MIND Technology, Inc. Receives Orders for Source Controller Upgrades

Rhea-AI Summary

MIND Technology, Inc. (NASDAQ: MIND) has received a Letter of Award (LOA) for the supply of products and services to upgrade a Seamap GunLink 4000 source controller, with the first delivery expected by January 31, 2021. This upgrade will enable dual near-field hydrophone recording, enhancing data acquisition capabilities. The LOA also includes an option for a future upgrade on a second vessel. Co-CEO Guy Malden noted increasing industry demands for advanced shooting pattern capabilities that improve image resolution while addressing environmental concerns.

Positive

• Received LOA for Seamap GunLink 4000 upgrades, indicating strong customer demand.
• Upgrades will provide advanced dual near-field hydrophone recording capability.
• First delivery expected by January 31, 2021, which may enhance revenue prospects.

Negative

• None.

THE WOODLANDS, Texas, Dec. 1, 2020 /PRNewswire/ -- MIND Technology, Inc. (NASDAQ: MIND) ("MIND" or "the Company") today announced that it has received a Letter of Award ("LOA") from an unnamed party for the supply of products and services for a Seamap GunLink 4000 source controller upgrade. The LOA also includes an option for the upgrade of a GunLink 4000 on a second vessel in the future. Following the upgrades, the GunLink 4000 systems will be capable of dual near-field hydrophone recording. Delivery of the first GunLink 4000 system upgrade is expected by January 31, 2021.

Guy Malden, MIND Co-CEO, commented, "Through discussions with our customers and others in the industry, we see increasing requirements for dual near-field hydrophone data acquisition capability coupled with advanced energy source shooting pattern capabilities. This functionality allows for higher resolution images while respecting environmental concerns. We believe that our Seamap GunLink source controllers have the ability to provide these advanced capabilities and have become the industry standard."

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. 

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

 

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SOURCE MIND Technology, Inc.

FAQ

What is the significance of the Letter of Award received by MIND Technology?

The Letter of Award indicates a new contract for upgrading the Seamap GunLink 4000, which could boost MIND's sales and market presence.

When is the first delivery of the GunLink 4000 system upgrade expected?

The first delivery is expected by January 31, 2021.

What capabilities will the GunLink 4000 upgrades provide?

The upgrades will allow for dual near-field hydrophone recording, enhancing data acquisition quality.

Does the LOA include additional opportunities for MIND Technology?

Yes, the LOA includes an option for future upgrades on a second vessel.