Mechanical Technology, Incorporated (MTI, NASDAQ: MKTY), a company
primarily engaged in the development and commercialization of Mobion®
off-the-grid portable power solutions through its subsidiary MTI
MicroFuel Cells Inc. (MTI Micro), and in the design, manufacture, and
sale of test and measurement instruments and systems through its
subsidiary MTI Instruments, Inc., today announced that due to current
market conditions, it has filed an amendment to its registration
statement on Form S-1 previously filed on May 22, 2008 with the U.S.
Securities and Exchange Commission converting its proposed public
offering to units consisting of convertible senior notes and warrants to
purchase shares of MTI common stock from units consisting of shares of
common stock and warrants to purchase shares of common stock.
MTI intends to use the net proceeds from the offering for research,
design, tooling and capital expenditures to support the
commercialization of its Mobion®
portable power source products, and working capital needs and general
corporate purposes.
Merriman Curhan Ford & Co. will act as the underwriter for the proposed
offering. This offering will be made only by means of a prospectus. When
available, copies of the prospectus relating to these securities and
meeting the requirements of section 10 of the Securities Act of 1933 (as
amended) may be obtained from: Merriman Curhan Ford & Co., 600
California Street, 9th Floor, San Francisco, CA 94108, Telephone
415-248-5600, Fax 415-248-5690.
A registration statement relating to these securities has been filed
with the U.S. Securities and Exchange Commission, but has not yet become
effective. These securities may not be sold, nor may offers to buy be
accepted, prior to the time the registration statement becomes
effective. This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of these
securities in any state or jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
Mechanical Technology
George Relan, 518-533-2220
Vice
President of Corporate Development
grelan@mechtech.com
