MIND TECHNOLOGY, INC — Capital/Financing Update 2007

Dec 27, 2007

8-K 1 htm_24682.htm LIVE FILING CoverPageHeader start html PUBLIC "-//W3C//DTD HTML 3.2//EN" Mitcham Industries, Inc. (Form: 8-K)

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): December 21, 2007

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Mitcham Industries, Inc. ______ (Exact name of registrant as specified in its charter)

Texas	000-25142	76-0210849
___ (State or other jurisdiction	_______ (Commission	__ (I.R.S. Employer
of incorporation)	File Number)	Identification No.)
8141 SH 75 South, P.O. Box 1175, Huntsville, Texas		77342
_________ (Address of principal executive offices)		_____ (Zip Code)

Registrant’s telephone number, including area code: 936-291-2277

Not Applicable __________ Former name or former address, if changed since last report

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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Item 8.01 Other Events.

Mitcham Industries, Inc. ("Mitcham")announced today that its Seamap unit completed an agreement with the principals of Tanglesolve Instrumentation Ltd. ("Tanglesolve") on December 21, 2007, to acquire all intellectual property rights related to the source controller software utilized in its GunLink product line for approximately $1.5 million in cash to be paid to the former principals of Tanglesolve. Prior to the acquistion , Mitcham was paying royalties to Tanglesolve for the use of the software in its GunLink product line. As part of the acquisition agreement, the former principals of Tanglesolve commited to providing ongoing support and collaboration, as well as agreeing to non-compete provisions.

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Item 9.01 Financial Statements and Exhibits.

(d) Exhibits 99.1 Press release dated December 27, 2007.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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/s/ Robert P. Capps
Name: Robert P. Capps
Title: Chief Financial Officer

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Exhibit Index

Exhibit No.	Description
99.1	Press released dated December 27, 2007

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