MIND RECEIVES ORDERS FOR WIND FARM PROJECT

Rhea-AI Summary

MIND Technology, Inc. (MIND) announced on April 18, 2023, that its Seamap unit has secured orders worth approximately $0.8 million from the Fraunhofer Institute for Wind Energy System IWES. These orders pertain to hydrophone arrays and equipment linked to the Manta Ray G2 system, expected to be delivered in fiscal 2024. The Manta Ray system aims to enhance marine object detection in offshore construction sites, particularly for wind energy applications. MIND operates globally, providing technology across various sectors, including oceanographic and seismic industries.

Positive

• Secured orders totaling approximately $0.8 million.
• Strengthened partnership with Fraunhofer IWES for wind energy applications.

Negative

• None.

THE WOODLANDS, Texas, April 18, 2023 /PRNewswire/ -- MIND Technology, Inc. ("MIND" or the "Company") (Nasdaq: MIND) announced today that its Seamap unit has received orders from The Fraunhofer Institute for Wind Energy System IWES ("Fraunhofer IWES") for hydrophone arrays and related equipment related to the Manta Ray G2 system. The orders total approximately $0.8 million and are expected to be delivered in fiscal 2024.    

Rob Capps, MIND's President and Chief Executive Officer, stated, "We are excited to be part of the development of Fraunhofer IWES' Manta Ray G2 High Resolution system. The Manta Ray system has been specifically developed to detect and localize small-scale objects in marine sediments, such as glacial boulders. The system uses unique survey methodology developed by Fraunhofer IWES for the de-risking of offshore constructions sites. Further development and optimization of streamer technologies for application in the wind energy sector are on-going."

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
	713-529-6600
	MIND@dennardlascar.com

 

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SOURCE MIND Technology, Inc.

FAQ

What orders did MIND Technology receive on April 18, 2023?

MIND Technology received orders worth approximately $0.8 million from Fraunhofer IWES for hydrophone arrays and equipment related to the Manta Ray G2 system.

What is the expected delivery timeline for MIND's recent orders?

The orders are expected to be delivered in fiscal 2024.

What industry does the Manta Ray G2 system serve?

The Manta Ray G2 system is designed for marine object detection, particularly in the wind energy sector.

What is the significance of MIND's partnership with Fraunhofer IWES?

The partnership enhances MIND's capabilities in developing technologies for offshore construction site de-risking in the wind energy industry.