ALBANY, N.Y.– Mechanical Technology, Incorporated (“MTI”) (OTC: MKTY), a company engaged in the design, manufacture and sale of test and measurement instruments and systems through its subsidiary MTI Instruments, Inc. (“MTI Instruments”), and in the development and commercialization of Mobion® off-the-grid portable power solutions through MTI MicroFuel Cells Inc. (“MTI Micro”), announced the appointment of Mr. Rick Jones as its Chief Financial Officer.
Since joining MTI in 1993, Mr. Jones has served in a number of senior positions throughout the organization including Vice-President of Finance of Operations and, since June 2009, Corporate Secretary and Acting Chief Financial Officer.
In his tenure with the Company, Mr. Jones has overseen the Company’s financial reporting, internal control compliance, manufacturing and production operations, treasury, human resources and risk management, and quality control departments.
“Through out his career at MTI and MTI Instruments, Rick has demonstrated the ability to lead the business and as time progressed to take on more responsibilities; his proven track record at MTI and other companies made him the ideal selection for this position.” said Mr. Peng Lim, Chairman and CEO of MTI. “Rick is a well-rounded professional with excellent analytical and communication skills. I personally look forward to working with him in his new capacity as CFO.”
Prior to his employment with MTI, Mr. Jones served as Controller for both Hobbs Management Corporation and Galesi Management Corporation. Mr. Jones received a Bachelors degree in Business Administration and Accounting from Siena College.
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, semiconductor, solar, commercial and military aviation, automotive and data storage. MTI is also engaged in the development and commercialization of Mobion® off-the-grid portable power solutions through MTI MicroFuel Cells Inc. MTI Micro has a team of entrepreneurial business executives, researchers and scientists; a proprietary direct methanol micro fuel cell power system and a number of system prototypes demonstrating size reductions and performance improvements; and related intellectual property. MTI Micro has received government funding and developed strategic partnerships to facilitate efforts to achieve commercialization. For more information about the Company please visit www.mechtech.com.
Statements in this press release which are not historical fact including statements regarding management’s intentions, hopes, goals, beliefs, expectations, projections, plans, anticipation, outlook or predictions of the future are forward looking statements. 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 the lack of liquidity in our common stock; our need to raise additional financing for MTI Micro; revenue growth of our test and measurement instrumentation business may not be achieved; our inability to build and maintain relationships with our customers; significant periodic and seasonal quarterly fluctuations in our results of operations; 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 and our quarterly reports of Form 10-Q.
Mechanical Technology, Incorporated
Scott Estro, 415-729-4185
Source: Mechanical Technology, Incorporated
Released September 22, 2011