Mind Technologies, Inc. To Provide Dividend To Shareholders
CARDIFF, Calif., May 7, 2013 /PRNewswire/ -- The Board of Directors of Mind Technologies, Inc. (OTC: MTEK) ("Company"), has declared a special dividend of 30,000,000 shares of VOIS Inc. to all common shareholders. The Company plans to affect a pro rata spin-off of all of the shares of VOIS Inc. common stock owned by the Company. The record date for the special dividend will be May 15th, 2013, and we expect the payment date for the special dividend to be on or about June 1st, 2013.
The special dividend rate will be set at the record date, but is expected to be in an amount of 1 share of VOIS Inc. common stock for every 12 shares of the Company's common stock held as of the record date. The Company's stockholders will not receive fractional shares of VOIS Inc. common stock in the distribution. As a result, no stockholder holding fewer than 12 shares of the Company's common stock as of the record date will receive shares of VOIS Inc. common stock.
The special dividend is not a share exchange, and each stockholder receiving VOIS Inc. shares pursuant to this special in-kind dividend will continue to own the shares of MTEK currently held. The VOIS Inc. shares distributed pursuant to the special dividend are not registered, and may not be sold, transferred or assigned unless held for six months in accordance with Rule 144 under the Securities Act of 1933, as amended.
The Company has assumed an operating business and management team in an unrelated industry to begin operations under MTEK once the spin-off is complete. The new management plans to pursue the up-listing of MTEK to a higher market as soon as practicable, and will provide updates as material progress is made.
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.