Notable News Spotlight: Mitcham Industries (NASDAQ:MIND)

On Monday Mitcham Industries (NASDAQ:MIND) stock traded volume of 16973 shares during its last trading session as compared to its average volume of 27873 shares over the recent month. MIND ended its day with the negative stream along the move of -3.18% and closed at the price of $2.13 before opening at $2.25. It has total market capitalization is $25833493. 52week range of the stock remained $ 2.1 – 4.42 while its day lowest price was $2.1 and its hit its day highest price at $2.25.

On Nov. 25, 2019, Mitcham Industries (NASDAQ:MIND) revealed that its Klein Marine Systems unit has recently received a contract from a leading autonomous underwater vehicle (AUV) manufacturer to install its innovative MA-X technology on a next generation system for evaluation by the U.S. Navy.

MA-X represents a high quality, cost-effective gap-filler solution that has long been sought by the industry.  Traditional side scan sonar imaging creates a nadir gap in the center of the image.  By removing this gap, MA-X eliminates the need for overlapping survey lines time to achieve 100% coverage.  For the operators of AUV’s, this translates into extended mission duration, or shorter time to cover the same area.  One of the key discriminators of MA-X, particularly for the defense sector, is the ability to produce high-quality imagery of the nadir area that is comparable to the traditional side scan.  This allows for the data acquired from MA-X to be fed directly into existing automatic target recognition (ATR) software allowing for automated detection and recognition of targets of interest.

Guy Malden, Co-CEO of Mitcham, commented, We are very excited to be a part of this important U.S. Navy program.  We expect the continued acceptance of this technology to rapidly expand our product offerings for the underwater vehicle market.  MA-X is another example of the innovation that Mitcham is committed to bring to the industry.

About Mitcham Industries

Mitcham Industries provides technology to the oceanographic, hydrographic, defense, seismic and security industries. Headquartered in The Woodlands, Texas, Mitcham has a global presence with operating locations in the United States, Canada, Singapore, Malaysia, Hungary, Colombia and the United Kingdom. Mitcham’s worldwide Marine Technology Products segment, which includes its Seamap and Klein Marine Systems units, designs, manufactures and sells specialized, high performance, marine sonar and seismic equipment.  Through its Equipment Leasing segment, Mitcham believes it is the largest independent provider of exploration equipment to the seismic industry.

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