THE
WOODLANDS, Texas, Feb. 7, 2023
/PRNewswire/ -- MIND Technology, Inc. ("MIND" or the "Company")
(Nasdaq: MIND) announced today that it has entered into a
$3.75 million secured financing
arrangement. The agreement, which is secured by certain real
estate assets, has a one-year term with extensions available under
certain conditions. Interest is payable monthly at 12.9%,
with the interest prepaid from the loan proceeds. The
agreement also provided for an origination fee of $240,000.
Rob Capps, MIND's President and
Chief Executive Officer, stated, "This arrangement provides working
capital to assist in the execution of our backlog of
business. Importantly, this agreement does not create
dilution to our equity holders and contains minimal restrictions
such as financial covenants or limitations on the use of
proceeds. We believe the structure of the agreement and
underlying security documents can facilitate additional borrowings,
subject to the agreement of the lender. Based on preliminary
results, we believe that revenues for our fourth quarter ended
January 31, 2023 will be in line with
previously discussed expectations."
About MIND Technology
MIND Technology, Inc. provides technology to the oceanographic,
hydrographic, defense, seismic and security industries.
Headquartered in The Woodlands,
Texas, MIND has a global presence with key operating
locations in the United States,
Singapore, Malaysia, and the United Kingdom. Its
Seamap and Klein units, design, manufacture and sell specialized,
high performance, marine sonar and seismic equipment.
Forward-looking Statements
Certain statements and information in this press release may
constitute "forward-looking
statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. All statements contained
in this press release other than statements of historical fact,
including statements regarding our future results of operations and
financial position, our business strategy and plans, our objectives
for future operations, future orders and anticipated delivery of
existing orders, and future payments of dividends are
forward-looking statements. The
words "believe," "expect," "anticipate," "plan," "intend," "should," "would," "could" or
other similar expressions are intended to identify forward-looking
statements, which are generally not historical in
nature. These forward-looking statements are
based on our current expectations and beliefs concerning future
developments and their potential effect on
us. While management believes that these
forward-looking statements are reasonable as and when made, there
can be no assurance that future developments affecting us will be
those that we anticipate. All comments concerning
our expectations for future revenues and operating results are
based on our forecasts of our existing operations and do not
include the potential impact of any future acquisitions or
dispositions. Our forward-looking statements
involve significant risks and uncertainties (some of which are
beyond our control) and assumptions that could cause actual results
to differ materially from our historical experience and our present
expectations or projections. These risks and uncertainties include,
without limitation, reductions in our
customers' capital budgets, our own capital budget,
limitations on the availability of capital or higher costs of
capital, volatility in commodity prices for oil and natural gas and
the extent of disruptions caused by the COVID-19 outbreak.
For additional information regarding known material factors
that could cause our actual results to differ from our projected
results, please see our filings with the SEC, including our Annual
Report on Form 10-K, Quarterly Reports on Form 10-Q and Current
Reports on Form 8-K.
Readers are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date
hereof. We undertake no obligation to publicly
update or revise any forward-looking statements after the date they
are made, unless required by law, whether as a result of new
information, future events or otherwise. All forward-looking
statements included in this press release are expressly qualified
in their entirety by the cautionary statements contained or
referred to herein.
Contacts:
|
Rob Capps, President
& CEO
|
|
MIND Technology,
Inc.
|
|
281-353-4475
|
|
|
|
Ken Dennard / Zach
Vaughan
|
|
Dennard Lascar Investor
Relations
|
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713-529-6600
|
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MIND@dennardlascar.com
|
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SOURCE MIND Technology, Inc.