MIND Technology sets up trade finance facility with HSBC Singapore

MIND Technology Inc. (NASDAQ: MIND) announced that its Seamap unit has established a trade finance facility with The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch for issuing letters of credit or bank guarantees.

The facility currently has no utilization but provides flexibility for future projects, according to the company's statement. Rob Capps, President and CEO of MIND, said the arrangement continues the company's relationship with HSBC Singapore and allows the company to respond to project proposals from governmental organizations that require bonding.

"This new facility will allow us to respond efficiently and more economically to these potential projects," Capps stated in the press release.

MIND Technology provides technology to oceanographic, hydrographic, defense, seismic and security industries. The Woodlands, Texas-based company operates globally with locations in the United States, Singapore, Malaysia, and the United Kingdom. Its Seamap unit designs, manufactures and sells marine exploration and survey equipment.

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