ALBANY, N.Y., Sept. 30, 2020 /PRNewswire/ -- Mechanical Technology, Incorporated ("MTI" or the "Company"), a publicly traded company (OTC Pink: MKTY) headquartered in Albany, New York, announces today that it has filed a Form 10 Registration Statement with the Securities and Exchange Commission (the "SEC") to register its common stock under Section 12 of the Securities Exchange Act of 1934 (the "Exchange Act"). Once the Form 10 goes effective, which, unless withdrawn, will be on November 29, 2020, MTI will once again be subject to the reporting requirements of the Exchange Act and will resume filing annual, quarterly, and current reports, and annual proxy statements with the SEC. The Company also expects that its common stock will move from being quoted on the OTC Pink – Current Information tier to the OTCQB Venture Market tier of the OTC Markets Group quotation system upon effectiveness of the Form 10.
The role of CEO and President of MTI is under thoughtful consideration by its board of directors, with a focus on the future of MTI. "We are taking our time with this because we want to get it right," said David Michaels, Chairman of MTI, as it relates to appointing someone to these positions.
The Company is also pleased to announce the appointment of Moshe Binyamin to President of MTI Instruments, Inc. ("MTII"), a wholly-owned subsidiary of MTI. Mr. Binyamin has been with MTII since August 2019, most recently as Chief Operating Officer.
"MTII is a well-established solutions provider and highly-trusted partner with leading public and private organizations worldwide," said Mr. Binyamin. "Even during these challenging times, we have seen growing interest in our solutions from existing customers as well as emerging verticals such as electric vehicle battery manufacturing and silicon carbide wafer processing. We have been working diligently to meet this interest. I look forward to working closely with the exceptional MTII staff and MTI's board of directors to maximize the growth opportunity we are seeing in the marketplace."
MTI believes that its double-digit revenue growth during the second quarter of 2020 over the second quarter last year demonstrates the growth opportunity in its existing and new markets. MTI will unveil a new website in the upcoming weeks that it believes will reinforce its leadership's vision and that today's filing and leadership announcements are strategic steps in the future of MTI towards growth and continued investments in innovation.
About MTI MTI is the parent company of MTII and EcoChain, Inc. Through MTII, MTI is engaged in the design, manufacture and sale of test and measurement instruments and systems that use a comprehensive array of technologies to solve complex, real world applications in numerous industries, including manufacturing, electronics, semiconductor, solar, commercial and military aviation, automotive and data storage. Through EcoChain, MTI is developing renewable energy-powered cryptocurrency mining operations that integrates with the blockchain network. For more information about the Company, please visit https://www.mechtech.com.
Statements in this press release that are not historical fact, in particular, with respect to future growth opportunities and continued investments in innovation, constitute forward-looking statements involve risks, uncertainties, estimates, and assumptions that may cause our actual results, performance, or achievements to be materially different from those expressed or implied by forward-looking statements. Such forward-looking statements are made as of today, and MTI disclaims any duty to update such statements. Factors that could cause anticipated results not to occur include: general economic conditions and the uncertainty of the U.S. and global economy, particularly in light of the COVID-19 pandemic; our inability to develop and utilize new technologies that address the needs of our customers and otherwise keep pace with technological developments; the loss of services of one or more of our key employees or the inability to hire, train, and retain key personnel: the dependence of our business on a small number of customers and potential loss of government contracts; our inability to build and maintain relationships with our customers; and changes in national and global economic or other conditions that impact demand for our products and/or accelerated purchases of our products by our customers due to changes in their business needs.