– Signs representative agreement in Korea –
ALBANY, N.Y., Oct. 24 /PRNewswire-FirstCall/ — In anticipation of the expansion of its business relationships in Korea, MTI MicroFuel Cells Inc. (MTI Micro), developer of the award-winning Mobion(R) micro fuel cell technology for handheld electronic devices and a subsidiary of Mechanical Technology Incorporated (MTI) (Nasdaq: MKTY), announced the addition of Daehong Technew Corporation (Daehong) as a new representative.
Daehong will work as part of MTI Micro’s business development team to promote and assist in establishing business relationships with new OEMs as well as maintaining day-to-day, on-going customer relationships in Korea. In addition, Daehong will be working with MTI Micro to evaluate potential manufacturing partners.
Mr. WanHo Park, General Manager of Daehong, will be leading MTI Micro’s efforts in Korea. Mr. Park has over 18 years of experience in the electronics industry and prior to joining Daehong as General Manager, he was a Strategic Business Development Manager for Samsung.
“Establishing an expanded local presence in Korea with Daehong moves us closer to our customers,” said Peng Lim, CEO of MTI. “Daehong’s team will help us develop key relationships with consumer product OEM decision makers and foster business development, sales and support activities for our Mobion(R) DMFC technology.”
“We are very pleased to be representing MTI Micro in this exciting new endeavor,” said Mr. DongKwan Kim, President and CEO of Daehong “We have been evaluating fuel cell technology for years and we see great opportunities in Korea for Mobion(R) – a technology that can help solve the handheld device power problem for OEMs.”
About MTI MicroFuel Cells
MTI MicroFuel Cells Inc., a subsidiary of Mechanical Technology Incorporated, (Nasdaq: MKTY), is the developer of the award winning Mobion(R) direct methanol micro fuel cell technology. The Company has a world-class team of entrepreneurial business executives, researchers and scientists; a number of system prototypes demonstrating size reductions and performance improvements; significant related intellectual property; and has received government awards and developed strategic partnerships to help accelerate commercialization. More information is available at www.mtimicrofuelcells.com.
About Daehong Technew Corporation
Daehong Technew Corp. has been supplying raw materials to the Korean Semiconductor/LCD manufacturing industry for over 20 years. In 1995 Daehong established Clean Factomation Inc. (CFI), a joint venture with Daifuku – a 2 billion material handling company from Japan – to develop, produce, and distribute auto transport system to Semiconductor/LCD manufacturers. In 1997 Daehong established Korean based Matheson Gas Products (MGPK), a joint venture with Matheson-Tri Gas, a US based company and a member of the Nippon Sanso Corporation – the largest supplier of gases and gas handling equipment, to produce specialty gases for use in the Semiconductor/LCD industry. MGPK is a major supplier in specialty gases. Since 2000, Daehong has also strategically invested in a number of Information Technology (IT) Ventures in Silicon Valley, and has worked with those companies as their business partner in Korea and other countries in Asia.
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, future prospects and applications for fuel cell systems; the ability of MTI Micro or Daehong to develop key relationships with OEM decision makers, foster business development, or sell and support fuel cell systems to customers; MTI’s ability to deliver fuel cell systems that withstand testing and meet requirements and expectations of prospective customers; MTI Micro’s future business prospects, technology and performance; and, the market potential for and progress MTI Micro is making in developing its Mobion(R) fuel cell systems and preparing for manufacturing. All forward-looking statements are made as of today, and MTI and MTI Micro disclaim any duty to update such statements. It is important to note that MTI Micro’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, risks related to financing; uncertainties in development, manufacturing and competition; and 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 October 24, 2007