CARDIFF, Calif., Dec. 6, 2010 /PRNewswire/ -- Mind Technologies, Inc. (http://mindtechnologiesinc.com) (Pink Sheets : JEDM ) announced today that the valuation has been set for Mind Technologies' majority owned subsidiary, Mind Solutions, Inc., on the Deutsche Borse Stock Exchange. At current prices, valuation for Mind Solutions, Inc. is approximately $59,000,000 USD. From this point forward, Mind Technologies will be able to raise money through Mind Solutions in the European marketplace without unnecessary dilution of stock in the U.S. markets. Mind Solutions' revenue and equity will also reflect on the balance sheet of the U.S. Company, Mind Technologies, Inc.
"While our cash position was very good before, this will greatly improve our leverage to raise additional capital through the European markets. This will strengthen our financial position significantly, which will enable us to go forward with a very aggressive marketing and development program here in the U.S. as well as abroad," said Brent Fouch, CEO and President of Mind Technologies, Inc.
Mind Technologies, Inc. expects to raise up to $15,000,000 through their majority owned subsidiary in the European market to position itself as the world-wide leader in brain computer interface (BCI) technology, specializing in the commercialization for the mobile market.
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.
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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.