VGS Seismic Canada Inc.

VGS Seismic Canada Inc.

September 25, 2009 19:29 ET

VGS and Plainfield Luxembourg Complete Plan of Arrangement

CALGARY, ALBERTA--(Marketwire - Sept. 25, 2009) - VGS Seismic Canada Inc. ("VGS" or the "Company") (TSX VENTURE:VGS) and Plainfield Luxembourg S.a.r.l. ("Plainfield Luxembourg") are pleased to announce that Plainfield Luxembourg has acquired all of the common shares of VGS that it did not already own (the "Transaction") at a price of $0.06 per share, pursuant to a plan of arrangement under the Canada Business Corporations Act effective as of September 25, 2009 (the "Effective Date"). Plainfield Luxembourg is an affiliate of a private fund managed by Plainfield Asset Management LLC, an investment adviser registered with the U.S. Securities and Exchange Commission in accordance with the Investment Advisers Act of 1940.

The directors of VGS, with the exception of Justin Burley and David Mairs, have resigned and Jack Neumark, Vice-President and Senior Counsel of Plainfield Asset Management LLC, has been appointed to the Board of Directors. David Mairs, the President and Chief Executive Officer of VGS, and Lorraine Myers, the Chief Financial Officer of VGS, will remain with the Company in their current positions.

Effective at the close of business September 25, 2009 the common shares of VGS will be delisted from the TSX Venture Exchange.

The Transaction is described in the Company's Management Information Circular dated August 12, 2009.

VGS thanks its customers and suppliers for their support and looks forward to continued, mutually beneficial relationships in the future.

Based in Calgary, Alberta, VGS Seismic Canada Inc. acquires and retains the ownership rights to digital seismic data for licensing to oil and natural gas exploration companies. The Company's data library is concentrated in British Columbia, Southern Alberta and Eastern Saskatchewan.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • VGS Seismic Canada Inc.
    David Mairs
    President and CEO
    (403) 984-5302
    VGS Seismic Canada Inc.
    Lorraine Myers
    Chief Financial Officer
    (403) 984-5319