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.
Jeff Dashefsky 858-461-0423
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.