Mind Technologies' Subsidiary Valued at $59 Million

Dec 06, 2010, 14:14 ET from Mind Technologies, Inc.

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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SOURCE Mind Technologies, Inc.