Mechanical Technology Outlines Business Progress at Shareholder Meeting

Apr 24, 2001, 01:00 ET from Mechanical Technology Inc.

    ALBANY, N.Y., April 24 /PRNewswire Interactive News Release/ --
 Mechanical Technology Inc. (Nasdaq:   MKTY) held its annual shareholders meeting
 Tuesday, April 24, 2001 in Albany, N.Y., and discussed strategic advancements
 made in its micro fuel cell operation and its precision measurement
 subsidiary, MTI Instruments Inc.
     Chairman George C. McNamee outlined the progress.  "Last year, we put in
 place a corporate restructuring designed to strengthen our operations in two
 separate business areas -- precision instrumentation and micro fuel cells,"
 said McNamee.
     Dr. William P. Acker, president of Mechanical Technology, observed in his
 presentation that the new Mechanical Technology had moved ahead aggressively
 in a short time.  A new executive team was formed by the fall of 2000 and by
 January 2001 had announced a major micro fuel cell development operation.
     A technical team was assembled with some of the top talent in the fuel
 cell industry.  Core technology was licensed from the Los Alamos National
 Laboratory, an internationally recognized center for fuel cell research.  Ten
 patents were filed for the Company's own work, with more in progress.
 Multiple test stations and fuel cells are up and running in laboratories
 currently located both at MTI Instruments' headquarters and at the University
 at Albany Center for Environmental Science Technology Management building
 (CESTM).  And a new micro fuel cell headquarters was announced.
     "We will be expanding our development efforts rapidly and adding the
 necessary scientists, engineers and support personnel, so we are adding a
 14,000 square foot facility in an Albany suburb to support that effort," said
 John Law, vice president of micro fuel cell operations.
     "These efforts were made despite challenging market conditions that
 affected the Company's stock and required us to initiate a new financial plan
 to fund our operations and reduce debt," said Acker.
     President of MTI Instruments Edward A. Dohring also outlined operational
 advances for that subsidiary.  "R&D investments, product development, bookings
 and backlog from new orders are all up substantially, and we anticipate future
 growth from some of our new products, particularly a sophisticated wafer
 scanning system," said Dohring.
     MTI Instruments has three product groups: semiconductor systems for
 testing key elements critical to producing high quality wafers and chips for
 the semiconductor industry; jet engine balancing systems; and non-contact
 sensing instruments for product design and quality control procedures.
     In other business at the shareholders meeting, Alan P. Goldberg,
 Dr. Walter L. Robb, and Beno Sternlicht were elected to three year terms, the
 number of authorized shares of Mechanical Technology stock was increased from
 50 million to 75 million, and PricewaterhouseCoopers, LLP, was reappointed as
 independent auditors for the Company.
     In addition to the precision test and measurement manufacturing at
 subsidiary MTI Instruments and Mechanical Technology's micro fuel cell
 operation, the Company co-founded and maintains a significant interest in Plug
 Power Inc. (Nasdaq:   PLUG), a leading manufacturer of fuel cells.  As part of a
 strategic alliance with SatCon Technology Corporation (Nasdaq:   SATC),
 Mechanical Technology also has an interest in SatCon, which develops power
 electronics and energy management products, and an interest in Beacon Power
 Corporation (Nasdaq:   BCON), which develops flywheel energy storage systems.
 
     Statements made in this document that are not historical fact are
 considered "forward-looking" statements within the meaning of the Private
 Securities Litigation Act of 1995.  The Company wishes to caution you that
 such statements are only predictions, and that actual circumstances, events or
 results may differ materially from the information contained in any
 forward-looking statements.  Investors should not rely on forward-looking
 statements in making investment decisions.  Mechanical Technology's actual
 circumstances, events or results may differ from those contained in
 forward-looking statements because of a number of factors, including but not
 limited to, 1) the availability and cost of capital, 2) the availability of
 opportunities at prices and on terms that are favorable to Mechanical
 Technology, and 3) the performance of technologies or companies with which
 Mechanical Technology is involved.  Additional information concerning factors
 that may cause actual results to differ from those contained in the
 forward-looking statements may be found, from time to time, in the Company's
 SEC filings, including but not limited to, the Company's 10-K and 10-Q.
 Copies of those filings are available from the Company and from the SEC.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X75519831
 
