MIND Technology Announces Receipt of Order for GunLink Upgrade

Rhea-AI Summary

MIND Technology, Inc. (Nasdaq: MIND) announced a significant order for the upgrade of its GunLink 4000 system, valued at approximately $900,000. This order, received from an undisclosed party, includes enhancements such as dual near-field hydrophone recording. The delivery is expected later this fiscal year. CEO Rob Capps noted this order reflects the robust recovery in the marine exploration market, particularly benefiting MIND's Seamap unit and its leading products.

Positive

• Received an order worth approximately $900,000 for GunLink 4000 system upgrade.
• The upgrade includes advanced features like dual near-field hydrophone recording.
• Indicates a strong recovery in the marine exploration market.

Negative

• None.

THE WOODLANDS, Texas, July 27, 2022 /PRNewswire/ -- MIND Technology, Inc. ("MIND" or the "Company") (Nasdaq: MIND) announced today that it has received an order from an unnamed party for the upgrade of an existing GunLink 4000 system.  The upgrade will include, among other capabilities, dual near-field hydrophone recording. The order has a value of approximately $900,000 and is expected to be delivered later this fiscal year.    

Rob Capps, MIND's President and Chief Executive Officer, stated, "This latest order is yet another indication of the strength we are seeing in the marine exploration market.  Our Seamap unit, with its market leading products, continues to benefit from the rebound in this space."

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

 

View original content:https://www.prnewswire.com/news-releases/mind-technology-announces-receipt-of-order-for-gunlink-upgrade-301594096.html

SOURCE MIND Technology, Inc.

FAQ

What is the recent order value announced by MIND Technology?

MIND Technology announced a recent order valued at approximately $900,000 for the upgrade of its GunLink 4000 system.

What features are included in the GunLink 4000 upgrade?

The GunLink 4000 upgrade includes dual near-field hydrophone recording capabilities.

When is the expected delivery date for the GunLink 4000 upgrade?

The delivery of the GunLink 4000 upgrade is expected later this fiscal year.

Who is the CEO of MIND Technology?

The CEO of MIND Technology is Rob Capps.

How does the recent order reflect market conditions?

The recent order reflects a strong recovery in the marine exploration market.