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Mind Technologies Plans to File Form 10 With the Securities and Exchange Commission
Jul 19, 2011 (06:07 PM EDT)
CARDIFF, Calif., July 19, 2011 /PRNewswire/ -- Mind Technologies, Inc. (http://mindtechnologiesinc.com) (OTC Pink: MTEK), announced today that it plans to file the Form 10 with the Securities and Exchange Commission. The Company is in the process of engaging new independent accountants for the preparation of the Company's 2009 and 2010 fiscal year end audited financial statements and preparing the Form 10 that the Company plans to file so as to allow the Company to become a "reporting company."
These efforts are being undertaken in response to the temporary 10-day trading suspension imposed on the Company's Common Stock by the Securities and Exchange Commission. The trading suspension was imposed as a result of questions that were raised regarding the Company's financial statements. While the Company's management has completed its own review of the financial statements, the Company believes that if the Company completes and files the Form 10 and thereafter files the periodic reports, namely the quarterly Form 10-Qs, and the annual report on Form 10-K, this will serve to resolve any questions regarding the Company's financial disclosures. The Company anticipates that this action will better serve the interests of the Company and its stockholders.
Contemporaneous with these efforts, the Company also plans to file Form 211 through a FINRA-registered broker-dealer, with a goal to allow trading in the Company's common stock to return on the OTC Market. In general, such sponsorship requires that the broker-dealer complete a due diligence review of the Company and its affairs and thereafter submit the Form 211 to FINRA. As currently planned, the Company intends to prepare and file Form 10 as soon as possible. Though it is hard to predict the timing, the Company has resolved to work diligently with its auditors and attorneys to complete the process in a timely manner.
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.
This press release contains 'forward-looking statements'. These are statements concerning plans, objectives, goals, strategies, expectations, intentions, projections, developments, future events, or performance, underlying (expressed or implied) assumptions and other statements that are other than historical facts. In some cases forward-looking statements can be identified by the use of forward-looking words such as 'believes,' 'expects,' 'may,' 'will,' 'should,' or 'anticipates,' or the negative of these words or other variations of these words or comparable words, or by discussions of plans or strategy that involve risks and uncertainties. Management wishes to caution the reader that these forward-looking statements, including, but not limited to, statements regarding the company's plans, projected growth in our sales volume, goals and, the business strategy of the company and other matters that are not historical facts are only predictions. No assurances can be given that such predictions will prove correct or that the anticipated future results will be achieved. Actual events or results may differ materially either because one or more predictions prove to be erroneous or as a result of other risks facing the company. Forward-looking statements should be read in light of the cautionary statements and risks that include, but are not limited to, the risks associated with a small company, the intense competition the company faces from others, and technological changes. Any one or more of these or other risks could cause actual results to differ materially from the future results indicated, expressed, or implied in such forward-looking statements. We undertake no obligation to update or revise any forward-looking statement to reflect events, circumstances, or new information after the date of this press release or to reflect the occurrence of unanticipated or other subsequent events.
SOURCE Mind Technologies, Inc.