Mind Technologies, Inc. (OTC Pink: MTEK), announced today that it plans to file the Form 10 with the Securities and Exchange Commission. The Company is in the process of engaging new independent accountants for the preparation of the Company’s 2009 and 2010 fiscal year end audited financial statements and preparing the Form 10 that the Company plans to file so as to allow the Company to become a “reporting company.”
These efforts are being undertaken in response to the temporary 10-day trading suspension imposed on the Company’s Common Stock by the Securities and Exchange Commission. The trading suspension was imposed as a result of questions that were raised regarding the Company’s financial statements. While the Company’s management has completed its own review of the financial statements, the Company believes that if the Company completes and files the Form 10 and thereafter files the periodic reports, namely the quarterly Form 10-Qs, and the annual report on Form 10-K, this will serve to resolve any questions regarding the Company’s financial disclosures. The Company anticipates that this action will better serve the interests of the Company and its stockholders.
Contemporaneous with these efforts, the Company also plans to file Form 211 through a FINRA-registered broker-dealer, with a goal to allow trading in the Company’s common stock to return on the OTC Market. In general, such sponsorship requires that the broker-dealer complete a due diligence review of the Company and its affairs and thereafter submit the Form 211 to FINRA. As currently planned, the Company intends to prepare and file Form 10 as soon as possible. Though it is hard to predict the timing, the Company has resolved to work diligently with its auditors and attorneys to complete the process in a timely manner.