Mind Technologies, Inc. Signs Funding Agreement for European Subsidiary
CARDIFF, Calif., June 3, 2011 /PRNewswire/ -- Mind Technologies, Inc. (http://mindtechnologiesinc.com) (Pink OTC: MTEK), announced today that additional funding has commenced through their European subsidiary, Mind Solutions, Inc. which is traded on the Deutsche Borse Stock Exchange. Mind Solutions, Inc., with a market cap in excess of $50 million is a majority owned subsidiary company of Mind Technologies, Inc.
Mind Solutions, Inc. has signed an Agreement with a prominent Swiss Firm to assist The Company in raising capital through the European Markets. The Firm anticipates a successful capital raise of 4 to 5 million Euros, which begins immediately. Mind Solutions, Inc. plans to use the proceeds to finalize the development of an advanced EEG headset, currently in development and expected to be released this year. The technology being developed is expected to revolutionize the BCI (Brain Computer Interface) market by providing a smaller, easy to use, EEG device that can be used for mobile smart phones as well as the PC. Additional capital raised will be used for a global marketing campaign, set to begin upon the release of The Company's proprietary EEG headset. The Company plans to make their EEG headset and thought controlled software a household name throughout the world as a result of the extensive marketing planned; and believes the technological advancements of the EEG headset being developed will position The Company as the leader and platform of choice for the BCI industry going forward.
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 your 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.