MIND Technology, Inc. To Provide Seismic Source Controllers

Rhea-AI Summary

MIND Technology, Inc. (NASDAQ: MIND) has announced an agreement through its Seamap unit with an international seismic exploration company for the provision of two GunLink 4000 systems, valued at over $5.0 million. This order is expected to conclude within MIND's fiscal year ending January 31, 2022. Co-CEO Guy Malden emphasized this deal as a sign of improving marine exploration market activity, indicating that GunLink has become the preferred choice for seismic source controller technology.

Positive

• Secured a contract worth over $5.0 million, enhancing revenue prospects.
• Indicates growing activity in the marine exploration market, supporting business outlook.

Negative

• None.

THE WOODLANDS, Texas, Feb. 11, 2021 /PRNewswire/ -- MIND Technology, Inc. (NASDAQ: MIND) ("MIND" or "the Company") today announced that its Seamap unit has entered into a memorandum of understanding ("MOU") with an international seismic exploration company to provide two GunLink 4000 systems and associated equipment and spares.  It is anticipated that these orders, which have an aggregate value in excess of $5.0 million, will be completed in MIND's fiscal year ending January 31, 2022.

Guy Malden, MIND Co-CEO, commented, "We see this as another example of improving  activity within the marine exploration market.  This and other recent activity, in our opinion, is further confirmation that our GunLink has become the clear preference for seismic source controller technology."

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

 

View original content:http://www.prnewswire.com/news-releases/mind-technology-inc-to-provide-seismic-source-controllers-301226706.html

SOURCE MIND Technology, Inc.

FAQ

What is the value of the contract MIND announced?

The contract announced by MIND Technology, Inc. is valued at over $5.0 million.

When is MIND's fiscal year-end?

MIND's fiscal year ends on January 31, 2022.

What systems is MIND providing under the new agreement?

MIND is providing two GunLink 4000 systems and associated equipment and spares.

Which subsidiary of MIND Technology is involved in the new contract?

MIND's Seamap unit is involved in the new contract.

Who commented on the significance of the new contract?

Co-CEO Guy Malden commented on the significance of the new contract.