Mind Technologies, Inc. (OTC Pink: MTEK), reported today that it is taking steps to regain tradability on the OTC Market.
The Company’s management has been diligently working to engage a new accounting firm and a new law firm to assist it in these efforts. At the same time, the Company has been working to evaluate its prior press releases, its website, and all of its prior filings at OTC Markets with a view to ensuring that its actions and financial and other disclosures demonstrate that it is acting as a model corporate citizen and in the best interests of the Company’s stockholders.
To this end, the Company’s financial statements have been updated with the filing of quarterly reports through June 30th, 2011. The Company has further adopted a policy wherein the Company plans to complete the filing of future quarterly financial statements and other disclosures in accordance with the disclosure guidelines adopted by OTC Markets. Mr. Brent Fouch, the Company’s Chief Executive Officer, stated that “the Company’s goal is take all appropriate action that is feasible that may allow the Company’s Common Stock to regain tradability on the OTC Markets as soon as possible.”
As currently planned, the Company intends to prepare and file Form 10 with the SEC. The Form 10 includes two year’s audited financials together with other non-financial disclosures on the Company and its business in greater detail. If the Company is able to file the Form 10, the Company will become a “reporting company” under Section 12(g) of the Securities Exchange Act of 1934. To the extent possible, the Company is taking all appropriate steps to address and respond to the Section 12(k) suspension of trading imposed by the SEC and to correct any deficiencies in its prior disclosures.