ALBANY, N.Y.– Mechanical Technology, Incorporated (MTI or the Company), Trading Symbol: (MKTY), is a company engaged, through its subsidiary MTI Instruments, Inc. (MTI Instruments), primarily in the design, manufacture and sale of test and measurement instruments and systems that provide solutions for precision linear displacement, vibration measurement and balancing developed for markets that require the exacting measurement and control of products and processes in the development and implementation of automated manufacturing, assembly, and consistent operation of complex machinery.
MTI held its annual meeting of stockholders on June 11, 2014, at which all director nominations and proposals were approved by its stockholders. Mr. David Michaels was newly elected as a Board member, and Chairs the Audit Committee and serves on the Governance and Nominating Committee. Re-elected were Mr. Thomas Marusak, who Chairs the Compensation Committee and serves on the Audit Committee, and Mr. Dennis O’Connor, who serves on both the Governance and Nominating Committee and the Compensation Committee. The results of our 2013 fiscal year and the first quarter of 2014 were reviewed and several items of importance were presented during the meeting including: the ongoing commitment to the defined market strategy to grow in the markets of precision automated manufacturing, complex machinery measurement and analysis; and the engineering/operation developments required to support these markets within the core instruments business.
The Company also reported that through the implementation of this market strategy and completion of the ISO 9001:2008 certification, MTI Instruments recently received a large order (greater than $700 thousand) for precision measurement lasers to be utilized in an automated manufacturing process for one of the largest companies in Asia that specializes in manufacturing, assembly and after-sales services to global computer, communication and consumer electronics leaders.
Kevin Lynch, the CEO of MTI, stated that “gaining high volume business with this type of company is another major step in our ongoing process to expand our instruments business in our key market and applications segment.”
“At the same time, we are beginning to see spending increases within the military and commercial aviation sector. Specifically, during the second quarter, we have received new orders exceeding $650 thousand from the U.S. military for portable balancing systems.”
“Both of these events had been delayed from earlier quarters, and despite the fact that some international business will be at lower gross margins, we expect that these new orders will positively impact our second quarter results, although we still expect such results to be lower than management had previously anticipated.”
MTI is expected to release its second quarter results on or before August 7, 2014.
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.
Statements in this press release which are not historical fact, including “despite the fact that some international business will be at lower gross margins, we expect that these new orders will positively impact our second quarter results, although we still expect such results to be lower than management had previously anticipated” and statements regarding expansion of our instruments business, constitute forward-looking statements within the meaning of federal securities laws. All forward-looking statements are made as of today, and MTI disclaims any duty to update such statements. It is important to note that the Company’s actual results could differ materially from those projected in forward-looking statements. Factors that could cause the anticipated results not to occur include: revenue growth of our test and measurement instrumentation business may not be achieved; a reduction in defense department spending; our inability to build and maintain relationships with our customers; significant periodic and seasonal quarterly fluctuations in our results of operations; our market penetration in China may not gain strength and thus our sales volumes will not improve and the other risk factors listed from time to time in the Company’s SEC reports, including, but not limited to, our annual report on Form 10-K for the year ended December 31, 2013, and our quarterly reports on Form 10-Q.
Lisa Brennan, 518-218-2500
Source: Mechanical Technology, Incorporated
Released June 12, 2014