Mechanical Technology, Incorporated (“MTI”) (Nasdaq: MKTY), a company primarily engaged in the development and commercialization of Mobion(R) off-the-grid portable power source products, through its subsidiary MTI MicroFuel Cells Inc. (“MTI Micro”), and in the design, manufacture, and sale of test and measurement instruments and systems, through its subsidiary MTI Instruments, Inc., announced today that its Form 10-K filed with the Securities and Exchange Commission on March 27, 2008 included an audit opinion that contained a going concern qualification.
This announcement is being made in order to comply with Nasdaq Marketplace Rule 4350(b)(1)(B), which requires any Nasdaq-listed issuer that receives an audit opinion that contains a going concern qualification to make a public announcement through the news media to that effect.
MTI has recently made other public announcements regarding actions that MTI is taking to address the circumstances that gave rise to the going concern qualification and MTI’s ongoing liquidity requirements. Please see MTI’s recent filings with the U.S. Securities and Exchange Commission for its public announcements regarding actions that MTI is taking to address the circumstances that gave rise to the going concern qualification and MTI’s ongoing liquidity requirements.
MTI is primarily engaged in the development and commercialization of Mobion(R) off-the-grid portable power solutions, through its subsidiary MTI MicroFuel Cells Inc. (“MTI Micro”). 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. MTI is also engaged in the design, manufacture, and sale of test and measurement instruments and systems through its subsidiary MTI Instruments, Inc. For more information about the MTI please visithttps://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. Such statements include, among others, all statements regarding expected financial position, results of operations, financing plans, including plans to raise capital through a public offering, and business strategies. All forward-looking statements are made as of today, and MTI disclaims any duty to update such statements. It is important to note that 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, competition and consumer demand for methanol fuel cells; and the risk factors listed from time to time in MTI’s SEC reports including but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q.
Source: Mechanical Technology, Incorporated
Released March 31, 2008