DynaEnergetics and GEODynamics Reach Settlement Agreement
HOUSTON, Texas – November 12, 2018 – DynaEnergetics, a business of DMC Global Inc. (Nasdaq: BOOM), today announced it has entered into a global settlement agreement with GEODynamics. The agreement resolves both businesses’ legal disputes concerning reactive shaped perforation charges. Although both parties believe strongly in their respective positions, they recognize it is in their best interests to reach a mutually satisfactory commercial resolution of their pending disputes.
The settlement had no negative financial impact on DynaEnergetics, which expects to record fourth quarter legal expense in the range of a previously forecasted $3 million.
Michelle Shepston, DMC Global’s chief legal officer, said, “We are pleased this protracted dispute is behind us and we can return our attention to the execution of our operational and growth objectives. I am extremely grateful for the considerable efforts of the DynaEnergetics team, and the support and contributions of our outstanding outside legal counsel.”
DynaEnergetics’ innovative perforating systems make a measureable impact on well productivity, completion cost and safety. As the only global perforating manufacturer that designs, manufactures and qualifies all of its equipment and accessories in-house, DynaEnergetics ensures unmatched performance and the lowest total cost of operations. For more information, visit www.dynaenergetics.com.
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DMC Global Inc.