Mechanical Technology, Incorporated Conducts Annual Shareholder Meeting

ALBANY, N.Y., June 10, 2021 – Mechanical Technology, Incorporated (“MTI” or the “Company”), (NASDAQ: MKTY), the parent company of MTI Instruments, Inc. (“MTI Instruments”) and EcoChain, Inc. (“EcoChain”), a cryptocurrency mining business powered by renewable energy, conducted its annual shareholder meeting on June 9th 2021.  The agenda included:

1. To elect two directors to serve for a three-year term ending at the Company’s annual meeting of stockholders to be held in 2024 and until each such director’s successor is duly elected and qualified.
2. To ratify the appointment of UHY LLP as the Company’s registered independent public accounting firm for fiscal year 2021.
3. To approve an amendment to the Company’s Articles of Incorporation to increase the maximum number of directors constituting the entire Board of Directors of the Company from nine to 10.
4. To approve a non-binding advisory proposal to approve the compensation paid to the Company’s named executive officers.
5. To approve a non-binding advisory proposal on the frequency of the stockholder advisory vote on executive compensation.
6. To transact such other business as may properly come before the meeting.

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About MTI

MTI is the parent company of MTI Instruments, Inc. and EcoChain, Inc. Through EcoChain, MTI is developing cryptocurrency mining facilities powered by renewable energy that integrate with the blockchain network. 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.

Forward Looking Statement

This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management’s current expectations, as of the date of this communication, and involve certain risks and uncertainties. Forward-looking statements include statements herein with respect to the successful execution of the Company’s business strategy. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors. Such risks and uncertainties include, among other things, our ability to establish and maintain the proprietary nature of our technology through the patent process, as well as our ability to possibly license from others patents and patent applications necessary to develop products; the availability of financing; the Company’s ability to implement its long range business plan for various applications of its technology; the Company’s ability to enter into agreements with any necessary partners; the impact of competition, the obtaining and maintenance of any necessary regulatory clearances applicable to applications of the Company’s technology; and management of growth and other risks and uncertainties that may be detailed from time to time in the Company’s reports filed with the Securities and Exchange Commission.

Contact Information:

Jess Olszowy

jolszowy@mtiinstruments.com

Investor Relations:

Kirin Smith, President

PCG Advisory, Inc.

646.823.8656

Ksmith@pcgadvisory.com