CARDIFF, Calif., Dec. 1, 2010 /PRNewswire/ -- Mind Technologies, Inc. (http://mindtechnologiesinc.com) (Pink Sheets: JEDM), announced this morning that after a preliminary review and examination of trade reports, it has become apparent that the stock of Mind Technologies is under pressure from short sellers. Management is actively seeking a solution for the problem through a variety of means. While short selling is common in the micro caps, the source of the short selling is important to discover.
"Market makers can and will sell short shares of micro cap stocks but they typically cover their positions by the end of the day," said Brent Fouch, CEO and President of Mind Technologies, Inc. "The numbers that we are seeing from the Financial Industry Regulatory Authority (FINRA) indicates short positions are being generated and not covered. We are going to get to the bottom of it and solve the problem. Our company is doing very well and it has mystified us as to why the stock continues to go down," Fouch continued.
A ticker symbol change from "JEDM" to a new ticker symbol will occur in the near future to reflect the business and name of Mind Technologies, Inc.
"We are looking at ways of restructuring our stock to force coverage of the short positions and the change in the ticker symbol may just be the start of what we have to do to win this battle. It is not fair to our company or our shareholders to have stock sold into the marketplace that does not exist," Fouch concluded.
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.