Mind Technologies, Inc. Provides Update on MTEK
CARDIFF, Calif., June 21, 2011 /PRNewswire/ -- Mind Technologies, Inc. (http://mindtechnologiesinc.com) (OTC Pink: MTEK) is providing an update to shareholders regarding the trading of MTEK. As of today, the ten day trading suspension is over. The Company must now file Form 2-11 with FINRA through a registered broker dealer and have the filing approved, in order to be deemed as having provided "Current Information" for the OTC Pink market. Once FINRA has satisfactorily completed their review and approved the submission, the Company's shares should begin to trade again on the OTC Pink Sheet Market. The Company has already engaged a broker dealer to submit Form 2-11 and is working expeditiously to prepare the necessary filings and finalize the process.
Temporary trading suspensions can occur when the SEC deems there is a public concern, such as a lack of adequate financials. MTEK was on a schedule of reporting financials every six months, with the next filing due after June 30th. The Company was notified on June 7th of the temporary trading suspension. As a result, the Company has elected to begin reporting financials on a quarterly basis going forward.
Mind Technologies continues to advance development of the Company's proprietary EEG headset and thought controlled software.
About Mind Technologies, Inc.
Mind Technologies, Inc. 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. The Company creates medical applications and video games that are controlled by the power of the mind.
From time to time, the Company may issue news releases that contain "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, and is subject to the safe harbor created by those sections. This material may contain statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. For those statements, the Company claims the protection of the safe harbor for forward-looking statement provisions contained in the Private Securities Litigation Reform Act of 1995 and any amendments thereto. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions, or future events or performance are not statements of historical fact and may be "forward-looking statements." "Forward-looking statements" are based upon expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties that could cause actual results or events to differ materially from those anticipated.
SOURCE Mind Technologies, Inc.