ALBANY, N.Y., November 5, 2020 /PRNewswire/ — Mechanical Technology, Incorporated (“MTI” or the “Company”), a publicly traded company (OTC Pink: MKTY) headquartered in Albany, New York, today announced that its Board of Directors has named Michael Toporek, an accomplished business builder and investor, as Chief Executive Officer of the Company, effective November 2, 2020. Mr. Toporek has been a board member of MTI since 2016.
As MTI’s new Chief Executive Officer his top priority will be to lead the transformation of MTI into an emerging growth company focused on renewable energy infrastructure. MTI’s sensors are in GE wind turbines, its instruments are being incorporated into manufacturing next generation electric vehicle batteries and through EcoChain, Inc. (“EcoChain”), MTI data centers will continue to be 100% powered by renewable energy and help utilities manage the power grid.
Toporek said “We are fortunate to have a great instruments business that is intensely focused on its customers’ needs. It’s our job to expand the market opportunities for our instruments business in a responsible, capital efficient way. One of the most promising segments is the Electric Vehicle (EV) market.”
Toporek added “Another area we expect to scale up significantly is our EcoChain business. After successfully implementing a pilot project to mine cryptocurrencies in Washington State, I plan to spend a significant portion of my time and energy growing EcoChain into one of the premier publicly held cryptocurrency mining companies 100% powered by renewable energy with a strong focus on capital efficiency and disciplined rate of return requirements.”
David Michaels, Chairman of the Board, commented “We are fortunate to have an executive with Michael’s significant leadership and financial skills leading MTI as we transform MTI into a growth company. I look forward to working closely with Michael as we implement the Company’s growth strategy”.
Moshe Binyamin, President of MTI’s Instruments business, MTI Instruments, Inc., said “Michael and I have worked together since I joined the Company in August of 2019. His support and enthusiasm for our business is appreciated as we focus on meeting our customer needs and growing our addressable market.”
About Michael Toporek
Mr. Toporek founded Brookstone Partners in 2003 and focuses on managing the firm, originating transactions and actively working with portfolio companies on organizational transformation, market expansion and strengthening operations. Michael has particular strength working with entrepreneurial management teams to build companies and helping to execute their strategic vision. He serves on the board of a number of Brookstone portfolio companies.
Prior to Brookstone, Mr. Toporek worked extensively with Fortune 100 companies to formulate and execute complex merger, acquisition and financing strategies in diversified sectors such as manufacturing, building products, medical and analytical instruments, environmental services, technology and transportation/logistics. He has also structured innovative debt, equity and equity-linked financing in the U.S. and European capital markets. Mr. Toporek began his career in Chemical Bank’s Investment Banking Group, later joined Dillon Read, which became UBS Warburg during his tenure, and SG Cowen.
MTI is the parent company of MTI Instruments, Inc. and EcoChain, Inc. Through MTI Instruments, MTI is engaged in the design, manufacture and sale of test and measurement instruments and systems that 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. Through EcoChain, MTI is developing cryptocurrency mining facilities powered by renewable energy that integrate with the bitcoin blockchain network. For more information about MTI, please visit https://www.mechtech.com.
Statements in this press release that are not historical fact and in particular, with respect to future growth opportunities and continued investments in innovation, constitute forward-looking statements involving risks, uncertainties, estimates, and assumptions that may cause our actual results, performance, or achievements to be materially different from those expressed or implied by forward-looking statements. Such forward-looking statements are made as of today, and MTI disclaims any duty to update such statements. Factors that could cause anticipated results not to occur include, but are not limited to: general economic conditions and the uncertainty of the U.S. and global economy, particularly in light of the COVID-19 pandemic; our inability to develop and utilize new technologies that address the needs of our customers and otherwise keep pace with technological developments; the loss of services of one or more of our key employees or the inability to hire, train, and retain key personnel; the dependence of our business on a small number of customers and potential loss of government contracts; our inability to build and maintain relationships with our customers; and changes in national and global economic or other conditions that impact demand for our products and/or accelerated purchases of our products by our customers due to changes in their business needs.