CARDIFF, Calif., Nov. 6, 2012 /PRNewswire/ -- Mind
Technologies, Inc. (OTC: MTEK), is providing an update on
Management's progress to bring value to all shareholders of
MTEK.
Since receiving the SEC's stop-trading notice in June 2011 which resulted in the trading halt for
MTEK's Common Stock (with only limited and sporadic trading on the
grey market), MTEK has sought to undertake the effort to prepare
and file the S-1 Registration with the Securities and Exchange
Commission. The S-1, as you may know, requires that extensive
due diligence, disclosures and audited financial statements be
prepared and completed before the filing can be made with the
Commission, with no certain time frame of becoming effective. While
MTEK has undertaken these efforts, the cost and management time
needed to accomplish this goal has been very daunting given the
Company's minimal financial resources.
Given these challenges and the uncertain time frames that we
face, MTEK's management has initiated discussions with a fully
reporting public company trading on the OTCQB for the sale of
certain assets of MTEK in exchange for shares of the public
company. In the event that we are successful in completing
negotiations and other necessary steps, MTEK plans to later
distribute shares of the public company's common stock acquired in
the contemplated transaction as a dividend to MTEK shareholders.
All of these contemplated transactions are subject to review of our
legal counsel and subject to our ability to have the funds
necessary to underwrite these and related efforts. In the event
that we are able to undertake and complete these contemplated
transactions, our goal is to ensure that shareholders of MTEK
become shareholders of the public company. In that
event, our goal is to consolidate the technology under one company
and move forward with the fully reporting OTCQB listed public
company. Based on our limited review, we believe that this may
offer the best possible strategy to allow us to maximize the market
price of our common stock.
As you may know, MTEK's CEO has funded all of MTEK's efforts for
the past 17 months through loans to MTEK since other sources of
financing have not been available. As currently envisioned,
if MTEK can implement these plans, the OTCQB public company will be
managed by senior management that have experience in enhancing and
developing small public companies and MTEK's current management
will resign. If we are successful and if we can complete the
initial steps, we anticipate that we will make a subsequent
announcement on the status of our efforts in the near future and
the same will include a description of the terms of the
contemplated transactions.
About Mind Technologies, Inc.
MTEK develops software for thought controlled technologies,
allowing the user to interact with the computer and other machines
through the power of the mind. The technology involves the use of a
wireless headset, which detects brainwaves on both the conscious
and non-conscious level. This revolutionary neural processing
technology makes it possible for computers to interact directly
with the human brain. MTEK creates medical applications and video
games that are controlled by the power of your mind.
Contact@MindTechnologiesInc.com
Jeff Dashefsky 858-461-0423
FORWARD-LOOKING STATEMENTS
This press release contains 'forward-looking statements'. These
are statements concerning plans, objectives, goals, strategies,
expectations, intentions, projections, developments, future events,
or performance, underlying (expressed or implied) assumptions and
other statements that are other than historical facts. In some
cases forward-looking statements can be identified by the use of
forward-looking words such as 'believes,' 'expects,' 'may,' 'will,'
'should,' or 'anticipates,' or the negative of these words or other
variations of these words or comparable words, or by discussions of
plans or strategy that involve risks and uncertainties. Management
wishes to caution the reader that these forward-looking statements,
including, but not limited to, statements regarding the company's
plans, projected growth in our sales volume, goals and, the
business strategy of the company and other matters that are not
historical facts are only predictions. No assurances can be given
that such predictions will prove correct or that the anticipated
future results will be achieved. Actual events or results may
differ materially either because one or more predictions prove to
be erroneous or as a result of other risks facing the company.
Forward-looking statements should be read in light of the
cautionary statements and risks that include, but are not limited
to, the risks associated with a small company, the intense
competition the company faces from others, and technological
changes. Any one or more of these or other risks could cause actual
results to differ materially from the future results indicated,
expressed, or implied in such forward-looking statements. We
undertake no obligation to update or revise any forward-looking
statement to reflect events, circumstances, or new information
after the date of this press release or to reflect the occurrence
of unanticipated or other subsequent events.
SOURCE Mind Technologies, Inc.