MIND Technology Announces New Orders Added to Backlog

Rhea-AI Summary

MIND Technology, Inc. (NASDAQ: MIND) announced on July 19, 2021, that its Seamap unit secured new orders worth approximately $4.1 million for source controller and GNSS positioning systems. Deliveries are set for the third and fourth quarters of the fiscal year. Co-CEO Guy Malden expressed optimism about the marine exploration market, noting strong demand for their marine source controller systems and anticipating further orders.

Positive

• Secured new orders totaling approximately $4.1 million.
• Expected deliveries will occur in the third and fourth quarters.
• Strong demand in the marine exploration market indicates growth potential.

Negative

• None.

THE WOODLANDS, Texas, July 19, 2021 /PRNewswire/ -- MIND Technology, Inc. (NASDAQ: MIND) ("MIND" or "the Company") today announced that its Seamap unit has received new orders totaling approximately $4.1 million for source controller and GNSS positioning systems. Deliveries of the related products are expected to occur in the third and fourth quarters of the current fiscal year.

Guy Malden, MIND Co-CEO, commented, "We are pleased to add these orders to our backlog as demand in the marine exploration market remains positive, particularly for our marine source controller systems. We expect further order activity in this area as the year progresses."

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.  MIND's worldwide Marine Technology Products segment, which includes its Seamap and Klein Marine Systems units, designs, manufactures and sells 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, and our objectives for future operations, 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 pandemic.

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, Co-CEO
MIND Technology, Inc.
936-291-2277

Ken Dennard / Zach Vaughan
Dennard Lascar Investor Relations
713-529-6600
MIND@dennardlascar.com

View original content:https://www.prnewswire.com/news-releases/mind-technology-announces-new-orders-added-to-backlog-301335455.html

SOURCE MIND Technology, Inc.

FAQ

What recent orders has MIND Technology announced?

MIND Technology announced new orders worth approximately $4.1 million for source controller and GNSS positioning systems.

When will MIND Technology's new orders be delivered?

The deliveries of the new orders are expected in the third and fourth quarters of the current fiscal year.

What market is MIND Technology seeing demand in?

MIND Technology is seeing positive demand in the marine exploration market, particularly for its marine source controller systems.