 

SOURCE Mechanical Technology Inc.
    ALBANY, N.Y., April 24 /PRNewswire Interactive News Release/ --
 Mechanical Technology Inc. (Nasdaq:   MKTY) held its annual shareholders meeting
 Tuesday, April 24, 2001 in Albany, N.Y., and discussed strategic advancements
 made in its micro fuel cell operation and its precision measurement
 subsidiary, MTI Instruments Inc.
     Chairman George C. McNamee outlined the progress.  "Last year, we put in
 place a corporate restructuring designed to strengthen our operations in two
 separate business areas -- precision instrumentation and micro fuel cells,"
 said McNamee.
     Dr. William P. Acker, president of Mechanical Technology, observed in his
 presentation that the new Mechanical Technology had moved ahead aggressively
 in a short time.  A new executive team was formed by the fall of 2000 and by
 January 2001 had announced a major micro fuel cell development operation.
     A technical team was assembled with some of the top talent in the fuel
 cell industry.  Core technology was licensed from the Los Alamos National
 Laboratory, an internationally recognized center for fuel cell research.  Ten
 patents were filed for the Company's own work, with more in progress.
 Multiple test stations and fuel cells are up and running in laboratories
 currently located both at MTI Instruments' headquarters and at the University
 at Albany Center for Environmental Science Technology Management building
 (CESTM).  And a new micro fuel cell headquarters was announced.
     "We will be expanding our development efforts rapidly and adding the
 necessary scientists, engineers and support personnel, so we are adding a
 14,000 square foot facility in an Albany suburb to support that effort," said
 John Law, vice president of micro fuel cell operations.
     "These efforts were made despite challenging market conditions that
 affected the Company's stock and required us to initiate a new financial plan
 to fund our operations and reduce debt," said Acker.
     President of MTI Instruments Edward A. Dohring also outlined operational
 advances for that subsidiary.  "R&D investments, product development, bookings
 and backlog from new orders are all up substantially, and we anticipate future
 growth from some of our new products, particularly a sophisticated wafer
 scanning system," said Dohring.
     MTI Instruments has three product groups: semiconductor systems for
 testing key elements critical to producing high quality wafers and chips for
 the semiconductor industry; jet engine balancing systems; and non-contact
 sensing instruments for product design and quality control procedures.
     In other business at the shareholders meeting, Alan P. Goldberg,
 Dr. Walter L. Robb, and Beno Sternlicht were elected to three year terms, the
 number of authorized shares of Mechanical Technology stock was increased from
 50 million to 75 million, and PricewaterhouseCoopers, LLP, was reappointed as
 independent auditors for the Company.
     In addition to the precision test and measurement manufacturing at
 subsidiary MTI Instruments and Mechanical Technology's micro fuel cell
 operation, the Company co-founded and maintains a significant interest in Plug
 Power Inc. (Nasdaq:   PLUG), a leading manufacturer of fuel cells.  As part of a
 strategic alliance with SatCon Technology Corporation (Nasdaq:   SATC),
 Mechanical Technology also has an interest in SatCon, which develops power
 electronics and energy management products, and an interest in Beacon Power
 Corporation (Nasdaq:   BCON), which develops flywheel energy storage systems.
 
     Statements made in this document that are not historical fact are
 considered "forward-looking" statements within the meaning of the Private
 Securities Litigation Act of 1995.  The Company wishes to caution you that
 such statements are only predictions, and that actual circumstances, events or
 results may differ materially from the information contained in any
 forward-looking statements.  Investors should not rely on forward-looking
 statements in making investment decisions.  Mechanical Technology's actual
 circumstances, events or results may differ from those contained in
 forward-looking statements because of a number of factors, including but not
 limited to, 1) the availability and cost of capital, 2) the availability of
 opportunities at prices and on terms that are favorable to Mechanical
 Technology, and 3) the performance of technologies or companies with which
 Mechanical Technology is involved.  Additional information concerning factors
 that may cause actual results to differ from those contained in the
 forward-looking statements may be found, from time to time, in the Company's
 SEC filings, including but not limited to, the Company's 10-K and 10-Q.
 Copies of those filings are available from the Company and from the SEC.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X75519831
 
 SOURCE  Mechanical Technology Inc.