MIND Technology Secures Financing
THE WOODLANDS, Texas, Feb. 7, 2023 /PRNewswire/ -- MIND Technology, Inc. ("MIND" or the "Company") (Nasdaq: MIND) announced today that it has entered into a $3.75 million secured financing arrangement. The agreement, which is secured by certain real estate assets, has a one-year term with extensions available under certain conditions. Interest is payable monthly at 12.9%, with the interest prepaid from the loan proceeds. The agreement also provided for an origination fee of $240,000.
Rob Capps, MIND's President and Chief Executive Officer, stated, "This arrangement provides working capital to assist in the execution of our backlog of business. Importantly, this agreement does not create dilution to our equity holders and contains minimal restrictions such as financial covenants or limitations on the use of proceeds. We believe the structure of the agreement and underlying security documents can facilitate additional borrowings, subject to the agreement of the lender. Based on preliminary results, we believe that revenues for our fourth quarter ended January 31, 2023 will be in line with previously discussed expectations."
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.
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.
Rob Capps, President & CEO
MIND Technology, Inc.
Ken Dennard / Zach Vaughan
Dennard Lascar Investor Relations
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SOURCE MIND Technology, Inc.