CARDIFF, Calif., June 7, 2011 /PRNewswire via COMTEX/ -- Mind Technologies, Inc. (http://mindtechnologiesinc.com) (Pink OTC: MTEK), announced this morning that The Company will begin filing quarterly financials to provide shareholders updated, current information. The Board of Directors resolved to this action as a result of receiving a ten day temporary trade halt on MTEK. The Company is finalizing first and second quarter financial statements, to be filed publicly as soon as possible. It is the Company's goal to bring the public information current immediately to resume the trading status of MTEK. The Company will update shareholders on the progress and announce in a press release when trading has resumed.
The Company has elected to accelerate its financial filings on a quarterly basis to provide transparency to its shareholders and avoid temporary trading disruptions in the future. The Company was one of seventeen companies halted today for lack of public information and understands the SEC's role to ensure current information is provided to protect shareholders. The Company is working diligently to remedy the situation. The Company appreciates its shareholders support and patience as we continue to move Mind Technologies forward.
About Mind Technologies, Inc.
Mind Technologies, Inc. develops software for thought controlled technologies, allowing the user to interact with the computer and other machines through the power of the mind. The technology involves the use of a wireless headset, which detects brainwaves on both the conscious and non-conscious level. This revolutionary neural processing technology makes it possible for computers to interact directly with the human brain. The Company creates medical applications and video games that are controlled by the power of your mind.
FORWARD-LOOKING STATEMENTS
From time to time, the Company may issue news releases that contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the safe harbor created by those sections. This material may contain statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. For those statements, the Company claims the protection of the safe harbor for forward-looking statement provisions contained in the Private Securities Litigation Reform Act of 1995 and any amendments thereto. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions, or future events or performance are not statements of historical fact and may be "forward-looking statements." "Forward-looking statements" are based upon expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties that could cause actual results or events to differ materially from those anticipated.
Who stands to make a lot of money behind today s SEC halting of 17 stocks, otc otcbb small micro cap stocks witch now have the Caveat Emptor logo out front and center on the right side of the page, and the lowest cost small page to be come current is $2,500.00 USD or up list to the deluxe package 12,500.00 When otcmarkets.com AKA pinksheets reported these stocks to the SEC the share holders of these 17 penny stocks all screwed today.
The SEC Enforcement Division is not the sharpest pencil in the box when it comes to government agencies they had some encouragement and help!
Those Companies that get behind with paying there dues otcmarkets.com aka pinksheets all get reported to the sec it's like a pay to play scam imo.
No pay otcmarkets.com = This logo
We send the SEC Penny Microcap Police to your Company front door! lol
System manipulation!
But this is a two edge sword we do need this information to be able to pick the best of the otc / otcbb penny stocks.
With the information that otc / otcbb provides to the penny stock player gives the penny player the edge so you can tell the apples from the lemons providing you do your DD research and more on the penny stock before you buy it.
Never buy one of these POS before DD researching them first.
Bottom line here today I got screwed by Government Politics at the SEC and a smart Company CEO who knows and works the new SEC Financial Laws to his company advantage
You got to be more careful out there trading today and do it to them before they do it to you, take the money and run and remember some profit is better then no profit.
I thinking and hoping that once these 17 companies get up to date with there filings and etc, the PPS comes back and today s traders get there money back that is the most important thing here, imo!
I hope all of today s traders bet there money back !!!
God bless and always the best of trading
The Open, Transparent, and Connected Marketplace
OTC Markets Group Inc. operates the world's largest electronic interdealer quotation system for broker-dealers to trade unlisted securities. We organize the OTC marketplace into three tiers based on the level of disclosure companies choose to provide to investors: OTCQX, OTCQB and OTC Pink. & The Grey Sheets.
CARDIFF, Calif., June 7, 2011 /PRNewswire via COMTEX/ -- Mind Technologies, Inc. (http://mindtechnologiesinc.com) (Pink OTC: MTEK), announced this morning that The Company will begin filing quarterly financials to provide shareholders updated, current information. The Board of Directors resolved to this action as a result of receiving a ten day temporary trade halt on MTEK. The Company is finalizing first and second quarter financial statements, to be filed publicly as soon as possible. It is the Company's goal to bring the public information current immediately to resume the trading status of MTEK. The Company will update shareholders on the progress and announce in a press release when trading has resumed.
The Company has elected to accelerate its financial filings on a quarterly basis to provide transparency to its shareholders and avoid temporary trading disruptions in the future. The Company was one of seventeen companies halted today for lack of public information and understands the SEC's role to ensure current information is provided to protect shareholders. The Company is working diligently to remedy the situation. The Company appreciates its shareholders support and patience as we continue to move Mind Technologies forward.
