MIND Technology, Inc. (NASDAQ: MIND) stock increased in value by more than 15% after the provider of marine technology products announced that it has entered into a Cooperative Research and Development Agreement (“CRADA”) with the United States Navy’s Naval Surface Warfare Center, Panama City Division (NSWC PCD).
The CRADA, titled, “Advanced Mine Finding,” will allow scientists and engineers from MIND and the US Navy to collaborate on optimizing the next generation of mine-hunting sonar systems to ensure that they fit the needs of the warfighter.
Commenting on the agreement, MIND’s Chief Technology Officer, Andy Meecham, stated, “Through our subsidiary, Klein Marine Systems, MIND has a long history of supporting the US Navy. I’m thrilled that this CRADA will allow us to leverage the expertise of the scientists and engineers at NSWC PCD to provide innovative solutions to the warfighter, now and into the future. This agreement demonstrates our corporate focus on innovation and new technology, which has delivered game-changing capabilities such as our unique full-swath MA-X™ sonars, will continue to define the gold standard in underwater sensing.”
MIND Technology together with its subsidiaries, designs, manufactures, and sells specialized marine seismic equipment; and side scan sonar and water-side security systems. It operates in the United States, Europe, the Middle East, the Asia-Pacific, Canada, and Latin America.