ALBANY, N.Y.– Mechanical Technology, Incorporated (MTI or the Company), (OTCQB:MKTY), a company engaged, through its subsidiary MTI Instruments, Inc. (MTI Instruments), in the design, manufacture and sale of test and measurement instruments and systems that provide solutions to achieve precision linear displacement, vibration measurement and system balancing and precision tensile measurements for markets that require the exacting measurement and control of products and processes in automated manufacturing, assembly, and consistent operation of complex machinery, announces a share repurchase program.
On June 11, 2015, the Board of Directors approved a share repurchase program of up to 525,000 shares of its common stock. Repurchases will be subject to market conditions and will be made from time to time either in the open market or through private off-market transactions. The Company’s repurchase program may be suspended, discontinued or resumed at any time. The Board authorized the share repurchase program as a result of a periodic review of the market value of the Company and to enhance shareholder value.
Kevin G. Lynch, Chairman and Chief Executive Officer of MTI commented, “We see this investment in our business as an especially positive action for our shareholders and employees. MTI reported strong results in both 2013 and 2014, with significant improvements in our market offerings, engineering, manufacturing and operating earnings. Unfortunately, these gains have not been translated to our shareholders. At the end of the first quarter of 2015, on a year over year basis, our trailing 12 months operating earnings increased 549%. However, our stock price at March 31, 2015 decreased a disappointing 25.8% when compared to the same date in 2014. The Board of Directors recognizes the value of the Company and continues to support the growth of our business and positive returns for our shareholders.”
MTI is engaged in the design, manufacture, and sale of test and measurement instruments and systems through its subsidiary MTI Instruments, Inc. MTI Instrument’s products 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. For more information about the Company, please visit www.mechtech.com.
Mechanical Technology, Incorporated
Lisa Brennan, 518-218-2500
Source: Mechanical Technology, Incorporated
Released June 12, 2015