MIND Technology Completes Successful Demonstration of Sea Serpent Low-Cost Anti-Submarine Warfare System

THE WOODLANDS, Texas, Sept. 27, 2022 /PRNewswire/ -- MIND Technology, Inc. ("MIND" or the "Company") (Nasdaq: MIND) announced today that it has completed a successful demonstration of its Sea Serpent low-cost anti-submarine warfare system as a part of the U.S. Navy's Coastal Trident 2022 exercise. For the demonstration the system was deployed from an Unmanned Surface Vehicle (USV) and successfully executed an autonomous mission to detect a realistic underwater target.

Sea Serpent is based on MIND's commercially developed SeaLink seismic streamer technology which is used worldwide for seismic surveys. Sea Serpent can be used for harbor security, maritime domain awareness, or ASW (anti-submarine warfare) and provides a cost-effective, highly capable, low-power, robust, and scalable solution that can be easily customized to an individual end-user's requirements. This system also provides a rapidly deployable sub-sea intelligence, surveillance, and reconnaissance capability from fully autonomous platforms.

Rob Capps, MIND's President and Chief Executive Officer, stated, "We are incredibly pleased with this successful demonstration from our Sea Serpent ASW system. We believe this illustrates the versatility of our technologies and our ability to adapt our existing technology to new and unique applications. The primary aim of this experiment was to demonstrate that the Sea Serpent is a viable ASW product that can be rapidly, easily, and reliably deployed from a small USV. We intend to take what we learned from this exercise to continue improving the Sea Serpent system, and we're confident that this will represent a significant utility to the U.S. and other allied navies in the future."

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.

SOURCE MIND Technology, Inc.

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