Mind Technologies Reports Taking Steps to Regain Tradability
CARDIFF, Calif., Aug. 3, 2011 /PRNewswire/ -- Mind Technologies, Inc. (http://mindtechnologiesinc.com) (OTC Pink: MTEK), reported today that it is taking steps to regain tradability on the OTC Market.
The Company's management has been diligently working to engage a new accounting firm and a new law firm to assist it in these efforts. At the same time, the Company has been working to evaluate its prior press releases, its website, and all of its prior filings at OTC Markets with a view to ensuring that its actions and financial and other disclosures demonstrate that it is acting as a model corporate citizen and in the best interests of the Company's stockholders.
To this end, the Company's financial statements have been updated with the filing of quarterly reports through June 30th, 2011. The Company has further adopted a policy wherein the Company plans to complete the filing of future quarterly financial statements and other disclosures in accordance with the disclosure guidelines adopted by OTC Markets. Mr. Brent Fouch, the Company's Chief Executive Officer, stated that "the Company's goal is take all appropriate action that is feasible that may allow the Company's Common Stock to regain tradability on the OTC Markets as soon as possible."
As currently planned, the Company intends to prepare and file Form 10 with the SEC. The Form 10 includes two year's audited financials together with other non-financial disclosures on the Company and its business in greater detail. If the Company is able to file the Form 10, the Company will become a "reporting company" under Section 12(g) of the Securities Exchange Act of 1934. To the extent possible, the Company is taking all appropriate steps to address and respond to the Section 12(k) suspension of trading imposed by the SEC and to correct any deficiencies in its prior disclosures.
About Mind Technologies, Inc.
The Company 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.
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.