Mind Technology announces trade credit facility

MIND Technology (MIND) announced that its Seamap unit has entered into a trade finance facility with The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch for the issuance from time to time of letters of credit or bank guarantees. Rob Capps, President and CEO of MIND, “We are pleased to continue our long-standing relationship with HSBC Singapore. While there is no current utilization of this new facility, it does provide us with flexibility for future projects. From time to time we encounter project proposals, particularly from governmental organizations, that have certain bonding requirements. This new facility will allow us to respond efficiently and more economically to these potential projects.”