Mitcham Industries Announces Closing of Acquisition of Intellectual Property and Investment from Mit
HUNTSVILLE, Texas, Feb. 12, 2018 /PRNewswire/ -- Mitcham Industries, Inc. (NASDAQ: MIND) ("Mitcham") announced today that it has completed the previously announced acquisition of intellectual property and certain other assets from Hydroscience Technologies, Inc. and Solid Seismic LLC. In connection with the closing of the acquisition, Mitsubishi Heavy Industries, Ltd. ("Mitsubishi") has made the initial investment pursuant to its agreement to purchase up to $4.0 million of Mitcham's 9.00% Series A Cumulative Preferred Stock (the "Preferred Stock").
Rob Capps, Mitcham's Co-Chief Executive Officer, stated, "We are pleased to announce the completion of these agreements to expand our technology offerings and further our relationship with Mitsubishi. In addition to the investment by Mitsubishi, we will provide a variety of support services related to equipment previously purchased by Mitsubishi. The solid streamer and sensor technology that we have acquired has extensive application in the oceanographic and hydrographic industries, as well as traditional seismic applications. We see clear opportunities to integrate some of this technology into other areas such as anti-submarine warfare and maritime security systems. The completion of these agreements is an important step in Mitcham's strategy to reposition itself as a more significant player in the marine technology industry and allows us to further diversify from the oil and gas exploration industry."
Hydroscience and its affil....