MIND Technology Inc MIND

THE WOODLANDS, Texas, March 29, 2023 /PRNewswire/ -- MIND Technology, Inc. ("MIND" or the "Company") (NASDAQ: MIND) announced that the United States Patent and Trademark Office ("USPTO") has granted a patent for their MA-X™ technology.  MA-X was engineered and designed by MIND's Klein Marine Systems unit and represents the industry's first integrated single beam side scan and gap filler sonar.

MA-X provides imaging of the nadir zone, or "gap", with the same interpretive characteristics of side scan sonar thereby improving survey times by up to 40%. The Company believes that the superior image quality combined with an increase in efficiency provides an unmatched value proposition to the industry and creates a clear differentiation from other side scan sonar systems.

Klein's first product incorporating this technology is the MA-X VIEW 600. This system delivers focused 600kHz imagery (which is comparable to 900kHz resolution) with 100% bottom coverage. The superior image quality and long-range performance, combined with the nadir gap filler, increases survey efficiency for complex survey operations, such as renewable energy products and unexploded ordinance. These sonars have been used for USV mine countermeasure operations.

The MA-X VIEW 600 is designed to provide portability, submergence, and optimal stability at all depths to a maximum of 300 meters.  This system incorporates Klein BLUE TECHNOLOGY™ representing innovations in transducer, signal conditioning and processing design.

Commenting on the announcement, Klein's General Manager, Michael Williams, stated, "We are pleased that the USPTO has recognized our MA-X technology as both novel and complex.  The Company's investment in this innovative technology provides our customers with significant competitive advantages in survey area coverage rate ("ACR") by helping ensure that mission critical objects are not missed in the sonar nadir." 

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.

 

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SOURCE MIND Technology, Inc.