January 23, 2007
By: by MTI MicroFuel Cells
MTI MicroFuel Cells (MTI Micro), the developer of the award-winning Mobion® micro fuel cell technology and a subsidiary of Mechanical Technology Incorporated (NASDAQ:MKTY) announced today that it received its first purchase order for a Mobion®30M unit and seven fuel refill cartridges from a qualified customer. Current delivery lead time for unit shipments is approximately sixteen weeks.
"This first order is an important step in our goal to launch multiple test sites in 2007 that will provide MTI Micro with the opportunity to showcase its technology and establish strategic relationships in the military markets," said Peng Lim, CEO of MTI. "Since the beginning of our marketing campaign, only a few weeks ago, we have made a number of prototype demonstrations to potential key customers with very encouraging feedback."
MTI Micro is currently moving Mobion®30M units through its robustness qualification testing process with expected completion during the first quarter of 2007. The Company then plans to ship robust units as scheduled to qualified customers.
For more details about the Mobion® 30M, to download a Mobion® 30M brochure, and for information about how to order Mobion® 30Ms, please visit our website at www.mtimicrofuelcells.com
About MTI MicroFuel Cells
MTI MicroFuel Cells Inc., a subsidiary of Mechanical Technology Incorporated (MTI) (NASDAQ: MKTY), is the developer of the award-winning Mobion® direct methanol micro fuel cell technology. MTI Micro has a world-class team of entrepreneurial business executives, researchers and scientists; a number of system prototypes demonstrating size reductions and performance improvements; significant related intellectual property; and has received government awards and developed strategic partnerships to facilitate efforts to achieve commercialization. More information is available at www.mtimicrofuelcells.com.
Statements in this press release which are not historical fact including statements regarding management´s intentions, hopes, beliefs, expectations, representations, projections, plans or predictions of the future are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, among others, future prospects and applications for fuel cell systems, including those adapted for military use; the ability of MTI Micro to sell fuel cell systems to customers, including the U.S. Military; MTI´s ability to deliver fuel cell systems that withstand testing and meet requirements and expectations of prospective customers, including the U.S. military; MTI Micro´s future business prospects, technology and performance; the market potential for and progress MTI Micro is making in developing its Mobion® fuel cell systems, including fuel cell systems or prototypes suitable for use by the U.S Military; the timing or success of entry into the military market by MTI Micro; MTI Micro´s ability to meet its stated milestones on time, if at all. All forward-looking statements are made as of today, and MTI and MTI Micro disclaim any duty to update such statements. It is important to note that MTI Micro´s and MTI´s actual results could differ materially from those projected in forward-looking statements. Factors that could cause the anticipated results not to occur include, among others, risks related to financing; uncertainties in development, manufacturing, competition and military demand for DMFCs; and the risk factors listed from time to time in MTI´s SEC reports including but not limited to, the annual report on Form 10