About Mind Technologies, Inc.
Mind Technologies, Inc. develops software for thought controlled technologies, allowing the user to interact with the computer and other machines through the power of the mind. The technology involves the use of a wireless headset, which detects brainwaves on both the conscious and non-conscious level. This revolutionary neural processing technology makes it possible for computers to interact directly with the human brain. The Company creates medical applications and video games that are controlled by the power of your mind.
FORWARD-LOOKING STATEMENTS
From time to time, the Company may issue news releases that contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the safe harbor created by those sections. This material may contain statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. For those statements, the Company claims the protection of the safe harbor for forward-looking statement provisions contained in the Private Securities Litigation Reform Act of 1995 and any amendments thereto. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions, or future events or performance are not statements of historical fact and may be "forward-looking statements." "Forward-looking statements" are based upon expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties that could cause actual results or events to differ materially from those anticipated.
(Adds new details in the second, 13th, 14th and 15th paragraphs.)
By Jessica Holzer and Melodie Warner
Of DOW JONES NEWSWIRES
WASHINGTON (Dow Jones)--The Securities and Exchange Commission halted trading in 17 microcap stocks it said had been hyped by Internet promoters despite a lack of reliable information publicly available about the companies.
The mass-trading suspensions represent the SEC's first action to call attention to possible "penny stock" promotion schemes since it began a stepped-up effort last autumn to crack down on the proliferation of microcap-stock fraud.
The SEC said stock-touting websites, Twitter users and often anonymous individuals posting to message boards have swayed the investing decisions of the public, which often doesn't have adequate information about the securities.
Companies don't necessarily have to file periodic reports with the SEC for their shares to trade, particularly in the over-the-counter markets, where the stocks subject to Tuesday's trading halt were bought and sold. But rules require brokers, issuers and others to disseminate only accurate information about a company in connection with a securities sale or offering.
As an example, the SEC said one of the companies, Calypso Wireless Inc. (CLYW), hasn't filed periodic reports to the SEC since February 2008. The company's shares rose to an intra-day high of 17 cents on Sept. 24, the same day a stock-promoting website allegedly encouraged investors to continue buying the stock. The stock traded at 4 cents on Sept. 21.
In another example, several stock-promoting websites promoted Kore Nutrition Inc. (KORE) as a "winner" following the company's disclosures on Sept. 1 and 8, 2010, of new distribution agreements to market its energy drinks and the release of a company-funded research report that pegged the stock at $10.50. But the company's Sept. 30, 2010, quarterly report didn't mention the distribution agreements.
Calypso didn't immediately return a request for comment; Kore couldn't be reached.
"They may be called penny stocks, but victims of microcap fraud can suffer devastating losses," said Robert Khuzami, director of the SEC's division of enforcement.
Aside from Calypso Wireless and Kore Nutrition, the SEC halted trading in American Pacific Rim Commerce Group (APRM), Anywhere MD Inc. (ANWM), Cascadia Investments Inc. (CDIV), CytoGenix Inc. (CYGX), Emerging Healthcare Solutions Inc. (EHSI), Evolution Solar Corp. (EVSO), Global Resource Corp. (GBRC), Go Solar USA Inc. (GSLO), Laidlaw Energy Group Inc. (LLEG), Mind Technologies Inc. (MTEK), Montvale Technologies Inc. (IVVI), MSGI Security Solutions Inc. (MSGI), Prime Star Group Inc. (PSGI), Solar Park Initiatives Inc. (SOPV) and U.S. Oil & Gas Corp. (USOG).
Trading in the stocks will be frozen through Friday, June 17.
After the shares resume trading, brokers and other financial intermediaries will have a heightened obligation to ensure the publicly available information about the companies' operations and financial condition is accurate.
Last autumn, the SEC started a nationwide initiative aimed at targeting what are known as the gatekeepers in microcap fraud--brokers, lawyers, auditors, transfer agents and others that spread misleading information about companies--and bringing actions against them for multiple violations. The effort represents a shift from the SEC's previous strategy of going after microcap issuers one by one for single violations. The effort encompasses staff from all 11 regional SEC offices as well as numerous SEC divisions and offices aside from the enforcement division.
Microcap stocks are vulnerable to fraudulent schemes because it is often easy for a bad actor to gain control over a large portion of the shares, hype the company to investors based on misleading information and then dump the stock.
While many microcap companies are legitimate startups, a large portion are suspected of being complicit in such schemes or, at the very least, unwilling to correct false or outdated information being used by others to stir up interest in the stock, SEC officials said.
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