ALBANY, N.Y., Aug. 23 /PRNewswire-FirstCall/ — MTI MicroFuel Cells Inc. (MTI Micro), developer of the award-winning Mobion(R) micro fuel cell technology for handheld electronic devices and a subsidiary of Mechanical Technology Incorporated (MTI) (Nasdaq: MKTY), announced that Dr. Shimshon Gottesfeld – its Senior Technical Advisor – will continue to serve the Company until October 31, 2008.
Dr. Gottesfeld, whose focus has been in electrochemistry, electro- catalysis and electrochemical power sources, has published more than 140 articles, written chapters for five books and holds more than 20 patents in the field. Recently, Dr Gottesfeld was awarded the Grove Medal for Science & Technology 2006 for his sustained high-quality scientific and technical contribution to the field of fuel cells, combined with his drive and vision to commercialize new fuel cell technology building on his research.
Dr. Gottesfeld’s role at MTI Micro includes advising the Company on its Mobion(R) direct methanol fuel cell core technology and related intellectual property, and representing the Company in technical/business development meetings and industry conferences.
Before his employment with MTI Micro, Dr. Gottesfeld led the internationally recognized Fuel Cell Research Program at The Los Alamos National Laboratory. In addition to his position at LANL, he was affiliated earlier with Brookhaven and Bell Laboratories. He has served as an officer and chairman of the Physical Electrochemistry Division of the Electrochemical Society, and in 1999 he was elected a Fellow by its Board of Directors. In the same year, he was also selected as a Laboratory Fellow at LANL. Dr. Gottesfeld received his Ph.D. from the Technion, Israel Institute of Technology.
“MTI Micro’s Mobion(R) technology is in the forefront of this important market opportunity in consumer electronics. Early on, the Company recognized it and worked on advancing its core technology to develop Mobion(R),” said Dr. Shimshon Gottesfeld, Senior Technical Advisor and former CTO of MTI Micro. “I am pleased to continue to work with MTI Micro’s talented team and have this further opportunity to contribute to the commercialization of this important technology.”
MTI Micro’s Mobion(R) technology is based on a number of unique scientific breakthroughs that allow the system to become smaller and pack more energy – necessary characteristics to develop products in the consumer electronics market. MTI has filed 86 patents and has won several industry awards for its micro fuel cell advancements.
“Shimshon has been a pioneer in leading the advancement of micro fuel cell technology for over 20 years,” said Peng Lim, CEO of MTI. “His contribution to the micro fuel cell field and specially our Mobion(R) micro fuel cell technology are invaluable and we are very pleased to continue to work with Shimshon.”
The Company has filed a Current Report on Form 8-K which contains further information regarding Dr. Gottesfeld arrangements with MTI Micro. This report can be found on our website at www.mechtech.com or at www.sec.gov
About MTI MicroFuel Cells
MTI MicroFuel Cells Inc., a subsidiary of Mechanical Technology Incorporated, (Nasdaq: MKTY), is the developer of the award winning Mobion(R) direct methanol micro fuel cell technology. The Company 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 help accelerate 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 system; MTI Micro’s future business prospects, technology and performance; the market potential for and progress MTI Micro is making in developing its Mobion(R) fuel cell systems; the timing or success of entry into the consumer market by MTI Micro; the value of any one, or any combination of MTI Micro’s patents, or patent applications; and, the importance of any industry awards received. 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, and competition; 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-K and Quarterly Reports on Form 10-Q.
SOURCE Mechanical Technology Incorporated
Released August 23, 2007