Receives purchase orders for more than one million dollars
MTI Instruments, Inc. (“MTII”), a worldwide leader in precision measurement solutions and a subsidiary of Mechanical Technology Incorporated (MTI) (NASDAQ: MKTY), received purchase orders for more than $1.2 million from its Japanese distributor, Koyo Precision Instruments (“Koyo”) to date in 2008.
“As part of our strategic efforts at MTII, we have been working on increasing orders from large companies, including original equipment manufacturers,” said Peng Lim, CEO of MTI. “These orders through our Japanese distributor, Koyo, reaffirm our commitment to differentiate MTII from the competition through technological leadership – a key to increasing orders from large OEM accounts.”
MTII’s backlog has been significantly strengthened by orders from a global leader in photolithography equipment for the microelectronics manufacturing industry and orders from other large customers. MTII plans to commence shipments under these orders immediately.
MTII has increased its focus on marketing its products to new original equipment manufacturers and existing large customers. Last year, MTII secured orders from both a major U.S. based aircraft engine manufacturer and the U.S. Air Force for the purchase of PBS-4100Plus portable aircraft engine balancing systems. PBS-4100 systems are used to automatically collect and record aircraft engine vibration data, identify vibration or balance trouble and calculate a solution to the problem, resulting in reduced engine vibration, longer engine life and lower fuel costs.
“We have started 2008 with strong strategic orders from major OEMs and other large customers. Last year, we reported sales orders that surpassed the record $8.0 million in annual sales orders booked in 1998,” said Robert Kot, Vice President and General Manager of MTII. “These new orders represent MTII’s fastest start ever in a fiscal year, bringing our backlog to $1.7 million.”
About MTI Instruments, Inc.
MTII, a subsidiary of Mechanical Technology Incorporated (NASDAQ: MKTY) headquartered in Albany, NY, is a worldwide supplier of precision non-contact physical measurement solutions, precision balancing equipment and semiconductor wafer inspection tools. MTII products use a comprehensive array of technologies to address complex real-world applications in numerous industries including manufacturing, semiconductor, commercial/military aviation, automotive and data storage. Mechanical Technology Incorporated is also engaged in the development and commercialization of award winning Mobion(R) cord-free advanced portable power systems, through its subsidiary MTI MicroFuel Cells Inc.
Statements in this press release which are not historical fact including statements regarding management’s intentions, hopes, beliefs, expectations, representations, projections, plans or predictions of the future are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, among others, MTII’s sales dependence on a small number of customers; MTII’s sales revenue growth may not be achieve; the importance of any relationship with any OEM, large customer, or distribution partner; the fulfillment of orders to Koyo or any other customer or distribution partner; and, MTII’s future business prospects, technology and performance. All forward-looking statements are made as of today, and MTI and MTII disclaim any duty to update such statements. It is important to note that MTII’s and 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, the risk factors listed from time to time in MTI’s SEC reports including but not limited to, the annual report on Form 10-K and Quarterly Reports on Form 10-Q.
Source: Mechanical Technology Incorporated
Released January 17, 2008