics and held three key technology Director
roles running the Acquisition Technical Department, Science and
Technology Department, and finally the R&D Center. In 2018, he
was promoted to Chief Geophysicist of BGP.
Mr. Zhang holds a Master’s degree in Geophysical
Prospecting from Changchun College of Geology (presently Jilin
University) and a Master’s of Business Administration degree from
the University of South Alabama.
Jay Lapeyre, Chairman of the Board, said this of
the transition, “On behalf of ION and our Board of Directors, I
would like to extend our appreciation to Zheng HuaSheng for serving
on the Board and for his contributions to the Company.
Simultaneously, I would like to welcome Zhang ShaoHua, who brings
significant industry knowledge and leadership experience to ION.
His technical expertise will prove particularly beneficial as we
continue to execute on our refined strategy and develop new
offerings to capitalize on the energy transition and digitalization
opportunities that optimize decision-making and value for
clients.”
About ION
Leveraging innovative technologies, ION delivers
powerful data-driven decision-making to offshore energy, ports and
defense industries, enabling clients to optimize operations and
deliver superior returns. Learn more at iongeo.com.
Contacts
ION (Investor relations)
Executive Vice President and Chief Financial
OfficerMike Morrison, +1 281.879.3615 mike.morrison@iongeo.com
ION (Media relations)
Vice President, CommunicationsRachel White, +1
281.781.1168rachel.white@iongeo.com
Registration statements relating to the
securities to be offered in the exchange offer and the rights
offering in connection with the restructuring transactions have
been filed with the Securities and Exchange Commission, but have
not yet become effective. These securities may not be sold
nor may offers to buy be accepted prior to the time the
registration statements become effective. This press release
shall not constitute an offer to sell or a solicitation of an offer
to buy the securities, nor shall there be any offer, solicitation
or sale of the securities in any state or jurisdiction in which
such offer, solicitation or sale would be unlawful under the
securities laws of such state or jurisdiction. The exchange
offer and the rights offering will be made only by means of a
prospectus. Copies of each such prospectus, when they become
available, will be distributed, as applicable, to our bondholders
and shareholders and may also be obtained free of charge at the
website maintained by the SEC at or by contacting the appropriate
agent for the offerings. Contact information for such agents
will be provided when available.
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; our ability to complete
the Restructuring Transactions and other related matters in a
timely manner, if at all; and political, execution, regulatory, and
currency risks. For additional information regarding these various
risks and uncertainties, see our Form 10-K for the year ended
December 31, 2019, filed on February 6, 2020, and our Forms S-1 and
S-4, filed on January 29, 2021. Additional risk factors, which
could affect actual results, are disclosed by the Company in its
filings with the Securities and Exchange Commission ("SEC"),
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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